(^^)-To The Moon - Tiger Brokers Online Investing Community

Like
Comment
Favorite

Richard凉介
2021-03-03

(^^)

Comparing Nio and Ideal Financial Report: Who is more ideal? Who has a future?

回顾2020年，造车新势力在资本市场的“故事”，引来越来越多关注。受新能源及美股普遍向好的风向，特斯拉一度成为美国市值排名第五的上市企业。同时，蔚来、理想、小鹏三家国内在美股上市的企业市值也纷纷上涨，

Comparing Nio and Ideal Financial Report: Who is more ideal? Who has a future?

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

Top
Latest

No comments yet

Most Discussed

{"i18n":{"language":"en_US"},"data":{"magic":2,"id":365168284,"tweetId":"365168284","gmtCreate":1614704000748,"gmtModify":1704774331431,"author":{"id":3551305470267857,"idStr":"3551305470267857","authorId":3551305470267857,"authorIdStr":"3551305470267857","name":"Richard凉介","avatar":"https://static.tigerbbs.com/4e92574d3ac8de4c0c288bb704f5ca43","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>(^^)</body></html>","htmlText":"<html><head></head><body>(^^)</body></html>","text":"(^^)","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/365168284","repostId":1189134615,"repostType":4,"repost":{"id":"1189134615","kind":"news","pubTimestamp":1614672943,"share":"https://ttm.financial/m/news/1189134615?lang=en_US&edition=fundamental","pubTime":"2021-03-02 16:15","market":"us","language":"zh","title":"Comparing Nio and Ideal Financial Report: Who is more ideal? Who has a future?","url":"https://stock-news.laohu8.com/highlight/detail?id=1189134615","media":" 车云","summary":"回顾2020年，造车新势力在资本市场的“故事”，引来越来越多关注。受新能源及美股普遍向好的风向，特斯拉一度成为美国市值排名第五的上市企业。同时，蔚来、理想、小鹏三家国内在美股上市的企业市值也纷纷上涨，","content":"Looking back on 2020, the \"story\" of new car-making forces in the capital market has attracted more and more attention. Affected by the general positive trend of new energy and U.S. stocks,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It once became the fifth-largest listed company in the United States by market value. At the same time,<a href=\"https://laohu8.com/S/NIO\">Nio</a>The market value of three domestic companies listed on the U.S. stock market, Ideal, and XPeng, has also risen one after another, even surpassing a number of established traditional companies.<img src=\"https://static.tigerbbs.com/44e382d2cd949146c84687aa02218e02\" tg-width=\"1080\" tg-height=\"689\" referrerpolicy=\"no-referrer\">A few days ago, two new domestic car-making companies have submitted their report cards one after another. Judging from the results, both new car-making companies have shown revenue growth, narrowing losses, and improving gross profit. On March 2, after the U.S. stock market closed, Nio Motor released its financial report for the fourth quarter of 2020 and its unaudited financial report for the whole year. According to the financial report, in 2020, Nio Automobile's annual revenue increased by more than 100% year-on-year, and its gross profit margin turned positive for the first time.Compared with Nio, which has started delivery for nearly 3 years, the delivery has only been achieved for 1 year<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It also handed over its first complete annual financial report a few days ago, and set a number of records for new domestic forces: the fastest achievement of positive gross profit, the fastest achievement of cumulative delivery exceeding 40,000, and the first achievement of positive net profit... Judging from the results, As a latecomer, Li Auto is quite likely to catch up with Nio.Nio's delivery volume increased by 112.6% year-on-year, and Ideal will launch pure electric models in 2 yearsAccording to the financial report, in 2020, Nio delivered more than 43,700 cars, and in 2019, it delivered about 20,500 cars, a year-on-year increase of 112.6%.Compared with 2019, Nio vehicle sales have increased significantly.At the beginning of 2020, affected by the epidemic, Nio vehicle sales in the first quarter were 3,838 units, down 3.7% year-on-year. With the improvement of the epidemic situation, Nio vehicle deliveries have risen sharply one after another, of which 10,331 units were delivered in the second quarter, a year-on-year increase of 190%; 12,206 units were delivered in the third quarter, a year-on-year increase of 154%; 17,353 units were delivered in the fourth quarter, a year-on-year increase of 111%.Analysts believe that there are three key factors behind the strong market performance of Nio vehicles: First, Nio has deliveries of EC6, ES6 and the new ES8, and its product matrix is relatively rich and occupies more market segments; Second, in the context of consumption upgrading, Nio focuses on high-end<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>The route is more in line with market demand and the products are more competitive; Third, the new models of new power brands such as Tesla and Nio in terms of sales and after-sales have been increasingly recognized by the market, and even attracted many traditional car companies to follow suit.<img src=\"https://static.tigerbbs.com/4007b81bc735b4da5bf58d818f23f22c\" tg-width=\"1080\" tg-height=\"604\" referrerpolicy=\"no-referrer\">In addition, Nio's automobile products continue to expand. On January 9 this year, Nio released its first mass-produced brand flagship sedan ET7. Li Bin, chairman of Nio Automobile, said: \"ET7 will be delivered next year. Of course, there is still a lot of preparatory work F, especially in the AD part. We still have to conduct enough testing and development.\"Judging from the current delivery volume, Li Auto is closely following Nio Motors.According to Li Auto's financial report, a total of 32,600 Ideal One vehicles will be delivered in 2020, which is second only to Nio Motors and ranks second in sales among start-up car companies. On February 18, 2021, the total delivery volume of Ideal One exceeded 40,000 vehicles. Compared with Nio, Ideal is undoubtedly a latecomer, and it only started delivering Ideal One at the end of 2019. According to the official statement, the ideal delivery scale has set a record for the fastest delivery of a start-up car company.However, it is worth noting that the Ideal One is an extended-range electric vehicle, which belongs to the category of plug-in hybrid vehicles. After the beginning of this year, a new regulation issued by Shanghai has brought some unstable factors to Li Auto.On February 10, 2021, the Shanghai Municipal Government issued the \"Shanghai Implementation Measures for Encouraging the Purchase and Use of New Energy Vehicles\", stating that starting from January 1, 2023, consumers who purchase plug-in hybrid vehicles will no longer be issued. Free special license. In other words, the ideal extended-range model will no longer enjoy the license-free discount. In addition, Beijing's new energy vehicle indicators are only issued to pure electric vehicles.Next, Li Auto will change its single technology path.It is understood that Li Auto founder Li Xiang once issued an internal letter from the company, proposing that in the next ten years, Li Auto will promote two technical routes of extended-range and pure electric in parallel. On February 25, Li Xiang said in the earnings conference call that starting from 2022, the company will launch two models every year. Li Auto is currently transforming its Changzhou factory to meet the needs of a new SUV model, which will be put on the market in 2022. The first pure electric vehicle will be delivered in 2023, and pure electric models will be considered to be equipped with lithium iron phosphate batteries.Why is Nio's net loss nearly 34 times higher than ideal?From the perspective of profit and loss performance, revenue and delivery are bundled, and both Ideal and Nio have achieved substantial growth in revenue, but at the same time, neither company has completely got rid of the current situation of losses, and from the financial data in 2020, The net loss of Nio Motors is nearly 34 times higher than that of Li Auto.Is it true that Nio cars, which can sell cars, are not as profitable as Ideal?In addition to the breakthrough in delivery volume, ideal strong profitability is a bright spot. According to the financial report, the annual revenue in 2020 will be 9.3 billion yuan, and the company's annual gross profit margin will be 16.4%. The annual revenue of Nio Automobile in 2020 is 16.2579 billion yuan, with a gross profit margin of 11.5%, and the annual gross profit margin of bicycles is 12.7%.Compared with Nio, although Li Auto's total revenue is smaller, Ideal's gross profit margin is 4.9% higher than Nio's. Simply put, Ideal is more profitable. Although Ideal has not yet achieved full-year profitability, the loss situation has improved. The net loss in 2020 is 152 million yuan, but it has narrowed significantly compared with the loss of 2.44 billion yuan in 2019.In contrast, Nio's loss situation seems to be much more severe.In 2020, the net loss of Nio Automobile will be 5.304 billion yuan. Although its net loss is quite large compared with Li Auto, it has narrowed significantly compared with the previous two years. Data show: From 2017 to 2019, Nio's net losses were 4.985 billion yuan, 9.639 billion yuan, and 11.298 billion yuan respectively. Since the net loss in 2019 exceeded 10 billion, Li Bin was once named \"the worst person in 2019\" by the outside world. Since 2016, Nio has accumulated a net loss of 33.7 billion yuan in the past.Analysts believe that marketing, sales and management expenses, and research and development expenses are still important expenses for Nio, but they will all decrease in 2020. This is also an important reason for the narrowing of Nio's automobile losses in 2020.From the data point of view, in 2020, Nio's marketing, sales and management expenses will be 3.932 billion yuan, lower than 5.451 billion yuan in 2019; R&D expenditure in 2020 will be 2.488 billion yuan, a decrease of nearly half from 4.428 billion yuan in 2019.The analysis pointed out that Ideal's breakthrough in narrowing losses and turning positive net profits is precisely due to its strict control of operating expenses and a large amount of additional income brought by interest and investment. However, the gross profit margin, which can better reflect the cost management and efficiency control of the ideal car manufacturing process, has actually declined.From a positive perspective, Li Auto has still achieved a substantial increase in sales without investing heavily in marketing. For example, Ideal pays great attention to efficiency management style, and for example, it may further share costs and expenses as the scale effect increases. But in the long run, it is not a long-term solution to offset the decline in gross profit level only by reducing expenses and higher investment returns.In addition, in terms of R&D, Nio's R&D investment is higher than that of Li Auto.Data show that in 2020, Li Auto's R&D investment expenditure totaled 1.1 billion yuan, a decrease of 70 million yuan compared with 1.17 billion yuan in 2019, accounting for approximately 11.6% of total operating income. The annual research and development expenses of Nio vehicles in 2020 will reach 2.49 billion yuan. From 2016 to 2020, in the past five years, Nio vehicles spent as much as 23.814 billion yuan on research and development.In addition, Li Bin said at the 2020 Q4 earnings conference call held recently that Nio will firmly increase R&D investment and speed up the R&D and mass production of core technologies and new models. R&D investment in 2021 is expected to double to about 5 billion yuan.Expand channels, wherever there is BBA, there must be NioNext, Nio Automobile will continue to expand its market territory.\"We will start sales and service in Europe this year. The team is in the process of building, and it is currently progressing as planned. Product preparation, sales and service network preparation, team preparation, and all aspects of preparation are being done,\" Li Bin said. \"This is not done in one day. From NIO's point of view, we set up our R&D team in Europe and the United States on the first day. We have the management ability of a global team. We still know that entering the global market for consumer services is a big job.\"In addition, Nio Motors will continue to build additional NIO House. However, Nio Motors said last year that the cost-effectiveness of NIO House is relatively low.In the view of Nio CFO Feng Wei, the brand influence brought by NIO House to Nio is more important than the cost. Feng Wei believes: \"NIO House is an important order conversion channel, which helps to enhance brand awareness, expand user contacts and promote sales conversion; At the same time, it has a strong brand communication function. Under the background of rapid growth of sales revenue, we believe that increasing a certain amount of brand communication investment is conducive to the long-term interests of brands and sales; NIO House is also an important user system and community operation place, providing activity space for users' offline connection and brand promotion.\"At the same time, the cost of NIO House is gradually being controlled. Feng Wei said: \"We have accumulated rich experience in the process of operating offline networks in the past, and have a stronger ability to control site selection, planning and cost efficiency. The investment amount and operating cost required by a single store are much lower than the original level. A reference figure is that at present, the average single store investment is 40% of the original investment, while the rent and operating cost are 50% of the original investment.\"It is reported that Nio Motors increased the coverage of NIO Space last year and currently covers 121 cities across the country. Li Bin revealed: \"This year, 20 more NIO Houses and 120 Nio spaces will be added. We have a basic strategy. Cities with Mercedes-Benz, BMW, and Audi 4S stores will build an offline store. This is our basic strategy.\"At the same time, Li Auto is also strengthening the construction of sales channels. According to Shen Yanan, co-founder and president of Li Auto, channel construction has entered the second strategic stage, and the retail store expansion strategy is being adjusted. It is planned to achieve 200 retail stores covering 100 cities in 2021.According to the financial report, as of January 31, 2021, Li Auto has 60 retail stores covering 47 cities, 121 service centers and authorized maintenance points in 89 cities.From the current point of view, it is worthy of recognition that no matter Nio or Ideal, as representatives of Chinese new car-making forces, they have stepped out of the PPT era, and mass-produced cars have begun to be tested by the market, and they have made good use of capital power in the stock market. In addition to creating better financing conditions for new power enterprises themselves, for the capital market that \"buys the future\", the performance of their market value is actually the affirmation of the development direction of new car-making forces by capital.Judging from the financial status currently announced by the two companies, it is difficult to evaluate the advantages and disadvantages of the two companies based on their temporary financial performance because of their different technical paths and business models. At the same time, the two are also facing different tests. For Nio vehicles, how to reduce operating costs and reverse losses while ensuring research and development is the key.For Li Auto, although it got the \"admission ticket\" through extended-range vehicles, it will also face the pressure of huge R&D investment if it develops pure electric vehicles in the future. In addition, how to achieve differentiated competition for the pure electric products that Li Auto will launch in two years and compete with brands such as Tesla and Nio is a question that Ideal needs to answer.","source":"lsy1580893187135","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>Comparing Nio and Ideal Financial Report: Who is more ideal? Who has a future?</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nComparing Nio and Ideal Financial Report: Who is more ideal? Who has a future?\n</h2>\n<h4 class=\"meta\">\n\n 车云2021-03-02 16:15\n\n</h4>\n</header>\n<article>\nLooking back on 2020, the \"story\" of new car-making forces in the capital market has attracted more and more attention. Affected by the general positive trend of new energy and U.S. stocks,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It once became the fifth-largest listed company in the United States by market value. At the same time,<a href=\"https://laohu8.com/S/NIO\">Nio</a>The market value of three domestic companies listed on the U.S. stock market, Ideal, and XPeng, has also risen one after another, even surpassing a number of established traditional companies.<img src=\"https://static.tigerbbs.com/44e382d2cd949146c84687aa02218e02\" tg-width=\"1080\" tg-height=\"689\" referrerpolicy=\"no-referrer\">A few days ago, two new domestic car-making companies have submitted their report cards one after another. Judging from the results, both new car-making companies have shown revenue growth, narrowing losses, and improving gross profit. On March 2, after the U.S. stock market closed, Nio Motor released its financial report for the fourth quarter of 2020 and its unaudited financial report for the whole year. According to the financial report, in 2020, Nio Automobile's annual revenue increased by more than 100% year-on-year, and its gross profit margin turned positive for the first time.Compared with Nio, which has started delivery for nearly 3 years, the delivery has only been achieved for 1 year<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It also handed over its first complete annual financial report a few days ago, and set a number of records for new domestic forces: the fastest achievement of positive gross profit, the fastest achievement of cumulative delivery exceeding 40,000, and the first achievement of positive net profit... Judging from the results, As a latecomer, Li Auto is quite likely to catch up with Nio.Nio's delivery volume increased by 112.6% year-on-year, and Ideal will launch pure electric models in 2 yearsAccording to the financial report, in 2020, Nio delivered more than 43,700 cars, and in 2019, it delivered about 20,500 cars, a year-on-year increase of 112.6%.Compared with 2019, Nio vehicle sales have increased significantly.At the beginning of 2020, affected by the epidemic, Nio vehicle sales in the first quarter were 3,838 units, down 3.7% year-on-year. With the improvement of the epidemic situation, Nio vehicle deliveries have risen sharply one after another, of which 10,331 units were delivered in the second quarter, a year-on-year increase of 190%; 12,206 units were delivered in the third quarter, a year-on-year increase of 154%; 17,353 units were delivered in the fourth quarter, a year-on-year increase of 111%.Analysts believe that there are three key factors behind the strong market performance of Nio vehicles: First, Nio has deliveries of EC6, ES6 and the new ES8, and its product matrix is relatively rich and occupies more market segments; Second, in the context of consumption upgrading, Nio focuses on high-end<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>The route is more in line with market demand and the products are more competitive; Third, the new models of new power brands such as Tesla and Nio in terms of sales and after-sales have been increasingly recognized by the market, and even attracted many traditional car companies to follow suit.<img src=\"https://static.tigerbbs.com/4007b81bc735b4da5bf58d818f23f22c\" tg-width=\"1080\" tg-height=\"604\" referrerpolicy=\"no-referrer\">In addition, Nio's automobile products continue to expand. On January 9 this year, Nio released its first mass-produced brand flagship sedan ET7. Li Bin, chairman of Nio Automobile, said: \"ET7 will be delivered next year. Of course, there is still a lot of preparatory work F, especially in the AD part. We still have to conduct enough testing and development.\"Judging from the current delivery volume, Li Auto is closely following Nio Motors.According to Li Auto's financial report, a total of 32,600 Ideal One vehicles will be delivered in 2020, which is second only to Nio Motors and ranks second in sales among start-up car companies. On February 18, 2021, the total delivery volume of Ideal One exceeded 40,000 vehicles. Compared with Nio, Ideal is undoubtedly a latecomer, and it only started delivering Ideal One at the end of 2019. According to the official statement, the ideal delivery scale has set a record for the fastest delivery of a start-up car company.However, it is worth noting that the Ideal One is an extended-range electric vehicle, which belongs to the category of plug-in hybrid vehicles. After the beginning of this year, a new regulation issued by Shanghai has brought some unstable factors to Li Auto.On February 10, 2021, the Shanghai Municipal Government issued the \"Shanghai Implementation Measures for Encouraging the Purchase and Use of New Energy Vehicles\", stating that starting from January 1, 2023, consumers who purchase plug-in hybrid vehicles will no longer be issued. Free special license. In other words, the ideal extended-range model will no longer enjoy the license-free discount. In addition, Beijing's new energy vehicle indicators are only issued to pure electric vehicles.Next, Li Auto will change its single technology path.It is understood that Li Auto founder Li Xiang once issued an internal letter from the company, proposing that in the next ten years, Li Auto will promote two technical routes of extended-range and pure electric in parallel. On February 25, Li Xiang said in the earnings conference call that starting from 2022, the company will launch two models every year. Li Auto is currently transforming its Changzhou factory to meet the needs of a new SUV model, which will be put on the market in 2022. The first pure electric vehicle will be delivered in 2023, and pure electric models will be considered to be equipped with lithium iron phosphate batteries.Why is Nio's net loss nearly 34 times higher than ideal?From the perspective of profit and loss performance, revenue and delivery are bundled, and both Ideal and Nio have achieved substantial growth in revenue, but at the same time, neither company has completely got rid of the current situation of losses, and from the financial data in 2020, The net loss of Nio Motors is nearly 34 times higher than that of Li Auto.Is it true that Nio cars, which can sell cars, are not as profitable as Ideal?In addition to the breakthrough in delivery volume, ideal strong profitability is a bright spot. According to the financial report, the annual revenue in 2020 will be 9.3 billion yuan, and the company's annual gross profit margin will be 16.4%. The annual revenue of Nio Automobile in 2020 is 16.2579 billion yuan, with a gross profit margin of 11.5%, and the annual gross profit margin of bicycles is 12.7%.Compared with Nio, although Li Auto's total revenue is smaller, Ideal's gross profit margin is 4.9% higher than Nio's. Simply put, Ideal is more profitable. Although Ideal has not yet achieved full-year profitability, the loss situation has improved. The net loss in 2020 is 152 million yuan, but it has narrowed significantly compared with the loss of 2.44 billion yuan in 2019.In contrast, Nio's loss situation seems to be much more severe.In 2020, the net loss of Nio Automobile will be 5.304 billion yuan. Although its net loss is quite large compared with Li Auto, it has narrowed significantly compared with the previous two years. Data show: From 2017 to 2019, Nio's net losses were 4.985 billion yuan, 9.639 billion yuan, and 11.298 billion yuan respectively. Since the net loss in 2019 exceeded 10 billion, Li Bin was once named \"the worst person in 2019\" by the outside world. Since 2016, Nio has accumulated a net loss of 33.7 billion yuan in the past.Analysts believe that marketing, sales and management expenses, and research and development expenses are still important expenses for Nio, but they will all decrease in 2020. This is also an important reason for the narrowing of Nio's automobile losses in 2020.From the data point of view, in 2020, Nio's marketing, sales and management expenses will be 3.932 billion yuan, lower than 5.451 billion yuan in 2019; R&D expenditure in 2020 will be 2.488 billion yuan, a decrease of nearly half from 4.428 billion yuan in 2019.The analysis pointed out that Ideal's breakthrough in narrowing losses and turning positive net profits is precisely due to its strict control of operating expenses and a large amount of additional income brought by interest and investment. However, the gross profit margin, which can better reflect the cost management and efficiency control of the ideal car manufacturing process, has actually declined.From a positive perspective, Li Auto has still achieved a substantial increase in sales without investing heavily in marketing. For example, Ideal pays great attention to efficiency management style, and for example, it may further share costs and expenses as the scale effect increases. But in the long run, it is not a long-term solution to offset the decline in gross profit level only by reducing expenses and higher investment returns.In addition, in terms of R&D, Nio's R&D investment is higher than that of Li Auto.Data show that in 2020, Li Auto's R&D investment expenditure totaled 1.1 billion yuan, a decrease of 70 million yuan compared with 1.17 billion yuan in 2019, accounting for approximately 11.6% of total operating income. The annual research and development expenses of Nio vehicles in 2020 will reach 2.49 billion yuan. From 2016 to 2020, in the past five years, Nio vehicles spent as much as 23.814 billion yuan on research and development.In addition, Li Bin said at the 2020 Q4 earnings conference call held recently that Nio will firmly increase R&D investment and speed up the R&D and mass production of core technologies and new models. R&D investment in 2021 is expected to double to about 5 billion yuan.Expand channels, wherever there is BBA, there must be NioNext, Nio Automobile will continue to expand its market territory.\"We will start sales and service in Europe this year. The team is in the process of building, and it is currently progressing as planned. Product preparation, sales and service network preparation, team preparation, and all aspects of preparation are being done,\" Li Bin said. \"This is not done in one day. From NIO's point of view, we set up our R&D team in Europe and the United States on the first day. We have the management ability of a global team. We still know that entering the global market for consumer services is a big job.\"In addition, Nio Motors will continue to build additional NIO House. However, Nio Motors said last year that the cost-effectiveness of NIO House is relatively low.In the view of Nio CFO Feng Wei, the brand influence brought by NIO House to Nio is more important than the cost. Feng Wei believes: \"NIO House is an important order conversion channel, which helps to enhance brand awareness, expand user contacts and promote sales conversion; At the same time, it has a strong brand communication function. Under the background of rapid growth of sales revenue, we believe that increasing a certain amount of brand communication investment is conducive to the long-term interests of brands and sales; NIO House is also an important user system and community operation place, providing activity space for users' offline connection and brand promotion.\"At the same time, the cost of NIO House is gradually being controlled. Feng Wei said: \"We have accumulated rich experience in the process of operating offline networks in the past, and have a stronger ability to control site selection, planning and cost efficiency. The investment amount and operating cost required by a single store are much lower than the original level. A reference figure is that at present, the average single store investment is 40% of the original investment, while the rent and operating cost are 50% of the original investment.\"It is reported that Nio Motors increased the coverage of NIO Space last year and currently covers 121 cities across the country. Li Bin revealed: \"This year, 20 more NIO Houses and 120 Nio spaces will be added. We have a basic strategy. Cities with Mercedes-Benz, BMW, and Audi 4S stores will build an offline store. This is our basic strategy.\"At the same time, Li Auto is also strengthening the construction of sales channels. According to Shen Yanan, co-founder and president of Li Auto, channel construction has entered the second strategic stage, and the retail store expansion strategy is being adjusted. It is planned to achieve 200 retail stores covering 100 cities in 2021.According to the financial report, as of January 31, 2021, Li Auto has 60 retail stores covering 47 cities, 121 service centers and authorized maintenance points in 89 cities.From the current point of view, it is worthy of recognition that no matter Nio or Ideal, as representatives of Chinese new car-making forces, they have stepped out of the PPT era, and mass-produced cars have begun to be tested by the market, and they have made good use of capital power in the stock market. In addition to creating better financing conditions for new power enterprises themselves, for the capital market that \"buys the future\", the performance of their market value is actually the affirmation of the development direction of new car-making forces by capital.Judging from the financial status currently announced by the two companies, it is difficult to evaluate the advantages and disadvantages of the two companies based on their temporary financial performance because of their different technical paths and business models. At the same time, the two are also facing different tests. For Nio vehicles, how to reduce operating costs and reverse losses while ensuring research and development is the key.For Li Auto, although it got the \"admission ticket\" through extended-range vehicles, it will also face the pressure of huge R&D investment if it develops pure electric vehicles in the future. In addition, how to achieve differentiated competition for the pure electric products that Li Auto will launch in two years and compete with brands such as Tesla and Nio is a question that Ideal needs to answer.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://mp.weixin.qq.com/s/bMgeQaazbRsDYv6f-Fdf2A\"> 车云</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/44e382d2cd949146c84687aa02218e02","relate_stocks":{"NIO":"蔚来","LI":"理想汽车"},"source_url":"https://mp.weixin.qq.com/s/bMgeQaazbRsDYv6f-Fdf2A","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189134615","content_text":"回顾2020年，造车新势力在资本市场的“故事”，引来越来越多关注。受新能源及美股普遍向好的风向，特斯拉一度成为美国市值排名第五的上市企业。同时，蔚来、理想、小鹏三家国内在美股上市的企业市值也纷纷上涨，甚至超越一众老牌传统造成企业。日前，国内两家造车新势力企业相继交上成绩单，从结果上看，两家新造车企业都呈现出营收增长，亏损收窄，毛利转好的表现。3月2日，美股收盘后，蔚来汽车发布了2020年第四季度财报及全年未经审计财报。根据财报显示，2020年蔚来汽车全年营收同比劲增超过100%，且毛利率实现首次转正。相比开启交付已近3年的蔚来，实现交付仅1年的理想汽车也于日前交出首份完整年度财报，并创下了国内新势力的多项记录：最快实现正向毛利，最快实现累计交付破四万，率先做到了净利转正……从结果上看，作为后来者的理想汽车颇有赶超蔚来之势。蔚来交付量同增112.6%，理想2年后推纯电车型根据财报显示，2020年，蔚来交付汽车超过4.37万台，2019年交付汽车约2.05万台，同比增长112.6%。相比2019年，蔚来汽车销量增势明显。2020年开年，受疫情影响，蔚来汽车一季度销量为3838台，同比下滑3.7%。伴随疫情好转，蔚来汽车交付接连大幅攀升，其中第二季度交付10331台，同比增长190%；第三季度交付12206台，同比增长154%；第四季度交付17353台，同比增长111%。分析认为，蔚来汽车强劲的市场表现背后有三点关键因素：其一，蔚来旗下有EC6、ES6和新款ES8交付，其产品矩阵相对丰富且占据更多的细分市场；其二，在消费升级的背景下，蔚来主打高端豪华路线，更贴合市场需求产品也更具竞争力；其三，以特斯拉、蔚来等新势力品牌在销售、售后等方面的新模式得到市场越来越多的认可，甚至引来不少传统车企的效仿。另外，蔚来汽车产品还在持续扩容。今年1月9日，蔚来发布了旗下首款量产品牌旗舰轿车ET7。蔚来汽车董事长李斌表示：“ET7明年交付，当然还有非常多的准备工作F，特别是在AD这一部分，我们还要进行足够多的测试和开发。”从目前的交付量上看，理想汽车紧随蔚来汽车。根据理想汽车的财报显示，2020年理想One共交付3.26万辆，这一数据仅次于蔚来汽车，位列初创车企销量亚军。2021年2月18日，理想One总交付量破4万辆。相比蔚来，理想当属后来者，其在2019年末才开始交付理想One。据官方的说法，理想交付规模已然创下初创车企最快交付纪录。然而值得注意的是，理想One是一款增程式电动汽车，属于插电式混合动力汽车范畴。而今年开年后，上海发布的一条新规给理想汽车带来了些许不稳定因素。2021年2月10日，上海市政府发布《上海市鼓励购买和使用新能源汽车实施办法》，称自2023年1月1日起，将不再向购买插电式混动汽车的消费者发放免费专用牌照。也就是说，理想增程式车型将不再享有免拍牌优惠。另外，北京新能源汽车指标也仅向纯电车型发放。接下来，理想汽车将改变其单一技术路径。据了解，理想汽车创始人李想曾发出公司内部信，其中提出在未来十年，理想汽车会并行推进增程式和纯电动两条技术路线。2月25日，李想在财报电话会议上称，从2022年起，每年公司将推出两款车型。当前理想汽车正在对常州工厂进行改造，适应一款SUV新车型需要，该车型将于 2022 年投放市场。首款纯电动汽车将在2023年交付，纯电动车型将考虑搭载磷酸铁锂电池。蔚来净亏损为何比理想高近34倍？从盈亏表现上看，营收与交付捆绑，理想、蔚来都双双实现了营收的大幅增长，但同时，两家企业都尚未完全摆脱亏损的现状，且从2020年的财务数据上看，蔚来汽车的净亏损竟比理想汽车高出近34倍。难道，更会卖车的蔚来汽车不如理想会赚钱？除了交付量的突破，理想较强的盈利是一大亮点。根据财报显示示，2020年全年营收93亿元，全年公司毛利率16.4%。而蔚来汽车2020 全年营收162.579亿元，毛利率 11.5%，全年单车毛利率 12.7%。相比蔚来，理想汽车总营收虽然较少，但理想的毛利率相比蔚来高出4.9%，简单来说就是理想更赚钱。 虽然眼下理想尚未实现全年盈利，但亏损情况已呈现好转，2020年净亏损1.52亿元，但相比2019年24.4亿元的亏损额大幅收窄。相比之下，蔚来汽车的亏损情况似乎要严峻得多。2020年，蔚来汽车净亏损为53.04亿元。虽然相比理想汽车其净亏额颇大，但较前两年大幅收窄。数据显示：2017—2019年，蔚来的净亏损分别为49.85亿元、96.39亿元、112.98亿元。由于2019年净亏超百亿，李斌曾被外界评为“2019年最惨的人”。自2016年以来，蔚来过去累计净亏损达337亿元。分析认为，市场、销售和管理费用以及研发费用仍然是蔚来的重要支出，不过2020年均有所减少。这也是2020年蔚来汽车亏损收窄的一个重要原因。从数据上看，2020年，蔚来的市场、销售和管理费用为39.32亿元，低于2019年的54.51亿元；2020年研发支出为24.88亿元，较2019年的44.28亿元减少近一半。分析指出，理想亏损收窄，净利润转正的突破，则恰恰是得益于其对经营费用的严格把控，以及利息及投资带来的大量额外收入。但更能反应理想造车环节的成本管理、效率管控的毛利率，实际上却出现了下滑。从利好的层面来看，理想汽车没有大额投入市场营销的情况下，依然实现了销量的大幅攀升，比如理想极其讲究效率经营风格，还比如随着规模效应增强还可能进一步分摊成本与费用。但从长远来看，如果仅靠缩减开支与更高的投资收益，来抵消毛利水平的下跌，并不是一个长久之计。另外，在研发方面，蔚来汽车的研发投入高于理想汽车。数据显示，2020年，理想汽车研发投资支出共计11亿元，相比2019年的11.7亿元减少了7000万元，占营业总收入的比例约为11.6%。而蔚来汽车在2020年的全年研发费用达 24.9 亿元。从2016年到2020年，在过去5年的时间里，蔚来汽车花费在研发上的费用就高达238.14亿元。另外，李斌在日前举办的2020年Q4财报电话会上表示，蔚来会坚定地加大研发投入，提速核心技术和新车型的研发和量产工作，2021年的研发投入预计将增加一倍，达到50亿人民币左右。扩建渠道，有BBA的地方都要有蔚来接下来，蔚来汽车还将继续做大市场版图。“我们今年会在欧洲开始进行销售和服务，团队正在搭建的过程中，目前正在按照计划在推进，产品的准备、销售服务网络的准备、团队的准备，各方面的准备都在做”，李斌表示：“这个不是一天来做的，从NIO来讲，我们第一天就在欧洲、美国建立我们研发的团队，我们具备全球团队的管理能力，我们仍然知道进入全球市场消费服务是很大的工作。”另外，蔚来汽车将继续增建NIO House。然而，蔚来汽车曾在去年表示：NIO House 的费效比较低。在蔚来CFO奉玮看来，相比成本，NIO House对蔚来带来的品牌影响力更为重要。奉玮认为：“NIO House是重要的订单转化渠道，有助于提升品牌知名度，扩大用户触点，促进销售转化；同时具备极强的品牌传播功能，在销售收入快速增长的背景下我们认为增加一定的品牌传播投入有利于品牌和销售的长期利益；NIO House也是重要的用户体系和社区运营的场所，为用户的线下连接和品牌宣传提供了活动空间。”同时，NIO House的成本也在逐渐得到控制。奉玮表示：“我们在过去运营线下网络过程中积累了丰富经验，对选址、规划、费效的把控能力更强，单店所需的投资金额和运营成本都大大低于原来的水平。一个参考数字是，目前平均单店投资是原来的投资的40%，而租金和运营成本是原来的50%。”据悉，蔚来汽车在去年加大了NIO Space的覆盖，目前已经覆盖了全国121个城市。李斌透露：“今年会再增加20个NIO House和120个蔚来空间，我们有一个基本的策略，有奔驰、宝马、奥迪4S店的城市，都会去建一个线下的门店，这是我们基本的策略。”同时，理想汽车也在加强销售渠道建设。据理想汽车联合创始人兼总裁沈亚楠表示，渠道建设已经进入第二战略阶段，正在调整零售店扩展策略，计划2021年实现200家零售店覆盖100个城市。据财报显示，截至2021年1月31日，理想汽车拥有60家零售店，覆盖47个城市，还拥有121家服务中心和在89个城市设有授权维修点。从目前来看，值得肯定的是，无论蔚来还是理想，作为中国的造车新势力的代表，已经走出了 PPT时代，量产车开始接受市场的检验，并且善用资本力量的它们在股市掀起风浪，除了为新势力企业自身创造了更好的融资条件，对于“购买未来”的资本市场来说，其市值的表现实则是资本对造车新势力发展方向的肯定。从两家企业目前公布的财务状况来看，两者皆以由于两家企业所采取的技术路径、商业模式存在不同，凭借一时的财务表现很难评价两者的优劣。同时，两者也面临着不同的考验。对蔚来汽车来说，如何在保障研发的前提下，缩减经营成本扭转亏损是关键。对理想汽车来说，虽然通过增程式汽车拿到了“入场券”，但此后若开发纯电动汽车也同样要面对巨额研发投入的压力。另外，理想汽车将在两年后推的纯电动产品，如何实现差异化竞争，与特斯拉、蔚来等品牌同场竞技，是理想需要回答的问题。","news_type":1,"symbols_score_info":{"NIO":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":40,"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,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}