$87 price target and buy rating

  • Shares of NIO Inc (NYSE: NIO) received a price target of $87 from Citi. These are the details.

Shares of NIO Inc (NYSE: NIO) received a price target of $87 from Citi. And Citi analyst Jeff Chung maintains a “Buy” rating on the stock.

Chung cited a stronger-than-expected fourth-quarter vehicle margin. But overall gross margin fell 3.1 points quarter over quarter due to a very high base effect in the fourth quarter with new electric vehicle credit revenue, according to Chung.

These are the highlights of the quarter;

– Total revenue was RMB 9,900.7 million (USD 1,553.6 million) in the fourth quarter of 2021, representing an increase of 49.1% compared to the fourth quarter of 2020 and an increase of 1.0 % compared to the third quarter of 2021.

– Gross profit was RMB 1,699.5 million (US$266.7 million) in the fourth quarter of 2021, which represents an increase of 48.8% compared to the fourth quarter of 2020 and a decrease of 14 .7% compared to the third quarter of 2021.

– Gross margin was 17.2% in the fourth quarter of 2021, compared to 17.2% in the fourth quarter of 2020 and 20.3% in the third quarter of 2021. The decrease in gross margin compared to the third quarter of 2021 was mainly caused by sales of automotive regulatory credits in the third quarter of 2021, which contributed to a higher gross margin.

– Operating loss amounted to RMB 2,445.1 million (USD 383.7 million) in the fourth quarter of 2021, an increase of 162.5% compared to the fourth quarter of 2020 and an increase of 146.5 % compared to the third quarter of 2021. compensation expense, adjusted operating loss (non-GAAP) was RMB 2,048.4 million (US$321.4 million) in the fourth quarter of 2021, an increase of 135, 1% compared to the fourth quarter of 2020 and an increase of 182.0% compared to the third quarter of 2021.

– Net loss amounted to RMB 2,143.4 million (USD 336.4 million) in the fourth quarter of 2021, an increase of 54.4% compared to the fourth quarter of 2020 and an increase of 156.6% compared to compared to the third quarter of 2021. Excluding stock-based compensation expenses, adjusted (non-GAAP) net loss was RMB 1,746.7 million (US$274.1 million) in the fourth quarter of 2021, an increase of 31.5% compared to the fourth quarter of 2020 and an increase of 206.6% compared to the third quarter of 2021.

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