Jinwu Financial News | According to Shen Wan Hongyuan Research Report, NIO (09866) disclosed the 2023 annual report. In 2023, NIO delivered 160,000 vehicles, +30.7% year over year, achieving total revenue of 55.62 billion yuan, +12.9% year on year; achieving net loss of 21.15 billion yuan, an increase of 45.3% year on year.
According to the bank, due to the intensive launch of new models in 2024 and increased competition, the company's sales volume was under pressure. The bank lowered its 24-year sales forecast from 240,000 units to 180,000 units, and lowered revenue for 241/125.4 billion yuan to 620/906 billion yuan, predicting that 2026 will achieve operating income of 110.9 billion yuan; net profit to mother will be reduced from -70/- 2.8 billion yuan to -183/15 billion yuan, and is predicted to achieve net profit of 9.7 billion yuan to mother in 2026. The company is a domestic independent new energy luxury brand, and is expected to participate deeply in domestic consumption upgrades and electrification trends; under the full stack of core technology, the model products are strong, the cost performance ratio is prominent after the rights are untied, and monthly sales are expected to continue to increase. Ideal and Xiaopeng, who is also a new car builder, was selected as a comparable company. Referring to the 24-year valuation, NIO was given 0.95 times PS in 2024, which was more profitable after sales growth. It was given 0.95 times PS in 2024, corresponding to a target market value of 58.9 billion yuan. Compared with the current (2024/4/19), there is 3.9% room for growth, and the rating was lowered to “hold”.