Jinwu Financial News | According to BOC International Development Research Report, NIO (09866) announced results for the 3rd quarter of 2024, with revenue of 18.7 billion yuan (RMB, same below), -2.1%/+7.0% YoY, slightly lower than expected. The gross profit margin was 10.7%, which slightly exceeded market expectations. Among them, the gross profit margin of automobiles was 13.1%, an improvement of 0.9 percentage points over the previous month. The bank believes this is mainly due to lower costs. Net loss/adjusted net loss for the 3rd quarter was 5.01 billion yuan/4.41 billion yuan, which was basically the same as the 2nd quarter.
NIO expects delivery of 0.072 million vehicles to 0.075 million vehicles in the fourth quarter, an increase of 43.9% to 49.9% over the previous year. The sales guidelines are slightly lower than expected, which means that the average delivery in November and December is about 0.026-0.027 million vehicles.
According to the bank, next year's sales growth will mainly come from Ledao, where 6-7-seater SUVs and large 5-seater SUVs are the ideal L7 and L8. According to management guidelines, the gross profit margin will be maintained at least 15% after increasing the amount. The bank maintained its buy rating, and the target price remained at HK$59.88/$7.7 (NIO US). The current price predicts sales volume of 0.7 times the 2025 market sales rate, which is 1.2 times/0.9 times lower than Xiaopeng/ideal.
