蔚來：香港及中國市場日報-20250605

Investment Rating - The report assigns a rating of "Hold" for NIO Inc. (9866 HK) with a current share price of HK$27.95 and a market capitalization of HK$628 billion [1] Core Insights - NIO's revenue met expectations with a year-on-year increase of 22% to RMB 12 billion, driven by a 40% increase in delivery volume to 42,000 vehicles. However, net losses expanded by 19% year-on-year to RMB 6.9 billion due to a 47% increase in selling and administrative expenses [1] - The introduction of new brands "Firefly" and "Ladao" is expected to drive growth in the second quarter, with projected delivery volumes of 72,000 to 75,000 vehicles, representing a year-on-year increase of 25.5% to 30.7% [1][2] - NIO's cash reserves decreased by 38% quarter-on-quarter and 43% year-on-year to RMB 26 billion as of March 2025, following a HK$4 billion equity placement [2] Summary by Sections Financial Performance - NIO's average selling price (ASP) has been under pressure, declining for nine consecutive months, with a 15% year-on-year drop in May to RMB 236,000. Despite a 2.7 percentage point increase in gross margin to 7.6%, the company continues to face significant losses [1] Product Strategy - The launch of upgraded models ES6, EC6, ET5, and ET5T in May is anticipated to alleviate gross margin pressures, with management expecting a return to double-digit gross margins in the second quarter. The Ladao brand is set to introduce competitive models targeting large families in the third and fourth quarters [2] Market Outlook - The report suggests that NIO's multi-brand strategy is effectively addressing diverse market demands, with strong initial sales from the Firefly and Ladao brands. However, achieving the fourth-quarter delivery target may be challenging [2]