NIO(US:NIO) 海豚投研·2025-06-04 11:37Financial Results Overview - Total revenue for Q3 2023 is projected at 171.0 million, a decrease of 7.2% year-over-year [1] - Gross profit for Q3 2023 is expected to be 12.8 million, with a gross profit margin (GPM) of 7.5% [1] - Operating profit is forecasted at -66.3 million, with an operating profit margin (OPM) of -38.8% [1] - Auto revenue is anticipated to be 154.4 million, with deliveries expected to reach 50,045 units [1] Management Commentary - Q2 2023 deliveries are projected between 72,000 and 75,000 units, driven by the launch of new models [2] - The new ES6 and EC6 models were launched on May 16, 2023, with deliveries starting on May 20, 2023 [3] - The ET9 flagship sedan has outperformed competitors in the high-end market, surpassing sales of BMW 7 Series and Audi A8 [5] Product Performance - The ONVO brand is experiencing increased demand, with the flagship SUV L90 set to launch in Q3 2023 [6] - The Firefly model began deliveries in late April, targeting both Chinese and European markets [7] Technological Advancements - The NX9031 system has been deployed in models like ES6 and ET5, enhancing competitiveness with the Sky OS and intelligent TSE systems [8] - An upgrade to the NWM system is expected to improve driving and parking functionalities [9] Sales Network Expansion - The company operates 184 NIO centers and 461 NIO spaces in China, with a service network covering 391 service centers [10] - Globally, there are 3,408 battery swap stations and over 26,000 charging points [11] - The company has entered 15+ core international markets, with plans to launch the Firefly global model in Q3 2023 [12] Future Outlook - The company plans to launch several key models in the second half of the year, with an acceleration in delivery volumes starting in Q3 2023 [13] - The goal is to achieve a monthly delivery target of 25,000 units by Q4 2023, with a projected gross margin exceeding 20% [15]