China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

From Huawei with Vengeance: Huawei Alliance Took Shares in Chinese EV

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>NIO Motors (NIO) reported C2Q24 top line, non-GAAP operating loss and GAAP net loss in-line, narrower and narrower vs. our estimate, and in-line, narrower and in-line vs. consensus. </li>
<li>The brightest spot of the result is gross margin due to both vehicle and service gross margin improvements. </li>
<li>We keep rating at SELL and raise TP to US$1 to reflect better OPEX control.</li>
</ul>


NIO Motors (NIO) reported C2Q24 top line, non-GAAP operating loss and GAAP net loss in-line, narrower and narrower vs. our estimate, and in-line, narrower and in-line vs. consensus. 
The brightest spot of the result is gross margin due to both vehicle and service gross margin improvements. 
We keep rating at SELL and raise TP to US$1 to reflect better OPEX control.


[NIO Inc. (NIO US, SELL, TP US$1) Target Price Change]: Who Is Going to Give in a Slowing EV Market?