External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Maintain HOLD. NIO’s all-time high R&amp;D and SG&amp;A expenses in 4Q23 once again confirm that it is probably too difficult for the company to control costs.</li><li>The cash burn from CYVN’s capital injection may last shorter than we expected before. We see no sign or persuasive strategies to turn profitable from the earnings call.</li><li>We believe management’s guidance for FY24E GPM could be too optimistic.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain HOLD. NIO’s all-time high R&amp;D and SG&amp;A expenses in 4Q23 once again confirm that it is probably too difficult for the company to control costs.The cash burn from CYVN’s capital injection may last shorter than we expected before. We see no sign or persuasive strategies to turn profitable from the earnings call.We believe management’s guidance for FY24E GPM could be too optimistic.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NIO Inc. (NIO US) - Cash Burn Speeds up with Capital Injection

<ul><li>Maintain HOLD. We project NIO’s 4Q23 net loss to narrow QoQ to RMB4.4bn with a GPM improvement.</li><li>However, such GPM lift could still result in a net loss of RMB14.6bn in FY24E on our estimates.</li><li>Although the capital injection from CYVN could probably support NIO’s cash burn for two years, we think NIO still needs to lay out persuasive strategies to turn profitable to increase investors’ confidence, especially for its second brand launch in 2H24, as the NIO brand lacks new models in 1H24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain HOLD. We project NIO’s 4Q23 net loss to narrow QoQ to RMB4.4bn with a GPM improvement.However, such GPM lift could still result in a net loss of RMB14.6bn in FY24E on our estimates.Although the capital injection from CYVN could probably support NIO’s cash burn for two years, we think NIO still needs to lay out persuasive strategies to turn profitable to increase investors’ confidence, especially for its second brand launch in 2H24, as the NIO brand lacks new models in 1H24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NIO (NIO US) - Need Persuasive Strategies to Turn Profitable

<ul><li>Maintain HOLD. Despite NIO’s 3Q23 earnings beat on R&amp;D and SG&amp;A, its 4Q23 sales guidance could imply a tough FY24, in our view.</li><li>We see little chance for NIO to achieve double-digit GPM in FY24E given the lingering drag from battery swap.</li><li>We believe the limited GPM lift from the completion of the NT2.0 shift and acquiring plants from JAC (600418 CH, NR) could not offset its heavy SG&amp;A and R&amp;D, even as it finally plans to cut non-core projects. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain HOLD. Despite NIO’s 3Q23 earnings beat on R&amp;D and SG&amp;A, its 4Q23 sales guidance could imply a tough FY24, in our view.We see little chance for NIO to achieve double-digit GPM in FY24E given the lingering drag from battery swap.We believe the limited GPM lift from the completion of the NT2.0 shift and acquiring plants from JAC (600418 CH, NR) could not offset its heavy SG&amp;A and R&amp;D, even as it finally plans to cut non-core projects. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NIO Inc. (NIO US) – Back to Square One?

<ul><li>Maintain HOLD. NIO’s 2Q23 earnings missed our prior forecast on lower GPM, higher R&amp;D and SG&amp;A expenses.</li><li>Its 3Q23 sales guidance may imply that the sales boost from the previous price cuts could be short-lived, or at least lower than some investors’ expectation.</li><li>More importantly, we have not seen its profitability turnaround signals, as losses from other revenue continue with the prior price cut and no signs to scale back its R&amp;D and SG&amp;A expenses.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain HOLD. NIO’s 2Q23 earnings missed our prior forecast on lower GPM, higher R&amp;D and SG&amp;A expenses.Its 3Q23 sales guidance may imply that the sales boost from the previous price cuts could be short-lived, or at least lower than some investors’ expectation.More importantly, we have not seen its profitability turnaround signals, as losses from other revenue continue with the prior price cut and no signs to scale back its R&amp;D and SG&amp;A expenses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NIO Inc. (NIO US) – Little Sign of Profit Turnaround After 2Q23 Miss

<ul><li>Maintain HOLD. We project NIO’s net loss in 2Q23E to be similar to 1Q23, at around RMB 4.9bn.</li><li>We estimate that its recent price cuts on margin dent to be limited in FY23E but more severe in FY24-25E.</li><li>Such price cuts could also make its new brand less differentiated from the NIO brand, in our view.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain HOLD. We project NIO’s net loss in 2Q23E to be similar to 1Q23, at around RMB 4.9bn.We estimate that its recent price cuts on margin dent to be limited in FY23E but more severe in FY24-25E.Such price cuts could also make its new brand less differentiated from the NIO brand, in our view.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NIO Inc. (NIO US) – Margin dent from price cuts lingers into FY24-25

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

NIO (NIO US)

NIO Inc. (NIO US) - Cash Burn Speeds up with Capital Injection

Maintain HOLD. NIO’s all-time high R&D and SG&A expenses in 4Q23 once again confirm that it is probably too difficult for the company to control...

CMB International

NIO (NIO US) - Need Persuasive Strategies to Turn Profitable

Maintain HOLD. We project NIO’s 4Q23 net loss to narrow QoQ to RMB4.4bn with a GPM improvement. However, such GPM lift could still result in a net...

CMB International

NIO Inc. (NIO US) – Back to Square One?

Maintain HOLD. Despite NIO’s 3Q23 earnings beat on R&D and SG&A, its 4Q23 sales guidance could imply a tough FY24, in our view.

CMB International

NIO Inc. (NIO US) – Little Sign of Profit Turnaround After 2Q23 Miss

Its 3Q23 sales guidance may imply that the sales boost from the previous price cuts could be short-lived, or at least lower than some investors’...

CMB International

NIO Inc. (NIO US) – Margin dent from price cuts lingers into FY24-25

Maintain HOLD. We project NIO’s net loss in 2Q23E to be similar to 1Q23, at around RMB 4.9bn. We estimate that its recent price cuts on margin dent...

CMB International