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Nio's Delivery and Gross Margin Estimates Revised Downward, but Long-Term Confidence Remains

Morgan Stanley's Tim Hsiao lowered their price target on Nio (NYSE: NIO) by 23.1% from $13 to $10 on 2024/03/11. The analyst maintained their Strong Buy rating on the stock.In a recent report, Hsiao e

Nio's Delivery and Gross Margin Estimates Revised Downward, but Long-Term Confidence Remains

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The analyst maintained their Strong Buy rating on the stock.In a recent report, Hsiao e","content":"<html><head></head><body><p>Morgan Stanley&#39;s Tim Hsiao lowered their price target on Nio by 23.1% from $13 to $10 on 2024/03/11. The analyst maintained their Strong Buy rating on the stock.</p><p>In a recent report, Hsiao explained that the decision to lower the price target was based on the company&#39;s Q4 and FY 2023 earnings, which were reported on March 5th. Following the earnings release, Morgan Stanley cut its 2024 and 2025 vehicle delivery estimates by 11% and 9% respectively, to 200k and 286k units. Additionally, the firm reduced its 2024 and 2025 vehicle gross margin forecasts by 3 percentage points &#34;to account for additional costs associated with the transition of its legacy model as well as organizational restructuring.&#34;</p><p>Despite the downward revision in delivery estimates and gross margin forecasts, Hsiao noted that management remains confident in reaching its 15% to 18% Gross Processing Margin (GPM) target for the Nio core brand &#34;in the long run.&#34; However, JP Morgan widened its loss per share estimate for 2024 and now does not expect Nio to turn profitable until FY 2026.</p><p>Nio&#39;s Q4 2023 earnings report showed a loss per share of $0.45, beating the Zacks Consensus Estimate of $(0.51) and Q4 2022&#39;s $(0.51) by 11.8%. The company reported revenue of $2.41 billion, surpassing the Zacks Consensus Estimate of $2.29 billion by 3.4%. Vehicle deliveries for Q4 2023 reached 50,045, representing a 25% year-over-year increase.</p><p>For FY 2023, Nio reported a loss per share of $1.75 and revenue of $7.83 billion. The company delivered a total of 160,038 vehicles in FY 2023, experiencing a 30.7% year-over-year growth.</p><p>Looking ahead to Q1 2024, Nio&#39;s management guided for revenue of $1.48 billion to $1.56 billion, representing a decrease of 1.7% to an increase of 3.8% year-over-year. They also projected 31,000 to 33,000 vehicle deliveries, which would represent a decrease of 0.1% to an increase of 6.3% year-over-year.</p><p>Founder, Chairman, and CEO William Bin Li expressed optimism about the company&#39;s performance in 2023, highlighting the new delivery record of 160,038 vehicles and the unveiling of the ET9, Nio&#39;s smart electric executive flagship. Li emphasized the company&#39;s continuous investments in technologies, battery swapping network, and user community as key factors that will bolster their competitive advantages.</p><p>CFO Steven Wei Feng also commented on Nio&#39;s financials, stating that the vehicle margin reached 11.9% in Q4 2023 and highlighting the $2.2 billion strategic equity investment from CYVN in December 2023.</p><p>Following the analyst rating update, 100% of top-rated analysts currently rate Nio as a Strong Buy or Buy. No analysts see it as a Hold, and none recommend or strongly recommend selling the stock.</p><p>Since Nio&#39;s latest quarterly report on March 5th, the stock price has increased by 11.3%. However, year-over-year, the stock is down 28.7%. During this period, Nio has underperformed the S&amp;P 500, which has experienced a 32.7% decrease.</p><p>It&#39;s worth noting that Tim Hsiao, the Morgan Stanley analyst who lowered the price target on Nio, is ranked in the bottom 9% of Wall Street analysts by WallStreetZen. Hsiao has an average return of -30.4% and a 0% win rate. They specialize in the Consumer Cyclical and Industrials sectors.</p><p>Nio Limited, headquartered in Shanghai, China, designs, manufactures, and sells electric vehicles. The company operates in multiple countries, including the People&#39;s Republic of China, Hong Kong, the United States, the United Kingdom, and Germany. Nio offers various electric SUVs and is also involved in providing energy and service packages to its users. The company collaborates with other entities for the development of automated and autonomous vehicles and has strategic partnerships with manufacturers for the production of its vehicles.</p></body></html>","source":"wallstreetzen_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio's Delivery and Gross Margin Estimates Revised Downward, but Long-Term Confidence Remains</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio's Delivery and Gross Margin Estimates Revised Downward, but Long-Term Confidence Remains\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-13 11:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wallstreetzen.com/news/nio-s-delivery-and-gross-margin-estimates-revised-downward-but-long-term-confidence-remains><strong>WallStreetZen</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Morgan Stanley's Tim Hsiao lowered their price target on Nio by 23.1% from $13 to $10 on 2024/03/11. The analyst maintained their Strong Buy rating on the stock.In a recent report, Hsiao explained ...</p>\n\n<a href=\"https://www.wallstreetzen.com/news/nio-s-delivery-and-gross-margin-estimates-revised-downward-but-long-term-confidence-remains\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4099":"汽车制造商","BK4548":"巴美列捷福持仓","LU0971096721.USD":"富达环球金融服务 A","BK4127":"投资银行业与经纪业","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0052750758.USD":"富兰克林中国基金A Acc","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","NIO.SI":"蔚来","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","BK4532":"文艺复兴科技持仓","BK4531":"中概回港概念","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","BK4555":"新能源车","09866":"蔚来-SW","BK4509":"腾讯概念","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","BK4588":"碎股","BK4526":"热门中概股","NIO":"蔚来","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4574":"无人驾驶","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","BK4505":"高瓴资本持仓","LU0106831901.USD":"贝莱德世界金融基金A2","BK4581":"高盛持仓","BK4504":"桥水持仓"},"source_url":"https://www.wallstreetzen.com/news/nio-s-delivery-and-gross-margin-estimates-revised-downward-but-long-term-confidence-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2418309925","content_text":"Morgan Stanley's Tim Hsiao lowered their price target on Nio by 23.1% from $13 to $10 on 2024/03/11. The analyst maintained their Strong Buy rating on the stock.In a recent report, Hsiao explained that the decision to lower the price target was based on the company's Q4 and FY 2023 earnings, which were reported on March 5th. Following the earnings release, Morgan Stanley cut its 2024 and 2025 vehicle delivery estimates by 11% and 9% respectively, to 200k and 286k units. Additionally, the firm reduced its 2024 and 2025 vehicle gross margin forecasts by 3 percentage points \"to account for additional costs associated with the transition of its legacy model as well as organizational restructuring.\"Despite the downward revision in delivery estimates and gross margin forecasts, Hsiao noted that management remains confident in reaching its 15% to 18% Gross Processing Margin (GPM) target for the Nio core brand \"in the long run.\" However, JP Morgan widened its loss per share estimate for 2024 and now does not expect Nio to turn profitable until FY 2026.Nio's Q4 2023 earnings report showed a loss per share of $0.45, beating the Zacks Consensus Estimate of $(0.51) and Q4 2022's $(0.51) by 11.8%. The company reported revenue of $2.41 billion, surpassing the Zacks Consensus Estimate of $2.29 billion by 3.4%. Vehicle deliveries for Q4 2023 reached 50,045, representing a 25% year-over-year increase.For FY 2023, Nio reported a loss per share of $1.75 and revenue of $7.83 billion. The company delivered a total of 160,038 vehicles in FY 2023, experiencing a 30.7% year-over-year growth.Looking ahead to Q1 2024, Nio's management guided for revenue of $1.48 billion to $1.56 billion, representing a decrease of 1.7% to an increase of 3.8% year-over-year. They also projected 31,000 to 33,000 vehicle deliveries, which would represent a decrease of 0.1% to an increase of 6.3% year-over-year.Founder, Chairman, and CEO William Bin Li expressed optimism about the company's performance in 2023, highlighting the new delivery record of 160,038 vehicles and the unveiling of the ET9, Nio's smart electric executive flagship. Li emphasized the company's continuous investments in technologies, battery swapping network, and user community as key factors that will bolster their competitive advantages.CFO Steven Wei Feng also commented on Nio's financials, stating that the vehicle margin reached 11.9% in Q4 2023 and highlighting the $2.2 billion strategic equity investment from CYVN in December 2023.Following the analyst rating update, 100% of top-rated analysts currently rate Nio as a Strong Buy or Buy. No analysts see it as a Hold, and none recommend or strongly recommend selling the stock.Since Nio's latest quarterly report on March 5th, the stock price has increased by 11.3%. However, year-over-year, the stock is down 28.7%. During this period, Nio has underperformed the S&P 500, which has experienced a 32.7% decrease.It's worth noting that Tim Hsiao, the Morgan Stanley analyst who lowered the price target on Nio, is ranked in the bottom 9% of Wall Street analysts by WallStreetZen. Hsiao has an average return of -30.4% and a 0% win rate. They specialize in the Consumer Cyclical and Industrials sectors.Nio Limited, headquartered in Shanghai, China, designs, manufactures, and sells electric vehicles. The company operates in multiple countries, including the People's Republic of China, Hong Kong, the United States, the United Kingdom, and Germany. Nio offers various electric SUVs and is also involved in providing energy and service packages to its users. The company collaborates with other entities for the development of automated and autonomous vehicles and has strategic partnerships with manufacturers for the production of its vehicles.","news_type":1},"isVote":1,"tweetType":1,"viewCount":104,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":36,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}