"The world's high-end electric vehicle sales ranked second."
This article is original for the IPO long known
The author | Stone Jin
According to the news of the IPO, WEILAI was officially listed on the Hong Kong Stock Exchange on March 10, 2022 with the stock code of "9866" as the stock code.
Li Bin, founder, chairman and CEO of NIO, said: "Weilai's successful listing in Hong Kong is inseparable from the trust of users, the dedication of employees and the support of partners. At present, the automotive industry is in an era of rapid change, and we will continue to use technological innovation to continue to bring users products and experiences that exceed expectations, and create long-term returns for investors. ”
To some extent, NIO's choice to list in Hong Kong for the second time with giants such as Ali and JD.com means that its brand value has been highly recognized by the capital market; after landing on the Hong Kong Stock Exchange, if necessary, NIO can still raise funds in Hong Kong stocks after landing.
Institutions are optimistic about the growth potential of performance, and valuations will welcome positive feedback
With the official second listing of NIO on the Hong Kong Stock Exchange today, it will have more sufficient capital reserve channels to invest in research and development and production; and the research and development efforts of major models earlier may also bear fruit in 2022, which will drive positive feedback from the capital market.
The research report released by CITIC Securities a few days ago pointed out that the listing of three new models is expected to make WEILAI's sales in 2022 achieve a year-on-year increase of about 100%. The launch of the three new models will bring growth highlights to the company at the sales and technical levels.
CITIC Securities stressed that according to NIO's plan, in 2022, three new cars, including NIO ET7 and ET5, will be listed, equipped with the latest software and hardware, driving sales growth and continuing to make breakthroughs in technology. In the long run, NIO's business model of quality service, core NAD intelligent driving solutions, BaaS battery rental and rapid power exchange is expected to continue to benefit.
Citibank believes that NIO's listing will not issue new shares, which will not lead to stock dilution. "We believe that the stock market will respond positively to NIO Hong Kong stocks in the next 1-2 days."
A recent research report by China Merchants Securities believes that due to the insufficient charging efficiency of the current charging pile, the power exchange model is being accelerated as a supplement. Especially in terms of ESG, the power exchange mode has unique advantages in both land efficiency and power utilization, although it does not reduce the carbon emissions of the battery manufacturing stage, but greatly improves the efficiency of battery use, helping new energy vehicles to be more low-carbon and green.
At present, Tesla's market value corresponds to 10 times PS of 2022 revenue, while the reasonable PS range of new car-making companies is 5-10 times. CITIC Securities believes that based on the forecast of NIO's revenue of 67.8 billion yuan in 2022, considering the market style, it will give 5x PS of revenue in 2022, that is, the corresponding target price of US stocks in the UNITED States of 32 US dollars. In other words, Weilai's current configuration is extremely cost-effective.
In 2021, it ranks second in global high-end electric vehicle sales, and it plans to double the product line in 2022
Since its establishment, NIO has launched the six-seat or seven-seat high-end intelligent electric flagship SUV ES8 in December 2017, the five-seat high-performance high-end intelligent electric SUV ES6 in December 2018, the five-seat high-end intelligent electric coupe EC6 in December 2019, the high-end intelligent electric flagship sedan ET7 in January 2021, and the medium-sized high-end intelligent electric sedan ET5 in December 2021.
As of February 28, 2022, NIO has delivered a total of 182,853 new vehicles (ES8, ES6, EC6). According to the data of the world's third-party authoritative institutions, in the global high-end electric vehicle (MSRP more than 50,000 US dollars) sales ranking in 2021, Weilai ranks second.
According to NIO's plan, it will deliver three new models based on the NT2.0 technology platform this year. Among them, the test drive of the smart electric flagship car ET7 has officially opened on March 5 and will be delivered on March 28; the medium-sized intelligent electric coupe ET5 is expected to start delivery in September 2022; and another medium and large SUV ES7 will be released and delivered in 2022.
Here may wish to add a new layout of NIO on the product side.
Among them, NIO's first sedan ET7 is also the first intelligent electric flagship sedan with automatic driving capabilities - it applies NIO's second-generation digital cockpit technology, equipped with Qualcomm's third-generation digital cockpit computing platform, with stronger on-board mobile Interconnection and communication capabilities; at the same time, it continues NIO's high-performance genes. Zero to 100 km acceleration of 3.8 seconds, 100 km to zero braking distance of 33.5 meters; wind resistance coefficient as low as 0.208, with the application of silicon carbide power module of the second generation of high-efficiency electric drive platform, the overall level of energy efficiency improvement, equipped with 70kWh battery pack comprehensive endurance of more than 500 km, 100 kWh endurance of more than 700 km, 150 kWh endurance of more than 1000 km.
As a medium-sized intelligent electric coupe, NIO ET5 is equipped with NIO panoramic digital cockpit PanoCinema and NIO automatic driving technology NAD, realizing the industry-leading intelligent cockpit and automatic driving experience. In addition, the ET5 uses dual-motor four-wheel drive, maximum power 360 kW, peak torque 700 Nm, zero to 100 km/h acceleration of 4.3 seconds, 100 km to zero braking distance of 33.9 m; wind resistance coefficient as low as 0.24; after the application of a new generation of high-efficiency electric drive platform with silicon carbide power module, ET5 equipped with standard battery pack (75kWh) CLTC life of more than 550 km, equipped with long battery pack (100 kWh) range of more than 700 km, equipped with ultra-long battery pack ( 150kWh) range of more than 1000 km.
As for the NIO ES7, it is between the ES8 and the ES6, positioning a medium and large five-seat SUV, benchmarking BMW X5L, also equipped with NIO's autopilot technology NAD and NIO's panoramic digital cockpit PanoCinema.
In other words, after the completion of the delivery of three new models in 2022, NIO's product line will be expanded and doubled, which will also lay a certain foundation for it to continue to consolidate its leading position in the high-end market and further release its development potential.
Continued to exert efforts on software and hardware technology innovation, and the overall upgrade of the production line was completed in the first half of the year
Of course, the reason why Weilai can gain a foothold in the high-end market is also due to its self-developed hardware and software technology innovation capabilities that have been verified since its inception. For example:
First, autonomous driving technology. NIO has now established a full-stack autonomous driving technology capability including perception algorithms, map positioning, control strategies and underlying systems - its super sensing system Aquila is equipped with 33 high-performance perception hardware, including 11 8-megapixel high-definition cameras, 1 ultra-long-range high-precision lidar, 5 millimeter wave radar, 12 ultrasonic radars, 2 high-precision positioning units, 1 vehicle-to-road collaborative perception and 1 enhanced main driver perception, which can generate 8GB of image data per second The supercomputing platform Adam is equipped with four NVIDIA Drive Orin chips with a computing power of up to 1016T OPS.
Second, the panoramic digital cockpit. NIO PanoCinema deeply applies AR/VR technology in the panocinema of the digital cockpit - jointly developed exclusive AR glasses with innovative AR equipment company NREAL, which can project a large screen with a visual range of 6 meters and equivalent to 201 inches; and also cooperated with NORO to develop NIO VR Glasses, equipped with ultra-thin Pancake optical lenses, which can realize binocular 4K display. In addition, the 10.2-inch digital meter features HDR high dynamic range imaging technology.
Third, the electric drive system. Up to now, NIO has obtained and applied for 215 patents in electric drive systems, including 81 invention patents. Taking this year's two sedan models as an example, THE NIO ET7 is equipped with a front 180kW permanent magnet synchronous motor and a rear 300kW induction asynchronous motor; the NIO ET5 is equipped with a front 150kW induction asynchronous motor and a rear 210kW permanent magnet synchronous motor.
Fourth, the battery pack. Nio's standard battery pack (75kWh) adopts the mixed arrangement of ternary lithium and lithium iron phosphate batteries, and applies a new generation of CTP (Cell to Pack) technology. Through WEILAI's patented technology, the low-temperature endurance performance and power estimation ability embodied in this battery pack will reduce the low-temperature endurance loss by 25%, and the power estimation accuracy is consistent with that of ternary lithium batteries.
Up to now, WEILAI has published more than 4500 patent applications (including authorization).
In terms of capacity. On October 15, 2021, the production line of JAC Weilai Hefei Advanced Manufacturing Base completed a phased upgrade, and the overall upgrade of its production line will be completed in the first half of 2022. On November 24 of the same year, the first batch of process equipment of NeoPark's first factory and the second production base of NIO entered the site and started installation, and the first car will complete the trial production line of the whole process production line in Q2 2022, and the Q3 will be officially mass-produced.