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NIO Inc Class A 09866

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Stock XHKG Rating as of
HKD 42.90 −0.25 (0.58%)
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As of Delayed Price Closed
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Company Report

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Leading Premium NEV Manufacturer Nio Benefiting From Consumption Upgrade Trend

Vincent Sun

Nio is a leading electric vehicle, or EV, manufacturer in China, targeting the premium segment. Its current model portfolio’s retail prices range from CNY 298,000 to CNY 598,000, with a 465-710 km driving range. For new models, Nio started delivery of its midsize ET5 sedan in third-quarter 2022, as well as the mid-to-large five-seater SUV ES7. The company also upgraded its first-generation SUV models ES8, ES6, and EC6 in the second quarter of 2023. It also plans to launch a new mass-market brand in 2024 to seize robust demand while retaining Nio’s premium image.

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Price vs Fair Value

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09866 is trading at a 39% discount.
Price
HKD 42.90
Fair Value
HKD 92.70
Uncertainty
Very High
1-Star Price
HKD 459.87
5-Star Price
HKD 72.31
Economic Moat
Xmlx
Capital Allocation
Ypvsvvmtf

Bulls Say, Bears Say

Bulls

Nio has successfully built its premium brand image, which will differentiate the company from its mass-market competitors and generate extra pricing power for the company’s electric cars.

Bears

Escalating battery cost in 2022-23 has put Nio’s vehicle margin under pressure. It also derailed the industry projection of cost parity of NEVs with ICEs, affecting NEV adoption in the long run.

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Trading Information

Previous Close Price
HKD 43.15
Day Range
HKD 42.30–44.50
52-Week Range
HKD 29.25–123.80
Bid/Ask
HKD 42.90 / HKD 43.10
Market Cap
HKD 89.53 Bil
Volume/Avg
3.3 Mil / 2.2 Mil

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
1.19
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Nio is a leading electric vehicle maker, targeting the premium segment. Founded in November 2014, Nio designs, develops, jointly manufactures, and sells premium smart electric vehicles. The company differentiates itself through continuous technological breakthroughs and innovations such as battery swapping and autonomous driving technologies. Nio launched its first model, its ES8 seven-seater electric SUV, in December 2017, and began deliveries in June 2018. Its current model portfolio includes midsize to large sedans and SUVs. It sold over 160,000 EVs in 2023, accounting for about 2% of the China passenger new energy vehicle market.
Sector
Consumer Cyclical
Industry
Auto Manufacturers
Stock Style Box
Large Value
Total Number of Employees
32,820
Website
https://www.nio.com

Competitors

Valuation

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Metric
09866
01211
TSLA
Price/Earnings (Normalized)
 —21.0566.37
Price/Book Value
 3.174.198.98
Price/Sales
 1.190.996.67
Price/Cash Flow
 —3.6444.01
Price/Earnings
09866
01211
TSLA

Financial Strength

Metric
09866
01211
TSLA
Quick Ratio
 1.020.381.13
Current Ratio
 1.220.661.73
Interest Coverage
 −55.1817.6758.10
Quick Ratio
09866
01211
TSLA

Profitability

Metric
09866
01211
TSLA
Return on Assets (Normalized)
 −18.74%4.59%9.74%
Return on Equity (Normalized)
 −93.12%22.14%16.96%
Return on Invested Capital (Normalized)
 −35.33%15.87%13.43%
Return on Assets
09866
01211
TSLA
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