To The Moon

NIO just released a quarterly report, which is not very good!

Prior to this financial report, the year-on-year growth rate of NiO's automobile delivery in the first quarter was only 28.5%, far lower than the 152% of Li auto and the 159% of xpeng.

According to the delivery data in April and may, NiO is still at the bottom of the "new forces for making cars", even far inferior to new forces such as Nezha!

Therefore, the biggest expectation of the market for this financial report is that the guidance of the second quarter can give some strength. After all, Shanghai has also been unsealed, and there is no supply chain risk. In addition, Li Bin has repeatedly said that orders have set a record and the automotive industry has begun to pick up.

But I never expected that the second quarter was still less than expected!

After the release of the financial report, NiO's pre market share price dropped significantly, falling 6% at the time of the release of the article, leading the decline in new energy vehicles.

Let's take a look at the first quarter.

First, the revenue was RMB 9.91 billion, which was completely consistent with Bloomberg's expectation:

Secondly, the gross profit margin was 14.6%, less than the expected 15.6%, down nearly 5 percentage points year-on-year and 2.6 percentage points month on month.

The company explained that the decrease in gross profit margin was caused by the increase in battery costs and large-scale investment in the service network.

Although excusable, NiO's gross profit margin is really poor compared with Li auto and xpeng:

To emphasize, the gross profit margin of Li auto and xpeng in the first quarter increased by 0.2% compared with the fourth quarter of last year!

When the cost increases, the NiO expense side accelerates bleeding. Among them, R & D expenses increased by 157% year-on-year, and management expenses increased by 68% year-on-year. Under the two attacks, the operating loss increased by 640% year-on-year, and the net loss reached 1.8 billion!

The good news is that compared with the fourth quarter of last year, the adjusted net loss decreased by 25%.

NiO has just been listed in three places in Singapore. It still has 53.3 billion yuan in cash in its hands. It can burn!

In terms of delivery volume, 25768 vehicles were sold in Q1. This figure is a clear card before the financial report and has no impact on the stock price. In order to understand this article, please post the following data:

Li Bin felt quite good about the first quarter report. He said that NiO's delivery volume in the first quarter hit a record high, and completed the milestone of 200000 vehicles in May this year. He stressed that it took only four years.

At the same time, the company gave investors a pie in the pie. On the one hand, it stressed that the next new model et5 would be delivered in September this year, and on the other hand, it stressed that new orders would reach a record high in May this year!

However, the guidelines for the second quarter do not seem optimistic.

In terms of revenue, it is expected to be between 9.34 billion and 10.088 billion in the second quarter, with a year-on-year growth rate of 5%-14.2%, less than the consensus expectation of 11.5 billion by Bloomberg.

In order not to be moved, I will post the second quarter guidelines of Li auto and xpeng, in which Li auto is expected to grow by 22%-39.7%; Xpeng is 80.8%-99.4%.

The vehicle delivery volume is expected to be 23000-25000, less than the expected 28220 vehicles. However, according to the guidelines, NiO delivered 12902 vehicles in June, a year-on-year increase of 59.6%.

When the humiliating first half of the year came to an end, NiO finally saw the future!

In the third quarter of this year, the delivery of new models et5 and medium and large SUV ES7 will begin, which is expected to bring a wave of sales climax!

Before the first quarter report, Bloomberg expected the revenue growth rate of NiO in 2022 to be 73%, lower than 83% of Li auto and 98% of xpeng. However, in terms of market sales rate valuation, NiO TTM is 5.9 times, Li auto is 6.3 times and xpeng is 6 times.

The low growth rate and the same valuation mean that if NiO fails to accelerate in the second half of the year, disappointment may be overwhelming!

NiO, fight against the enemy to win the future!$NIO Inc.(NIO)$ $Li Auto(LI)$ $XPeng Inc.(XPEV)$