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[Financial Report Express].Although deliveries increased significantly to 160,000 units, NIO's gross profit margin declined instead of increasing, and losses remained high. In the brutal knockout of the electric vehicle market into the 2024 season, NIO, which continues to lose money, is under a lot of pressure. On the evening of March 5, NIO (9866hk/nio.n) announced its financial results for the fourth quarter and full year 2023. In the fourth quarter, more than 50,000 vehicles were sold, exceeding 50,000 for two consecutive quarters, a year-on-year increase of about 25%, and sales were 154400 million yuan, a year-on-year increase of 46%。NIO's total revenue in the fourth quarter was 17.1 billion yuan, an increase of 6.%.5%。
A very important data for the automobile manufacturing industry, that is, gross profit margin, NIO was 11 in the fourth quarter9 percent, compared to 6 in the same period of the previous year8%, a significant improvement.
In the fourth quarter, NIO suffered an operating loss of 66300 million yuan, with a net loss of 53700 million yuan. NIO has yet to make even millions of dollars in profits in a single quarter.
For the whole year of 2023, NIO delivered 160,000 vehicles, an increase of 31% from 2022, with sales of 492600 million yuan, an increase of only 82%, which is far lower than the sales growth rate. It can be calculated that the average sales unit price of NIO's cars is 3080,000 yuan, which is not much different from the average sales price of 320,000 yuan for Li Auto.
More importantly, the annual gross profit margin of the car is only 95%, compared to 137%, a decrease of 42 percentage points. Why has the scale increased, but the gross profit margin has also fallen? It's really intriguing. Ideally, the gross profit margin of the auto sales sector last year was 222%, compared to 194%, and there is a significant improvement.
NIO's consolidated gross profit margin was 55%, and 10 in 20224% is about 5 percentage points less, and other cash-burning businesses (charging piles, mobile phone manufacturing, etc.) have dragged down the overall performance.
For the full year of 2023, NIO will have an operating loss of 2265.5 billion yuan, thanks to interest and investment income of more than 2.2 billion yuan, net loss of 20.7 billion yuan. In 2023, car sales will increase by 30%, but the loss will expand to more than 20 billion yuan, second only to 2018.
NIO was the first to go public on the U.S. stock market in 2018, and the losses continued from 2018 to 2023. iFinD data shows that NIO has lost 23.3 billion yuan, 11.4 billion yuan, 5.6 billion yuan, 10.6 billion yuan, 14.6 billion yuan and 21.1 billion yuan respectively in the past six years, with a total loss of more than 86 billion yuan.
In March 2022, NIO was listed on the Hong Kong stock market for the second time, but it did not raise funds publicly, and its Hong Kong stock was close to HK$200. On March 5, NIO closed at 42HK$5, down 45%, a drop of nearly eighty percent compared with the high, close to the previous low of 41HK$55. NIO's U.S. stock price peaked at $67, and the U.S. stock market reached $5 on March 4$33, a drawdown of 92%.
By the end of December 2023, NIO's cash and equivalents, restricted cash, short-term investments and long-term deposits totaled 57.3 billion yuan, and it could still lose more than 10 billion yuan per year, which would still be able to survive 3-4 years.