NIO(09866) 申万宏源·2024-11-27 02:48Investment Rating - The report maintains a "Neutral" investment rating for NIO Inc. [4] Core Views - The third-quarter results of NIO Inc. met expectations, with new brand launches driving positive sales momentum [4] - Total sales for the first three quarters reached 149,000 units, a year-on-year increase of 35.7% [4] - Total revenue for the same period was 46.03 billion yuan, up 19.5% year-on-year [4] - The gross margin improved to 9.1%, an increase of 4.5 percentage points year-on-year [4] - The net profit attributable to shareholders was a loss of 15.53 billion yuan, a reduction in loss by 30 million yuan year-on-year [4] Summary by Sections Sales and Revenue - In Q3 2024, total sales were 62,000 units, with year-on-year and quarter-on-quarter increases of 11.6% and 7.8% respectively [4] - Total revenue for Q3 was 18.67 billion yuan, with a year-on-year decrease of 2.1% and a quarter-on-quarter increase of 7.0% [4] Profitability - The gross margin for Q3 was 10.7%, with year-on-year and quarter-on-quarter increases of 2.7 and 1.0 percentage points respectively [4] - The net profit attributable to shareholders for Q3 was a loss of 5.14 billion yuan, with an increase in loss of 510 million yuan year-on-year and 20 million yuan quarter-on-quarter [4] Product and Market Dynamics - The average revenue per vehicle decreased to 273,000 yuan for the first three quarters, down 11.2% year-on-year [5] - The sales mix shifted towards lower-priced models, with the proportion of sales from models priced below 400,000 yuan increasing from 82.5% in Q3 2023 to 89.8% in Q3 2024 [5] - The launch of the new brand, Ladao, is expected to significantly contribute to sales growth, with the Ladao L60 model receiving 65,000 orders shortly after its launch [5] Financial Forecasts - Revenue forecasts for 2024-2026 have been adjusted upwards due to strong demand for new models, with projected revenues of 66.51 billion yuan, 93.90 billion yuan, and 116.39 billion yuan respectively [6] - The net profit forecast for 2024 has been revised down to a loss of 19.3 billion yuan, while the forecasts for 2025 and 2026 have been adjusted to losses of 13.6 billion yuan and 9.1 billion yuan respectively [6]