- NIO (SGX:NIO)’s 2Q24 total revenue recorded a near one-fold increase to RMB17.4bn (+99% y-o-y, +76% q-o-q), higher than original target (Rmb16.6-17.1bn). This was largely driven by a 144% y-o-y surge in vehicle volume sales to 57.4k, leading to a 118% y-o-y increase in vehicle sales to RMB15.7bn.
Sequential improvements in sales and margins ahead
- - Read this at SGinvestors.io -
- Overall gross margin was at 9.7% (+8.7ppts y-o-y; +3ppts q-o-q), mainly attributable to a 5.9ppt y-o-y expansion in vehicle margins to 12.2% on a decline in per-unit material cost and scale effects. However, SG&A expense was 32% y-o-y higher at RMB3.8bn due to higher sales volume, while R&D expense was lower at RMB3.2bn (-3.8% y-o-y), in line with company’s target of ~Rmb3bn per quarter.
- - Read this at SGinvestors.io -
- As of end of Jun-24, NIO has net cash and cash equivalents of RMB24.3bn.
3Q24 guidance in line.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Rachel Miu DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-09-10
Previous report by DBS:
2024-06-12 NIO Inc - New Brand & Charging Expansion To Boost Valuation.
Price targets by other brokers at NIO Target Prices.
Listing of research reports at NIO Analyst Reports.
Relevant links:
NIO Share Price History,
NIO Announcements,
NIO Dividends & Corporate Actions,
NIO News Articles
