新势力车企财报 Q1业绩分化加剧

Core Viewpoint - NIO's Q1 financial report shows a year-on-year revenue growth of 21.5%, reaching RMB 120.3 billion, but the net loss increased by 30.2% to RMB 67.5 billion, indicating ongoing challenges in achieving profitability [5][6]. Company Performance - Li Auto reported the highest revenue among new energy vehicle companies at RMB 25.9 billion, while Leap Motor achieved record revenue and gross margin, exceeding RMB 10 billion with a gross margin of 14.9% [1]. - Xpeng Motors improved its gross margin to 15.6%, with a revenue of RMB 15.8 billion, marking a 141.5% year-on-year increase [9]. - NIO's gross margin was 7.6%, up 2.7 percentage points year-on-year, but still reflects a struggle to reach profitability [5][6]. Sales and Deliveries - In May, several new energy vehicle companies reported strong delivery numbers, with Li Auto delivering 40,856 vehicles, a 16.7% increase year-on-year, and NIO delivering 23,231 vehicles, a 13.1% increase [11][16]. - Xpeng Motors delivered 33,525 vehicles in May, a 230% year-on-year increase, while Leap Motor and Zeekr also reported deliveries exceeding 40,000 units [11][12]. Future Outlook - NIO aims to achieve profitability by Q4 2024, with expectations of monthly sales of 50,000 units across its brands and a gross margin exceeding 20% [5][8]. - Xpeng Motors is also targeting profitability in Q4 2024, with a projected revenue of RMB 175 billion to RMB 187 billion for Q2 2024, reflecting a significant year-on-year growth [9]. - The overall industry is expected to transition from a model of increasing revenue without profit to a more sustainable growth phase, driven by competitive pressures and market dynamics [4].