汽车/乘用车 公 司 研 蔚来-SW（09866.HK） NIO 主品牌有赖销售提效，期待 2024H2 阿尔卑斯 究 2024年03月06日 ——港股公司信息更新报告 投资评级：增持（维持） 吴柳燕（分析师） 李秉宸（联系人） wuliuyan@kysec.cn libingchen@kysec.cn 证 书编号：S0790521110001 证书编号：S0790122090026 日期 2024/3/6  NIO主品牌销量有赖销售提效，期待2024H2阿尔卑斯，维持“增持”评级 港 当前股价(港元) 43.800 考虑到NIO品牌2024年预计无新车型发布，阿尔卑斯平价子品牌预计在2024Q4 股 一年最高最低(港元) 123.80/41.550 公 规模交付，我们将2024-2025年营收预测由852/1009亿元下调至622/782亿元， 司 总市值(亿港元) 918.84 并新增 2026 年营收预测 848 亿元，对应同比增速 12%/26%/8%。考虑到研发费 信 流通市值(亿港元) 905.10 息 用仍需持续投入、子品牌门店铺设导致营业费用增加，分别将 2024-2025 年 总股本(亿股 ...

交银国际研究 公司更新 汽车 收盘价 目标价 潜在涨幅 2024年3月6日 港元42.50 港元40.30↓ -5.2% 蔚来汽车 (9866 HK) 4 季度收入高于预期，但亏损较预期大，维持中性  经营费用支出环比扩大令亏损较预期大。2023 年4 季度，蔚来汽车营收 个股评级 171 亿元人民币（下同），环比下降 10.3%，较我们/市场预期高约 4%；汽 中性 车交付量 50,045 辆，环比下降 9.7%；毛利率为 7.5%，其中汽车毛利率为 11.9%，较我们预期好，环比改善0.9百分点，主要由于成本下降。销售/ 研发费用同时创下季度新高，环比增长30.7%/10.1%，人员和渠道扩张和 1年股价表现 新车研发投入令费用居高不下。4季度，公司净亏损 53.6 亿元，较 3季度 9866 HK 扩大17.8%，亏损高于我们/市场预期约 7%。蔚来2023年净亏损207亿元 80% MSCI中国指数 也较我们/市场预期高13%/11%。在阿布扎比投资机构投入现金22亿美元 60% 40% 后，蔚来持有现金及现金等价物上升至573 亿元。蔚来指引 2024年1季度 20% 车辆交付量为 3.1-3.3 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9866） 2023年第四季度及全年業績公告 我們謹此發佈我們截至2023年12月31日止三個月及全年的未經審計業績（「第四季 度及2023財年業績」）。第四季度及2023財年業績可於香港聯合交易所有限公司網 站 www.hkexnews.hk 及本公司網站 ir.nio.com 查閱。 承董事會命 蔚來集團 創始人、董事長兼首席 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9866） 2023年第四季度及全年業績公告 我們謹此發佈我們截至2023年12月31日止三個月及全年的未經審計業績（「第四季 度及2023財年業績」）。第四季度及2023財年業績可於香港聯合交易所有限公司網 站 www.hkexnews.hk 及本公司網站 ir.nio.com 查閱。 承董事會命 蔚來集團 創始人、董事長兼首席 ...

IT之家 2 月 17 日消息，蔚来德国公司计划将蔚来 ET7 加入出租车业务，近期在汉堡的一次行业活动中，首款车型向公众展示。 目前，汉堡的道路上约有 3000 辆出租车，其中近 600 辆是电动汽车。未来，汉堡计划从 2025 年起只允许当地零排放车辆作为出租车。除汉堡外，蔚来 ET7 出租车已在柏林、法兰克福和慕尼黑上市。 蔚来德国总经理 Marius Hayler 称：“凭借其宽敞的内部空间和最先进的技术，蔚来 ET7 非常适合为乘客提供高质量的驾驶体验。得益于我们的电池更换系统，蔚来出租车也始终配备顶级电池，并且几乎可以全天候使用我们的换电系统，而无需长时间充电。” 汉堡交通和交通转型部运输业监察局局长 Dirk Ritter 表示：“我们正在推广零排放的交通，并在未来改造城市中的所有出租车。从 2025 年起，汉堡将只为当地零排放的出租车获得新许可。除其他事项外，快速提供合适的车辆非常重要，这就是为什么我们在出租车项目中对蔚来电动汽车非常感兴趣，尤其是出租车公司。” 据官方透露，当出租车公司购买配备长距离电池和全套设备的 ET7 车型以及电池租赁时，出租车公司将可以享受到 30% 的折扣。 其中， ...

早间重磅新闻速览 1、中美经济工作组举行第三次会议 2月5日至6日，中美经济工作组在京举行第三次会议。中美双方按照双方牵头人旧金山会晤达成的三点重要共识，就两国宏观经济形势及政策、二十国集团财金合作、发展中国家债务、产业政策等议题进行了深入、坦诚、务实、建设性的交流。中方就美对华加征关税、双向投资限制、制裁打压中方企业等表达了关切。 2、中国资产大涨！中概股指数狂飙近6%，蔚来、哔哩哔哩涨超12% A股市场迎久违大涨后，市场积极情绪传递至美股市场。隔夜美股纳斯达克中国金龙指数大涨近6%，远远跑赢美股三大股指同时，创出日涨幅阶段新高；富时中国A50指数期货凌晨夜盘收涨0.49%；离岸、在岸人民币汇率双双走强，美元指数走低。 3、头部公募集体发声 暂停新增转融通证券出借规模 2月6日，易方达、广发、南方、华夏、富国等8家公募发出公告称，严格落实证监会关于融券业务的相关要求，暂停新增转融通证券出借规模，审慎稳妥推进存量转融通证券出借规模逐步了结，确保相关业务平稳运行。 财经日历 今日沪深两市无新股申购，有一只新股上市：成都华微(国内特种集成电路企业) 中国1月外汇储备数据今日将公布 机会提前看 梳理市场关注的投资机 ...

大公司： vivo与诺基亚签署5G专利交叉许可协议 36氪获悉，vivo宣布与诺基亚达成全球专利交叉许可协议，该协议涵盖双方在5G和其他蜂窝通信技术方面的标准必要专利。协议签署后，双方将结束在所有司法管辖区的所有未决诉讼。 京东集团：超2万名京东一线客服全员平均涨薪超30% 36氪获悉，京东集团宣布，自2024年2月1日起，超2万名京东一线客服员工实现全年平均薪酬上涨超过30%。 淘宝派发10亿新春红包，最高可得1888元 2月5日，淘宝宣布在春节期间为消费者派发10亿红包。据介绍，此次活动分为五波，贯穿春节全周期。用户打开淘宝输入“淘宝发发乐”即可参与，最高可得1888元。据了解，此次发发乐红包在玩法上也做了不少创新，一是将红包分享给好友，双方可获得相同红包金额；二是不用攒满就可使用红包，开出多少可用多少，既可以在淘宝天猫上购物，还能购买春节期间的度假套餐和电影票抵用券。 保利发展：1月，公司实现签约面积118.80万平方米，同比减少35.41% 36氪获悉，保利发展公告称，1月，公司实现签约面积118.80万平方米，同比减少35.41%；实现签约金额203.23亿元，同比减少31.21%。 Airwall ...

Financial Performance - Total revenue for Q3 2023 reached RMB 19.0666 billion (USD 2.6133 billion), an increase of 46.6% year-over-year and 117.4% quarter-over-quarter[4] - Automotive sales revenue for Q3 2023 was RMB 17.4089 billion (USD 2.3861 billion), up 45.9% year-over-year and 142.3% quarter-over-quarter[6] - Gross profit for Q3 2023 was RMB 1.5233 billion (USD 208.8 million), a decrease of 12.2% year-over-year but a significant increase of 1,650.9% quarter-over-quarter[5] - Net loss for Q3 2023 was RMB 4.5567 billion (USD 646.2 million), a 10.8% increase year-over-year and a 24.8% decrease quarter-over-quarter[5] - Total revenue for Q3 2023 was RMB 19.0666 billion (USD 2.6133 billion), up 46.6% year-over-year and 117.4% quarter-over-quarter[12] - Vehicle sales revenue in Q3 2023 reached RMB 17.4089 billion (USD 2.3861 billion), reflecting a 45.9% increase year-over-year and a 142.3% increase quarter-over-quarter[12] - The gross profit for NIO Group in Q3 2023 was RMB 1.52 billion, compared to RMB 1.74 billion in Q3 2022, showing a decrease of about 12.2%[30] - NIO Group's net loss for the three months ended September 30, 2023, was RMB 4.56 billion, compared to a net loss of RMB 4.11 billion for the same period in 2022, indicating an increase in losses of approximately 10.9%[30] Vehicle Deliveries - Vehicle deliveries in Q3 2023 amounted to 55,432 units, representing a 75.4% increase year-over-year and a 135.7% increase quarter-over-quarter[3] - In Q3 2023, NIO delivered 55,432 vehicles, a year-over-year increase of 75.4%, setting a new quarterly delivery record[11] - In October and November 2023, vehicle deliveries were 16,074 and 15,959 units respectively, bringing cumulative deliveries to 431,582 units by November 30, 2023[7] - The company expects vehicle deliveries for Q4 2023 to be between 47,000 and 49,000 units, representing a year-over-year growth of approximately 17.3% to 22.3% compared to the same quarter in 2022[20] Cash and Investments - As of September 30, 2023, cash and cash equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB 45.2 billion (USD 6.2 billion)[5] - Cash and cash equivalents increased to RMB 24.08 billion as of September 30, 2023, from RMB 19.89 billion at the end of 2022, marking a growth of about 20.9%[28] - The company issued USD 575 million of convertible preferred bonds due in 2029 and 2030, with plans to use proceeds to strengthen the balance sheet and for general corporate purposes[8] - The company issued USD 1.15 billion in convertible senior notes in September and October 2023, strengthening its balance sheet[11] Operating Loss and Expenses - Operating loss for Q3 2023 was RMB 4.8439 billion (USD 683.9 million), an increase of 25.2% year-over-year but a decrease of 20.3% quarter-over-quarter[5] - Operating expenses totaled RMB 6.37 billion for Q3 2023, compared to RMB 5.61 billion in Q3 2022, indicating an increase of approximately 13.5%[30] - R&D expenses for Q3 2023 were RMB 3.0391 billion (USD 416.5 million), a 3.2% increase year-over-year but a 9.1% decrease quarter-over-quarter[15] - The company reported a significant increase in R&D expenses, which amounted to RMB 3.04 billion in Q3 2023, compared to RMB 2.94 billion in Q3 2022, reflecting a growth of about 3.4%[30] Assets and Liabilities - As of September 30, 2023, NIO Group's total assets increased to RMB 102.47 billion from RMB 96.26 billion as of December 31, 2022, representing a growth of approximately 6.3%[28] - The total liabilities of NIO Group rose to RMB 82.77 billion as of September 30, 2023, up from RMB 68.62 billion at the end of 2022, indicating an increase of about 20.5%[29] Future Outlook - Total revenue is projected to be between RMB 16.079 billion (approximately $2.204 billion) and RMB 16.701 billion (approximately $2.289 billion), reflecting a year-over-year growth of about 0.1% to 4.0% compared to the same quarter in 2022[20] - NIO aims to enhance its core technology and product development while optimizing organization and reducing costs[11] Company Strategy and Technology - The company is a pioneer in the high-end smart electric vehicle market, focusing on innovation in autonomous driving, digital technology, and battery technologies[23] - The product lineup includes several models such as the ES8, ES7, ES6, EC7, EC6, ET7, ET5, and ET5T, showcasing a diverse range of smart electric vehicles[23] - The company emphasizes its leading battery swapping technology and battery-as-a-service (BaaS) offerings as key competitive advantages[23] Conference and Communication - The management will hold an earnings conference call on December 5, 2023, at 7 AM EST, with a live stream available on the investor relations website[21] Financial Reporting and Risks - The company uses non-GAAP financial measures to assess its operating performance, including adjusted sales costs and adjusted net losses, which exclude stock-based compensation expenses[25] - The company acknowledges inherent risks and uncertainties in forward-looking statements regarding its business strategy and future performance[24] - The company encourages investors to review its financial data comprehensively rather than relying solely on non-GAAP financial indicators[25] Shareholder Information - The weighted average number of ordinary shares for the three months ended September 30, 2023, was 1,735,661,387, an increase from 1,640,001,909 in the same period last year[31]

Financial Performance - Total revenue for Q2 2023 reached RMB 8.7717 billion (USD 1.2097 billion), a decrease of 14.8% year-over-year and 17.8% quarter-over-quarter[4]. - Vehicle deliveries in Q2 2023 amounted to 23,520 units, down 6.1% year-over-year and 24.2% quarter-over-quarter[3]. - The automotive sales revenue for Q2 2023 was RMB 7.1852 billion (USD 0.9909 billion), representing a decline of 24.9% year-over-year and 22.1% quarter-over-quarter[6]. - Gross profit for Q2 2023 was RMB 87 million (USD 12 million), a significant drop of 93.5% year-over-year and 46.4% quarter-over-quarter[5]. - The operating loss for Q2 2023 was RMB 60.741 billion (USD 8.377 billion), an increase of 113.5% year-over-year and 18.8% quarter-over-quarter[5]. - Net loss for Q2 2023 was RMB 6.0558 billion (USD 0.8351 billion), up 119.6% year-over-year and 27.8% quarter-over-quarter[16]. - Total revenue for Q3 2023 is projected to be between RMB 18.898 billion (USD 2.606 billion) and RMB 19.520 billion (USD 2.692 billion), reflecting a year-over-year growth of approximately 45.3% to 50.1%[19]. - The company reported a total net loss of RMB 10,795,284 for the six months ended June 30, 2023, compared to RMB 9,595,841 for the same period in 2022, which is an increase of approximately 12.5%[37]. Cash and Assets - As of June 30, 2023, cash and cash equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB 31.5 billion (USD 4.3 billion)[5]. - As of June 30, 2023, total assets amounted to RMB 87.38 billion, a decrease of 9.2% from RMB 96.26 billion on December 31, 2022[27][29]. - Cash and cash equivalents decreased to RMB 13.72 billion from RMB 19.89 billion, representing a decline of 30.8%[27]. - Total liabilities increased slightly to RMB 69.02 billion, up from RMB 68.62 billion, indicating a 0.6% rise[28]. - The company reported a total equity of RMB 14.66 billion as of June 30, 2023, down from RMB 24.09 billion at the end of 2022, a decrease of 39.0%[29]. Research and Development - R&D expenses in Q2 2023 were RMB 3.3446 billion (USD 0.4612 billion), an increase of 55.6% year-over-year and 8.7% quarter-over-quarter, attributed to higher personnel costs and new product development[13]. - Research and development expenses for the six months ended June 30, 2023, totaled RMB 6,420,183, an increase from RMB 3,911,166 in the same period of 2022, representing a rise of about 64.3%[32]. Strategic Initiatives - The CEO indicated expectations for steady growth in vehicle deliveries in the second half of 2023, supported by product transitions and expanded energy networks[9]. - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[44]. - NIO aims to continuously improve technology and develop alternative solutions to meet evolving market demands and industry developments[23]. Corporate Governance - The Nomination and ESG Committee, composed of independent non-executive directors, has been established to oversee corporate governance practices and compliance with legal regulations[61]. - The committee has reviewed the company's adherence to the Corporate Governance Code as required by the Hong Kong Listing Rules, ensuring compliance with relevant regulations[61]. - The company has maintained effective communication with shareholders, particularly regarding the requirements set forth in the Hong Kong Listing Rules[61]. Market Position and Innovations - NIO Group is a pioneer in the high-end smart electric vehicle market, established in November 2014, focusing on creating a joyful lifestyle through smart electric vehicles[22]. - The company offers a range of high-end smart electric vehicles, including the ES8, ES7, ES6, EC7, EC6, ET7, ET5, and ET5 Touring, showcasing innovation in battery swapping technology and autonomous driving[22]. - NIO's Battery as a Service (BaaS) and Autonomous Driving as a Service (ADaaS) are key innovations aimed at enhancing customer experience and operational efficiency[22]. Financial Reporting and Compliance - The company has prepared its financial statements in accordance with the US Generally Accepted Accounting Principles (GAAP) for the six months ending June 30, 2023, with adjustments made to align with International Financial Reporting Standards (IFRS) as necessary[47]. - The company operates with a dual-class voting structure, where Class A shareholders have one vote per share and Class C shareholders have eight votes per share, impacting control dynamics[56].

Financial Performance - Total revenue for Q1 2023 reached RMB 10.6765 billion (USD 1.5546 billion), a 7.7% increase year-over-year but a 33.5% decrease quarter-over-quarter[2] - Automotive sales for Q1 2023 amounted to RMB 9.2245 billion (USD 1.3432 billion), down 0.2% year-over-year and down 37.5% quarter-over-quarter[4] - Gross margin for Q1 2023 was 1.5%, significantly lower than 14.6% in Q1 2022 and 3.9% in Q4 2022[4] - Operating loss for Q1 2023 was RMB 5.1118 billion (USD 744.3 million), a 133.6% increase year-over-year but a 24.1% decrease quarter-over-quarter[6] - Net loss for Q1 2023 was RMB 4.7395 billion (USD 690.1 million), a 165.9% increase year-over-year and an 18.1% decrease quarter-over-quarter[6] - Gross profit for Q1 2023 was RMB 162.3 million (USD 23.6 million), an 88.8% decrease year-over-year and a 73.9% decrease from Q4 2022[11] - The net loss attributable to NIO Group's ordinary shareholders for Q1 2023 was RMB 4,803,629, compared to RMB 5,847,079 in Q1 2022, indicating a reduction in losses by approximately 17.9%[27] - The adjusted net loss (non-GAAP) for the three months ended March 31, 2023, was RMB 4,150,129, compared to RMB 5,065,621 for the same period in 2022, showing a reduction of about 18%[30] - The company reported a total comprehensive loss of RMB 4,795,468 for the three months ended March 31, 2023, compared to RMB 5,944,562 for the same period in 2022, indicating a decrease of about 19.3%[29] Vehicle Deliveries - Vehicle deliveries in Q1 2023 totaled 31,041 units, a 20.5% increase from Q1 2022 but a 22.5% decrease from Q4 2022[3] - Cumulative vehicle deliveries reached 333,410 units as of May 31, 2023[8] - In April 2023, vehicle deliveries were 6,658 units, followed by 6,155 units in May 2023[8] - NIO delivered 31,041 vehicles in Q1 2023, maintaining the top position in China's high-end electric vehicle market for 12 consecutive quarters[9] - For Q2 2023, the company expects vehicle deliveries to be between 23,000 and 25,000 units, representing a decline of approximately 8.2% to 0.2% compared to Q2 2022[16] Cash and Assets - Cash and cash equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB 37.8 billion (USD 5.5 billion) as of March 31, 2023[6] - Cash and cash equivalents as of March 31, 2023, were RMB 14,763,443, down from RMB 19,887,575 as of December 31, 2022, a decrease of about 25.5%[25] - As of March 31, 2023, the total assets of NIO Group amounted to RMB 89,327,374, equivalent to USD 13,007,073[25] - The total liabilities decreased from RMB 68,617,165 to RMB 65,865,236, representing a reduction of approximately 3.6%[26] - The total current assets decreased from RMB 59,149,752 to RMB 51,651,048, a decline of approximately 12.6%[25] - The company’s inventory as of March 31, 2023, was RMB 6,376,311, down from RMB 8,191,386, indicating a reduction of about 22.1%[25] - NIO Group's short-term investments as of March 31, 2023, were RMB 17,842,478, a decrease of 6.9% from RMB 19,171,017 as of December 31, 2022[25] Research and Development - R&D expenses in Q1 2023 were RMB 3.0756 billion (USD 447.8 million), a 74.6% increase year-over-year but a 22.7% decrease from Q4 2022[12] - Research and development expenses for Q1 2023 were RMB 3,075,611, which is a decrease of 22.7% compared to RMB 3,980,578 in Q1 2022[27] Future Outlook and Strategy - The company plans to enhance its competitive advantage by analyzing market changes and optimizing cost structures[9] - The company plans to continue its market expansion and product development strategies to enhance future performance and profitability[32] - The company is focusing on reducing operating expenses, with selling, general, and administrative expenses for the three months ended March 31, 2023, at RMB 2,445,928, down from RMB 3,527,371 in the previous year, a reduction of approximately 30.7%[30] - The company is a pioneer in the high-end smart electric vehicle market, focusing on innovation in autonomous driving, digital technology, and battery systems[20] - The product lineup includes six-seat flagship SUV ES8, mid-large five-seat SUV ES7, five-seat all-scenario SUV ES6, and several other models, showcasing a diverse range of offerings[20] - The company emphasizes its leading battery swapping technology and Battery as a Service (BaaS) model as key competitive advantages[20] Earnings Conference Call - The management will hold an earnings conference call on June 9, 2023, to discuss performance and future outlook[17] Financial Reporting and Risks - The company uses non-GAAP financial measures to assess operational performance, excluding stock-based compensation expenses[22] - The company acknowledges inherent risks and uncertainties that may cause actual results to differ significantly from forward-looking statements[21] - The company encourages investors to review its financial data comprehensively rather than relying solely on non-GAAP financial indicators[22]