Investment Rating - Maintain HOLD rating for NIO Inc (NIO US) with a revised target price of US$6 20, down from US$6 80 [2] Core Views - NIO's cash burn has accelerated despite the capital injection from CYVN, and the company shows no clear strategy to achieve profitability [2] - The company's 4Q23 earnings missed expectations, particularly in other income and SG&A expenses, with an operating loss of RMB6 6bn, RMB1 9bn higher than projected [2] - Management's FY24E gross profit margin (GPM) guidance of 15-18% is considered overly optimistic, especially given the failure to achieve 15% GPM in 3Q23 and 4Q23 [2] - Even with a 15% vehicle GPM and disciplined R&D and SG&A spending, NIO's FY24E net loss is expected to exceed RMB10bn, far from profitability [2] Financial Performance - 4Q23 revenue and gross profit from vehicles were in line with forecasts, but vehicle GPM of 11 9% missed the guidance of 15% [2] - Gross margin for other revenue was -34%, below the projected -25%, indicating that the elimination of service benefits is impacting margins more than expected [2] - R&D and SG&A expenses in 4Q23 were RMB720mn higher than estimates, contributing to the larger-than-expected operating loss [2] - FY24E sales volume forecast has been cut from 0 21mn units to 0 19mn units due to delayed deliveries of the second brand Alps [2] Earnings and Valuation - FY24E net loss revised from RMB14 7bn to RMB17 2bn, reflecting higher-than-expected costs and lower margins [2] - Target price cut to US$6 20 based on 1 4x revised FY24E revenue estimates, compared to Li Auto's 1 3x FY24E P/S [2] - NIO's profitability remains significantly weaker than peers like Li Auto, which trades at a lower P/S multiple [2] Quarterly Results - 4Q23 sales volume was 50,045 units, down 9 7% QoQ but up 25 0% YoY [7] - Overall ASP in 4Q23 was RMB341,756, down 0 6% QoQ and 14 8% YoY [7] - Gross margin improved to 7 5% in 4Q23, up 3 6ppt YoY but down 0 5ppt QoQ [7] - Operating margin was -38 7% in 4Q23, a decline of 13 3ppt QoQ [7] Financial Summary - FY23E revenue is projected at RMB55,618mn, with a gross margin of 5 5% [9] - FY24E revenue is expected to grow 17 3% to RMB65,239mn, with a gross margin of 8 1% [9] - FY24E operating profit is forecast at a loss of RMB18,814mn, improving from FY23E's loss of RMB22,655mn [9] - Net profit for FY24E is projected at a loss of RMB17,170mn, slightly better than FY23E's loss of RMB21,147mn [9] Cash Flow and Balance Sheet - FY23E net cash from operations is expected to be negative at RMB1,872mn, worsening to RMB10,446mn in FY24E [10] - Cash and equivalents are projected to decline from RMB32,935mn in FY23E to RMB22,783mn in FY24E [9] - Total liabilities are expected to decrease slightly from RMB87,787mn in FY23E to RMB74,228mn in FY24E [9] Growth and Profitability - FY24E revenue growth is forecast at 17 3%, with gross profit growth of 72 8% [10] - Operating margin is expected to improve from -40 7% in FY23E to -28 8% in FY24E [10] - Adjusted net profit margin is projected to improve from -33 2% in FY23E to -23 4% in FY24E [10]

NIO Inc. (NIO) incurred a loss per American Depositary Share of 45 cents in the fourth quarter of fiscal 2023, narrower than the Zacks Consensus Estimate of a loss of 51 cents. The company had reported a loss of 51 cents in the year-ago quarter.This China-based electric vehicle maker posted revenues of $2.41 billion, which topped the Zacks Consensus Estimate of $2.29 billion and increased 3.4% year over year due to higher delivery volumes.Key DetailsNIO delivered 50,045 vehicles in the fourth quarter, up 25 ...

BEIJING, CHINA - JUNE 25: Customers look at a NIO ET7 executive electric sedan at a NIO Inc. ... [+] showroom on June 25, 2022 in Beijing, China. (Photo by VCG/VCG via Getty Images)VCG via Getty ImagesChinese luxury electric vehicle maker Nio stock posted mixed delivery numbers for February, delivering 8,132 cars for the month, down 19% from January and 33% lower from the year-ago period. The decline was not really surprising, given that automotive sales in China are usually weak in January and February, du ...

Nio Inc (NYSE: NIO) could more than double from here even though it reported a sequential increase in quarterly loss on Tuesday, says Tim Hsiao – a Morgan Stanley analyst.The bull case for $NIOCopy link to sectionHsiao remains super bullish on Nio stock primarily because the loss it reported for the fourth quarter today was within his anticipated range. The analyst was also uplifted by a meaningful increase in the EV maker’s cash reserves following a $2.2 billion strategic investment from CYVN in December.N ...

NIO Inc. (NYSE:NIO) Q4 2023 Earnings Conference Call March 5, 2024 7:00 AM ET Company Participants Rui Chen - Head of IR William Li - Founder, Chairman and CEO Steven Feng - CFO Stanley Qu - SVP of Finance Conference Call Participants Tim Hsiao - Morgan Stanley Ben Wang - Deutsche Bank Yuqian Ding - HSBC Ming-Hsun Lee - Bank of America Merrill Lynch Paul Gong - UBS Cheng Jing - CICC Tina Hou - Goldman Sachs Operator Hello, ladies and gentlemen, thank you for standing by for NIO Incorporated Fourth Quarter a ...

Nio (NYSE:NIO) recently delivered solid 2023 delivery numbers and January performance. However, the market appears to remain relatively cold for this high-potential, high-risk Chinese EV maker. Geopolitical risks remain, and the fact that NIO stock is a U.S.-listed ADR provides its own set of headwinds.That said, the company is growing, and growing fast. And concerns around China’s economic slowdown may be coming to a head, as China remains one of the most robust EV markets in the world.So, is Nio a buy at ...

In this video, I will talk about Nio (NIO 4.22%), the recent delivery, and the earnings report that sent mixed signals to investors.*Stock prices used were from the trading day of March 4, 2024. The video was published on March 5, 2024. ...

Quarterly Total Revenues reached RMB17,103.2 million (US$2,408.9 million)iQuarterly Vehicle Deliveries were 50,045 units Full Year Total Revenues reached RMB55,617.9 million (US$7,833.6 million) Full Year Vehicle Deliveries were 160,038 units SHANGHAI, China, March 05, 2024 (GLOBE NEWSWIRE) -- NIO Inc. (NYSE:NIO, HKEX: 9866, SGX: NIO))) ("NIO" or the "Company"), a pioneer and a leading company in the premium smart electric vehicle market, today announced its unaudited financial results for the fourth quart ...

Fool.com contributor Parkev Tatevosian evaluates Nio (NIO -6.66%) stock and answers whether the decrease in price is a buying opportunity for long-term investors.*Stock prices used were the afternoon prices of March 1, 2024. The video was published on March 3, 2024.  ...

Financial Performance - Quarterly total revenues reached RMB 17,103.2 million (US$ 2,408.9 million), a 6.5% increase year-over-year but a 10.3% decrease quarter-over-quarter[1][4][22] - Full year total revenues were RMB 55,617.9 million (US$ 7,833.6 million), representing a 12.9% increase from the previous year[9][10][22] - Vehicle sales for Q4 2023 were RMB 15,438.7 million (US$ 2,174.5 million), a 4.6% increase year-over-year but an 11.3% decrease quarter-over-quarter[4][22] - Vehicle sales for the full year of 2023 were RMB 49,257.3 million (US$ 6,937.7 million), representing an increase of 8.2% from the previous year[23] - Other sales for the full year of 2023 were RMB 6,360.7 million (US$ 895.9 million), representing an increase of 69.1% from the previous year[23] - Total revenues for the year ended December 31, 2023, reached RMB 55,617,933, an increase from RMB 49,268,561 in 2022, representing a growth of approximately 12.5%[56] Vehicle Deliveries - Vehicle deliveries for Q4 2023 were 50,045 units, a 25.0% increase from Q4 2022 but a 9.7% decrease from Q3 2023[2][3] - Cumulative vehicle deliveries reached 467,781 as of February 29, 2024, with 10,055 vehicles delivered in January and 8,132 in February 2024[13] - The company expects deliveries of vehicles in Q1 2024 to be between 31,000 and 33,000 vehicles, representing a decrease of approximately 0.1% to an increase of approximately 6.3% from the same quarter of 2023[39] Profitability and Loss - Gross profit for Q4 2023 was RMB 1,279.2 million (US$ 180.2 million), a 105.7% increase year-over-year but a 16.0% decrease quarter-over-quarter[5][22] - Gross profit for the full year of 2023 was RMB 3,051.8 million (US$ 429.8 million), representing a decrease of 40.7% from the previous year[25] - Gross margin for the full year of 2023 was 5.5%, compared with 10.4% for the full year of 2022[26] - Net loss for Q4 2023 was RMB 5,367.7 million (US$ 756.0 million), a 7.2% decrease year-over-year but a 17.8% increase quarter-over-quarter[6][10] - Net loss for the full year of 2023 was RMB 20,719.8 million (US$ 2,918.3 million), compared with a net loss of RMB 14,437.1 million in 2022[34] - Total net loss for Q4 2023 was RMB 5,367,745, compared to RMB 4,556,724 in Q3 2023, reflecting an increase in losses[58] - Net loss attributable to ordinary shareholders for Q4 2023 was RMB 5,592,773, up from RMB 4,628,629 in Q3 2023[58] - Total net loss for the year ended December 31, 2023, was RMB 20,719,753, compared to RMB 14,437,104 in 2022[62] Expenses - Research and development expenses for the full year of 2023 were RMB 13,431.4 million (US$ 1,891.8 million), representing an increase of 23.9% from the previous year[29] - Selling, general and administrative expenses for the year ended December 31, 2023, were RMB 12,884,556, compared to RMB 10,537,119 in 2022, indicating a rise of about 22.3%[56] - Total cost of sales for the year ended December 31, 2023, was RMB 52,566,137, compared to RMB 44,124,568 in 2022[61] Cash and Assets - As of December 31, 2023, the balance of cash and cash equivalents, restricted cash, short-term investment, and long-term time deposits was RMB 57.3 billion (US$ 8.1 billion)[37] - Total current assets increased from RMB 59,149,752 thousand in 2022 to RMB 70,380,233 thousand in 2023, representing a growth of approximately 19.5%[52] - Cash and cash equivalents rose significantly from RMB 19,887,575 thousand in 2022 to RMB 32,935,111 thousand in 2023, an increase of about 65.3%[52] - Total assets grew from RMB 96,263,925 thousand in 2022 to RMB 117,383,202 thousand in 2023, reflecting an increase of approximately 22.0%[52] - Total liabilities increased from RMB 68,617,165 thousand in 2022 to RMB 87,787,186 thousand in 2023, marking a rise of about 27.9%[52] - Total shareholders' equity rose from RMB 24,089,539 thousand in 2022 to RMB 25,735,632 thousand in 2023, an increase of approximately 6.8%[53] Strategic Developments - NIO launched the ET9, a smart electric executive flagship, on December 23, 2023, showcasing advanced technologies[14][20] - NIO secured a US$ 2.2 billion strategic equity investment from CYVN, enhancing its competitive positioning in the smart EV market[16][21] - The company plans to enhance its market expansion strategies and invest in new technologies to drive future growth[60]