蔚来汽车公布2024Q1财报：Q1收入同比下滑，毛利率同比增长显著

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1][8] Core Insights - NIO Inc. reported a Q1 2024 revenue of 9.91 billion yuan, a year-on-year decline of 7.2% and a quarter-on-quarter decrease of 42.1%. The automotive sales revenue was 8.38 billion yuan, down 9.1% year-on-year and down 45.7% quarter-on-quarter. The net loss for Q1 was 5.18 billion yuan, an increase of 9.4% year-on-year and a decrease of 3.4% quarter-on-quarter. Adjusted net loss, excluding stock-based compensation, was 4.90 billion yuan, up 18.1% year-on-year and up 2.1% quarter-on-quarter [3] - Q1 delivery volume was 30,053 units, including 17,809 high-end smart electric SUVs and 12,244 high-end smart electric sedans. The delivery volume decreased by 3.2% year-on-year and 39.9% quarter-on-quarter. The gross margin for Q1 was 4.9%, an increase of 3.4 percentage points year-on-year but a decrease of 2.6 percentage points quarter-on-quarter. The automotive business gross margin was 9.2%, up 4.1 percentage points year-on-year and down 2.7 percentage points quarter-on-quarter. The increase in gross margin year-on-year was attributed to a decrease in material costs, while the quarter-on-quarter decline was due to increased discounts during product transitions and changes in product mix [3] - For Q2, the company expects significant year-on-year growth in sales, driven by new brands and models. In April and May, the delivery volumes were 15,620 units and 20,544 units, representing year-on-year increases of 134.6% and 233.8%, respectively. The launch of the 2024 ET7 Executive Edition in April enhanced competitiveness in the high-end sedan market. Additionally, the new brand "Ladao" and its first product L60 were launched in May, which are expected to initiate a new phase of high-quality growth. The projected delivery volume for Q2 is between 54,000 and 56,000 units, representing a year-on-year growth of 129.6% to 138.1%. Q2 revenue is expected to be between 16.587 billion yuan and 17.335 billion yuan, a year-on-year increase of 89.1% to 95.3% [3]