【券商聚焦】方正证券首予蔚来(09866)“推荐”评级 指乐道L60有望使其规模进一步扩大

[Brokerage Focus] Founder Securities initiates coverage on NIO Inc. (09866) with a "recommended" rating, indicating that the LeDao L60 is expected to further expand its scale.

金吾財訊 ·  Jun 11 04:30

Founder Securities issued a research report stating that Nio Inc. (09866) achieved revenue of 9.909 billion yuan in the first quarter of 2024, a year-on-year decrease of 7.19% and a quarter-on-quarter decrease of 42.07%, with a net loss of 5.258 billion yuan. The net loss was 4.804 billion yuan in Q1 2023 and 5.593 billion yuan in Q4 2023, and the overall performance was in line with expectations.

The bank stated that in Q1 2024, the company's auto sales revenue was 8.381 billion yuan, a year-on-year decrease of 9.1% and a quarter-on-quarter decrease of 45.7%. The number of autos delivered was 30,100, a year-on-year decrease of 3.2% and a quarter-on-quarter decrease of 39.9%. The quarter-on-quarter decline was mainly due to seasonal factors. In Q1 2024, the sales of Nio ET5, ET5T, EC6, and ES6 autos were 4,800, 6,400, 4,200, and 10,700 units, respectively, accounting for 16%, 21%, 14%, and 35% of the sales, with a total sales share of 87%, accounting for the main source of sales. The single-vehicle revenue in Q1 2024 was 278,000 yuan, a year-on-year decrease of 19,000 yuan and a quarter-on-quarter decrease of 31,000 yuan. The bank believes that factors such as the increase in the proportion of low-priced models and user rights adjustments may have contributed to this decrease.

The bank also pointed out that the company expects the total delivery range in Q2 2024 to be between 54,000 and 56,000 units, a year-on-year increase of 129.6%-138.1%, with a total revenue range of 16.6-17.1 billion yuan, a year-on-year increase of 89%-95%. The bank believes that the company's sales and revenue are expected to achieve high growth in the second quarter. On May 15th, the company announced the Lediao brand and unveiled its first model, the L60, which is pre-sold for 219,900 yuan and is scheduled to be officially launched in September. The bank believes that the Lediao L60 model has comprehensive market competitiveness in terms of space, energy supplement, and three-electronic systems, and is expected to further expand the company's market coverage and promote high sales growth.

The bank predicts that the company will achieve revenue of 77.619/110.354/135.902 billion yuan and a net loss attributable to shareholders of -15.918/-10.889/-5.574 billion yuan from 2024 to 2026. This is our first coverage of the company, and we give a "recommended" rating.

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