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Alice1601
2021-06-23
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EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股票在早盘交易中下跌。中国电动汽车股票在近期上涨和加息计划后全面定价</blockquote>
Alice1601
2021-06-23
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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624371721,"share":"https://www.laohunote.com/m/news/1143759096?lang=zh_CN&edition=full","pubTime":"2021-06-22 22:22","market":"us","language":"en","title":"EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股票在早盘交易中下跌。中国电动汽车股票在近期上涨和加息计划后全面定价</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143759096","media":"Tiger Newspress","summary":"(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,","content":"<p>(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%, LI fell about 2%.</p><p><blockquote>（6月22日）电动汽车股早盘下跌。特斯拉跌0.33%，小鹏跌逾5%，蔚来跌逾3%，理想跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a423484cc524b2f71e91b83e759455a9\" tg-width=\"289\" tg-height=\"211\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Li Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes,</b> <b>According To Forbes.</b></p><p><blockquote><b>理想汽车、蔚来、小鹏汽车：中国电动汽车股票在近期上涨、计划加息后全面定价，</b> <b>据福布斯报道。</b></blockquote></p><p> The stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.</p><p><blockquote>上个月，中国电动汽车企业的股价飙升，在很大程度上扭转了今年早些时候抛售的影响。蔚来汽车（纽约证券交易所股票代码：蔚来）上个月上涨了近 38%，理想汽车（纳斯达克股票代码：LI）上涨了 45%，小鹏汽车（纽约证券交易所股票代码：XPEV）飙升近 58%。现在，虽然这三家公司公布的 5 月份交付量好坏参半，蔚来和理想汽车的交付量都比 4 月份有所下降，小鹏汽车的销量也略有增长，但考虑到半导体短缺困扰了汽车行业，销量数据可能并没有预期的那么糟糕。相比之下，通用汽车和福特等主要汽车制造商不得不暂时闲置或缩减几家工厂的产量。</blockquote></p><p> The outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.</p><p><blockquote>这三家公司提供的前景也强于预期，让投资者相信半导体短缺最糟糕的时期可能已经过去。理想汽车预计第二季度交付量将达到 14,500 至 15,500 辆，高端环比增长 22%。该公司表示，鉴于 Li One SUV 升级版的订单强于预期，因此对实际数量将超过指导值持乐观态度。蔚来还重申了 2021 年第二季度 21,000 至 22,000 辆汽车的交付指引，这意味着 6 月份可能会交付创纪录的 8,200 辆汽车。</blockquote></p><p> Now are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis <b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b> we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>现在这些股票在当前水平上值得买入吗？虽然增长前景确实强劲，但按照目前的估值，这些股票似乎并不便宜。蔚来的远期收入为 14 倍，理想汽车的远期收入为 9 倍，小鹏汽车的远期收入约为 16 倍。电动汽车估值的近期威胁包括通胀上升和美联储最近的评论，美联储现在显然正在考虑在 2023 年而不是 2024 年加息两次。这可能会给包括电动汽车在内的高市盈率、高增长股票带来压力。在我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>我们比较了主要在美国上市的中国电动汽车公司的财务业绩和估值。</blockquote></p><p> <b>[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?</b></p><p><blockquote><b>[6/2/2021]中国电动汽车最糟糕的半导体危机结束了吗？</b></blockquote></p><p> Chinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.</p><p><blockquote>中国电动汽车巨头蔚来汽车（纽约证券交易所代码：蔚来）和小鹏汽车（纽约证券交易所代码：XPEV）提供的 5 月份交付数据好坏参半，因为它们继续受到当前半导体短缺的影响。虽然蔚来 5 月份共交付了 6,711 辆汽车，比 4 月份下降了 5.5%，但小鹏汽车上个月的交付量增长了约 10%，达到 5,686 辆，尽管这一数字低于 1 月份 6,015 辆的月销量峰值。尽管两家公司都报告了强劲的同比增长数据（2 倍至 6 倍），但快速增长公司的连续数据受到更密切的跟踪。</blockquote></p><p> However, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.</p><p><blockquote>然而，事情可能会从这里开始变得更好。例如，蔚来重申了 2021 年第二季度 21,000 至 22,000 辆汽车的交付指引，这意味着该公司 6 月份的交付量可能高达 8,200 辆，创下月度纪录。这可能表明全球汽车半导体短缺正在缓解，也表明尽管竞争日益激烈，但蔚来仍在中国电动汽车市场占据一席之地。蔚来股价在周二的交易中上涨了近 10%，而小鹏汽车的股价在报告发布后上涨了约 8%。</blockquote></p><p> Despite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on <b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b>for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.</p><p><blockquote>尽管最近上涨，但在当前水平上，这些股票可能仍然值得考虑。今年迄今为止，蔚来股价仍下跌约 20%，而小鹏汽车则下跌约 22%。请参阅我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>概述三家在美国上市的中国电动汽车公司的财务和估值指标。</blockquote></p><p> <b>[5/21/2021] How Do Chinese EV Stocks Compare?</b></p><p><blockquote><b>[5/21/2021]中国电动汽车股票如何比较？</b></blockquote></p><p> U.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.</p><p><blockquote>在美国上市的中国电动汽车制造商蔚来（纽约证券交易所股票代码：蔚来）、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）今年表现不佳，自 1 月初以来，其股价均下跌了约 30%。那么这些股票在回调后对比如何呢？虽然蔚来和小鹏汽车的价格仍然高于理想汽车，但它们的较高估值可能有几个原因。这里有更多关于这些公司的信息。</blockquote></p><p> Our analysis <b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b> compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>比较主要在美国上市的中国电动汽车企业的财务业绩和估值。</blockquote></p><p></p><p> Nio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.</p><p><blockquote>蔚来仍然是这三家公司中估值最高的，交易价格约为远期收入的 10.5 倍。根据普遍估计，今年的收入可能会增长超过 110%。鉴于该公司广泛的产品组合（市场上已经有三款车型）、电池更换等独特的创新、全球扩张计划以及对自动驾驶的投资，长期增长也可能保持强劲。蔚来品牌也更受欢迎，该公司被视为特斯拉在华最直接的竞争对手。2021 年第一季度的毛利率为 19.5%，高于一年前的负 12%。</blockquote></p><p> Xpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.</p><p><blockquote>小鹏汽车的交易价格约为 2021 年收入预计的 10 倍。根据普遍估计，销售增长预计将是这三家公司中最强劲的，今年增长超过 150%。除了更高的预计增长外，由于该公司在自动驾驶领域的进展，投资者还给予该公司溢价。小鹏目前销售G3 SUV和P7轿车，其新款P5紧凑型轿车可能会在今年晚些时候上路。虽然小鹏汽车的毛利率有所改善，比第一季度上升至约 11%，而一年前则为负水平，但仍低于蔚来的毛利率。</blockquote></p><p> Li Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.</p><p><blockquote>理想汽车的交易价格仅为 2021 年预计收入的 6 倍，是三家公司中最低的。今年的收入可能会大约翻一番，截至 2020 年第四季度，毛利率为 17.5%（该公司尚未报告第一季度业绩）。估值较低可能是因为该公司专注于单一产品--Li Xiang ONE，这是一款电动 SUV，也配备了小型汽油发动机，同时也是因为理想汽车在自动驾驶技术方面落后于竞争对手。</blockquote></p><p> <b>[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare</b></p><p><blockquote><b>[10/30/2020]蔚来、小鹏、理想汽车如何比较</b></blockquote></p><p> The Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysis<b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b>we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.</p><p><blockquote>中国电动汽车领域正在蓬勃发展，中国制造商占全球电动汽车交付量的 50% 以上。中国对电动汽车的需求可能会保持强劲，因为中国政府希望到 2025 年，中国销售的所有新车中约有 25% 是电动汽车，而目前这一比例约为 5%。[1]虽然特斯拉在其上海新工厂的生产推动下成为中国豪华电动汽车市场的领导者，但蔚来、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）这三家相对年轻的美国上市中国电动汽车公司也越来越受到关注。在我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>我们比较了主要在美国上市的中国电动汽车公司的财务业绩和估值。分析的部分内容总结如下。</blockquote></p><p> <b>Overview Of Nio, Li Auto & Xpeng’s Business</b></p><p><blockquote><b>蔚来、理想汽车和小鹏的业务概述</b></blockquote></p><p> Nio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.</p><p><blockquote>蔚来成立于2014年，目前提供三款高端电动SUV：ES8、ES6和EC6，起价约为5万美元。该公司正在致力于开发自动驾驶技术，并提供其他独特的创新，例如电池即服务 (BaaS)，该技术允许客户订阅汽车电池，而不是预先付费。虽然该公司已经扩大了生产规模，但也并非没有挑战，去年在接到多起火灾报告后，该公司召回了约 5000 辆汽车。</blockquote></p><p> Li Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.</p><p><blockquote>理想汽车销售增程式电动汽车，本质上是电动汽车，也有一个小型汽油发动机，可以为电池产生额外的电力。这减少了对电动汽车充电基础设施的需求，而电动汽车充电基础设施目前在中国有限。该公司的混合动力战略似乎正在取得成效--其售价约为 4.6 万美元的 Li ONE SUV 在 2020 年 9 月成为中国新能源汽车领域最畅销的 SUV。新能源细分市场包括燃料电池、电动和插电式混合动力汽车。</blockquote></p><p> Xpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.</p><p><blockquote>小鹏汽车生产和销售包括 G3 SUV 和 P7 四门轿车在内的高端电动汽车，大致定位为特斯拉 Model Y SUV 和 Model 3 轿车的竞争对手，尽管它们的价格更实惠，G3 的基本版补贴后起价约为 22,000 美元。G3 SUV是2019年中国电动SUV销量前三名。虽然该公司于2018年底开始生产，最初是通过与一家老牌汽车制造商达成协议，但它已经开始在广东省自己的工厂生产。</blockquote></p><p> <b>How Have The Deliveries, Revenues & Margins Trended</b></p><p><blockquote><b>交付量、收入和利润率的趋势如何</b></blockquote></p><p></p><p> Nio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&D and SG&A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.</p><p><blockquote>蔚来2019年交付了约2.1万辆汽车，高于2018年的约1.1万辆。相比之下，小鹏汽车在 2019 年交付了约 1.3 万辆汽车，理想汽车汽车交付了约 1000 辆汽车，考虑到它去年年底才开始生产。蔚来今年的交付量可能接近 4 万辆左右，而理想汽车和小鹏汽车的交付量可能达到 2.5 万辆左右，其中理想汽车的交付量增幅最大。2019 年，蔚来的收入为 11 亿美元，而理想汽车约为 4000 万美元，小鹏约为 3.3 亿美元。蔚来今年的收入可能增长 95%，而小鹏汽车的收入可能增长约 120%。这三家公司仍然严重亏损，因为与研发和SG&A相关的成本相对于收入仍然很高。2019 年，蔚来的净利润率为-195%，理想汽车的利润率约为-860%，而小鹏的利润率为-160%。然而，随着销量的回升，利润率可能会在 2020 年大幅改善。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Nio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.</p><p><blockquote>截至 2020 年 10 月 28 日，蔚来的市值约为 370 亿美元，由于投资者对电动汽车股票的兴趣激增，其股价今年迄今上涨了约 7 倍。理想汽车和小鹏汽车均于 8 月左右在美国上市，希望利用飙升的估值，市值分别约为 150 亿美元和 140 亿美元。相对而言，蔚来的交易价格约为 2020 年收入的 15 倍，理想汽车的交易价格约为 12 倍，而小鹏的交易价格约为 20 倍。</blockquote></p><p> While valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.</p><p><blockquote>虽然估值肯定很高，但投资者可能会押注这些公司将继续在国内市场发展壮大，同时利用中国相对低成本的制造业以及中国的电池和汽车零部件供应商生态系统，最终在全球电动汽车领域发挥更大的作用。在这三家公司中，考虑到其稍长的业绩记录、较高的收入以及对电池更换和自动驾驶等技术的投资，蔚来可能是更安全的选择。考虑到其快速增长（由混合动力系统的采用推动）以及相对有吸引力的估值（约 2020 年收入的 12 倍），理想汽车看起来也很有吸引力。</blockquote></p><p> Electric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing in<b>Electric Vehicle Component Supplier Stocks</b>can be a good alternative to play the growth in the EV market.</p><p><blockquote>电动汽车是交通运输的未来，但选择合适的电动汽车股票可能很棘手。投资于<b>电动汽车零部件供应商库存</b>可能是推动电动汽车市场增长的一个很好的选择。</blockquote></p><p></p>","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>EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股票在早盘交易中下跌。中国电动汽车股票在近期上涨和加息计划后全面定价</blockquote></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\">\nEV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股票在早盘交易中下跌。中国电动汽车股票在近期上涨和加息计划后全面定价</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-22 22:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%, LI fell about 2%.</p><p><blockquote>（6月22日）电动汽车股早盘下跌。特斯拉跌0.33%，小鹏跌逾5%，蔚来跌逾3%，理想跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a423484cc524b2f71e91b83e759455a9\" tg-width=\"289\" tg-height=\"211\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Li Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes,</b> <b>According To Forbes.</b></p><p><blockquote><b>理想汽车、蔚来、小鹏汽车：中国电动汽车股票在近期上涨、计划加息后全面定价，</b> <b>据福布斯报道。</b></blockquote></p><p> The stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.</p><p><blockquote>上个月，中国电动汽车企业的股价飙升，在很大程度上扭转了今年早些时候抛售的影响。蔚来汽车（纽约证券交易所股票代码：蔚来）上个月上涨了近 38%，理想汽车（纳斯达克股票代码：LI）上涨了 45%，小鹏汽车（纽约证券交易所股票代码：XPEV）飙升近 58%。现在，虽然这三家公司公布的 5 月份交付量好坏参半，蔚来和理想汽车的交付量都比 4 月份有所下降，小鹏汽车的销量也略有增长，但考虑到半导体短缺困扰了汽车行业，销量数据可能并没有预期的那么糟糕。相比之下，通用汽车和福特等主要汽车制造商不得不暂时闲置或缩减几家工厂的产量。</blockquote></p><p> The outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.</p><p><blockquote>这三家公司提供的前景也强于预期，让投资者相信半导体短缺最糟糕的时期可能已经过去。理想汽车预计第二季度交付量将达到 14,500 至 15,500 辆，高端环比增长 22%。该公司表示，鉴于 Li One SUV 升级版的订单强于预期，因此对实际数量将超过指导值持乐观态度。蔚来还重申了 2021 年第二季度 21,000 至 22,000 辆汽车的交付指引，这意味着 6 月份可能会交付创纪录的 8,200 辆汽车。</blockquote></p><p> Now are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis <b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b> we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>现在这些股票在当前水平上值得买入吗？虽然增长前景确实强劲，但按照目前的估值，这些股票似乎并不便宜。蔚来的远期收入为 14 倍，理想汽车的远期收入为 9 倍，小鹏汽车的远期收入约为 16 倍。电动汽车估值的近期威胁包括通胀上升和美联储最近的评论，美联储现在显然正在考虑在 2023 年而不是 2024 年加息两次。这可能会给包括电动汽车在内的高市盈率、高增长股票带来压力。在我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>我们比较了主要在美国上市的中国电动汽车公司的财务业绩和估值。</blockquote></p><p> <b>[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?</b></p><p><blockquote><b>[6/2/2021]中国电动汽车最糟糕的半导体危机结束了吗？</b></blockquote></p><p> Chinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.</p><p><blockquote>中国电动汽车巨头蔚来汽车（纽约证券交易所代码：蔚来）和小鹏汽车（纽约证券交易所代码：XPEV）提供的 5 月份交付数据好坏参半，因为它们继续受到当前半导体短缺的影响。虽然蔚来 5 月份共交付了 6,711 辆汽车，比 4 月份下降了 5.5%，但小鹏汽车上个月的交付量增长了约 10%，达到 5,686 辆，尽管这一数字低于 1 月份 6,015 辆的月销量峰值。尽管两家公司都报告了强劲的同比增长数据（2 倍至 6 倍），但快速增长公司的连续数据受到更密切的跟踪。</blockquote></p><p> However, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.</p><p><blockquote>然而，事情可能会从这里开始变得更好。例如，蔚来重申了 2021 年第二季度 21,000 至 22,000 辆汽车的交付指引，这意味着该公司 6 月份的交付量可能高达 8,200 辆，创下月度纪录。这可能表明全球汽车半导体短缺正在缓解，也表明尽管竞争日益激烈，但蔚来仍在中国电动汽车市场占据一席之地。蔚来股价在周二的交易中上涨了近 10%，而小鹏汽车的股价在报告发布后上涨了约 8%。</blockquote></p><p> Despite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on <b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b>for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.</p><p><blockquote>尽管最近上涨，但在当前水平上，这些股票可能仍然值得考虑。今年迄今为止，蔚来股价仍下跌约 20%，而小鹏汽车则下跌约 22%。请参阅我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>概述三家在美国上市的中国电动汽车公司的财务和估值指标。</blockquote></p><p> <b>[5/21/2021] How Do Chinese EV Stocks Compare?</b></p><p><blockquote><b>[5/21/2021]中国电动汽车股票如何比较？</b></blockquote></p><p> U.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.</p><p><blockquote>在美国上市的中国电动汽车制造商蔚来（纽约证券交易所股票代码：蔚来）、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）今年表现不佳，自 1 月初以来，其股价均下跌了约 30%。那么这些股票在回调后对比如何呢？虽然蔚来和小鹏汽车的价格仍然高于理想汽车，但它们的较高估值可能有几个原因。这里有更多关于这些公司的信息。</blockquote></p><p> Our analysis <b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b> compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>比较主要在美国上市的中国电动汽车企业的财务业绩和估值。</blockquote></p><p></p><p> Nio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.</p><p><blockquote>蔚来仍然是这三家公司中估值最高的，交易价格约为远期收入的 10.5 倍。根据普遍估计，今年的收入可能会增长超过 110%。鉴于该公司广泛的产品组合（市场上已经有三款车型）、电池更换等独特的创新、全球扩张计划以及对自动驾驶的投资，长期增长也可能保持强劲。蔚来品牌也更受欢迎，该公司被视为特斯拉在华最直接的竞争对手。2021 年第一季度的毛利率为 19.5%，高于一年前的负 12%。</blockquote></p><p> Xpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.</p><p><blockquote>小鹏汽车的交易价格约为 2021 年收入预计的 10 倍。根据普遍估计，销售增长预计将是这三家公司中最强劲的，今年增长超过 150%。除了更高的预计增长外，由于该公司在自动驾驶领域的进展，投资者还给予该公司溢价。小鹏目前销售G3 SUV和P7轿车，其新款P5紧凑型轿车可能会在今年晚些时候上路。虽然小鹏汽车的毛利率有所改善，比第一季度上升至约 11%，而一年前则为负水平，但仍低于蔚来的毛利率。</blockquote></p><p> Li Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.</p><p><blockquote>理想汽车的交易价格仅为 2021 年预计收入的 6 倍，是三家公司中最低的。今年的收入可能会大约翻一番，截至 2020 年第四季度，毛利率为 17.5%（该公司尚未报告第一季度业绩）。估值较低可能是因为该公司专注于单一产品--Li Xiang ONE，这是一款电动 SUV，也配备了小型汽油发动机，同时也是因为理想汽车在自动驾驶技术方面落后于竞争对手。</blockquote></p><p> <b>[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare</b></p><p><blockquote><b>[10/30/2020]蔚来、小鹏、理想汽车如何比较</b></blockquote></p><p> The Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysis<b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b>we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.</p><p><blockquote>中国电动汽车领域正在蓬勃发展，中国制造商占全球电动汽车交付量的 50% 以上。中国对电动汽车的需求可能会保持强劲，因为中国政府希望到 2025 年，中国销售的所有新车中约有 25% 是电动汽车，而目前这一比例约为 5%。[1]虽然特斯拉在其上海新工厂的生产推动下成为中国豪华电动汽车市场的领导者，但蔚来、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）这三家相对年轻的美国上市中国电动汽车公司也越来越受到关注。在我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>我们比较了主要在美国上市的中国电动汽车公司的财务业绩和估值。分析的部分内容总结如下。</blockquote></p><p> <b>Overview Of Nio, Li Auto & Xpeng’s Business</b></p><p><blockquote><b>蔚来、理想汽车和小鹏的业务概述</b></blockquote></p><p> Nio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.</p><p><blockquote>蔚来成立于2014年，目前提供三款高端电动SUV：ES8、ES6和EC6，起价约为5万美元。该公司正在致力于开发自动驾驶技术，并提供其他独特的创新，例如电池即服务 (BaaS)，该技术允许客户订阅汽车电池，而不是预先付费。虽然该公司已经扩大了生产规模，但也并非没有挑战，去年在接到多起火灾报告后，该公司召回了约 5000 辆汽车。</blockquote></p><p> Li Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.</p><p><blockquote>理想汽车销售增程式电动汽车，本质上是电动汽车，也有一个小型汽油发动机，可以为电池产生额外的电力。这减少了对电动汽车充电基础设施的需求，而电动汽车充电基础设施目前在中国有限。该公司的混合动力战略似乎正在取得成效--其售价约为 4.6 万美元的 Li ONE SUV 在 2020 年 9 月成为中国新能源汽车领域最畅销的 SUV。新能源细分市场包括燃料电池、电动和插电式混合动力汽车。</blockquote></p><p> Xpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.</p><p><blockquote>小鹏汽车生产和销售包括 G3 SUV 和 P7 四门轿车在内的高端电动汽车，大致定位为特斯拉 Model Y SUV 和 Model 3 轿车的竞争对手，尽管它们的价格更实惠，G3 的基本版补贴后起价约为 22,000 美元。G3 SUV是2019年中国电动SUV销量前三名。虽然该公司于2018年底开始生产，最初是通过与一家老牌汽车制造商达成协议，但它已经开始在广东省自己的工厂生产。</blockquote></p><p> <b>How Have The Deliveries, Revenues & Margins Trended</b></p><p><blockquote><b>交付量、收入和利润率的趋势如何</b></blockquote></p><p></p><p> Nio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&D and SG&A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.</p><p><blockquote>蔚来2019年交付了约2.1万辆汽车，高于2018年的约1.1万辆。相比之下，小鹏汽车在 2019 年交付了约 1.3 万辆汽车，理想汽车汽车交付了约 1000 辆汽车，考虑到它去年年底才开始生产。蔚来今年的交付量可能接近 4 万辆左右，而理想汽车和小鹏汽车的交付量可能达到 2.5 万辆左右，其中理想汽车的交付量增幅最大。2019 年，蔚来的收入为 11 亿美元，而理想汽车约为 4000 万美元，小鹏约为 3.3 亿美元。蔚来今年的收入可能增长 95%，而小鹏汽车的收入可能增长约 120%。这三家公司仍然严重亏损，因为与研发和SG&A相关的成本相对于收入仍然很高。2019 年，蔚来的净利润率为-195%，理想汽车的利润率约为-860%，而小鹏的利润率为-160%。然而，随着销量的回升，利润率可能会在 2020 年大幅改善。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Nio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.</p><p><blockquote>截至 2020 年 10 月 28 日，蔚来的市值约为 370 亿美元，由于投资者对电动汽车股票的兴趣激增，其股价今年迄今上涨了约 7 倍。理想汽车和小鹏汽车均于 8 月左右在美国上市，希望利用飙升的估值，市值分别约为 150 亿美元和 140 亿美元。相对而言，蔚来的交易价格约为 2020 年收入的 15 倍，理想汽车的交易价格约为 12 倍，而小鹏的交易价格约为 20 倍。</blockquote></p><p> While valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.</p><p><blockquote>虽然估值肯定很高，但投资者可能会押注这些公司将继续在国内市场发展壮大，同时利用中国相对低成本的制造业以及中国的电池和汽车零部件供应商生态系统，最终在全球电动汽车领域发挥更大的作用。在这三家公司中，考虑到其稍长的业绩记录、较高的收入以及对电池更换和自动驾驶等技术的投资，蔚来可能是更安全的选择。考虑到其快速增长（由混合动力系统的采用推动）以及相对有吸引力的估值（约 2020 年收入的 12 倍），理想汽车看起来也很有吸引力。</blockquote></p><p> Electric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing in<b>Electric Vehicle Component Supplier Stocks</b>can be a good alternative to play the growth in the EV market.</p><p><blockquote>电动汽车是交通运输的未来，但选择合适的电动汽车股票可能很棘手。投资于<b>电动汽车零部件供应商库存</b>可能是推动电动汽车市场增长的一个很好的选择。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","XPEV":"小鹏集团","LI":"理想汽车","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143759096","content_text":"(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%, LI fell about 2%.\n\nLi Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes, According To Forbes.\nThe stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.\nThe outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.\nNow are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare? we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.\n[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?\nChinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.\nHowever, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.\nDespite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.\n[5/21/2021] How Do Chinese EV Stocks Compare?\nU.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.\nOur analysis Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare? compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.\nNio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.\nXpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.\nLi Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.\n[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare\nThe Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysisNio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.\nOverview Of Nio, Li Auto & Xpeng’s Business\nNio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.\nLi Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.\nXpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.\nHow Have The Deliveries, Revenues & Margins Trended\nNio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&D and SG&A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.\nValuation\nNio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.\nWhile valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.\nElectric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing inElectric Vehicle Component Supplier Stockscan be a good alternative to play the growth in the EV market.","news_type":1,"symbols_score_info":{"TSLA":0.9,"NIO":0.9,"XPEV":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":3181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123169690,"gmtCreate":1624412441110,"gmtModify":1634006499502,"author":{"id":"3585881427706880","authorId":"3585881427706880","name":"Alice1601","avatar":"https://static.tigerbbs.com/299378e744c1d2357b9faaf9f25d3f23","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585881427706880","idStr":"3585881427706880"},"themes":[],"title":"","htmlText":"Read","listText":"Read","text":"Read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123169690","repostId":"1175322624","repostType":4,"isVote":1,"tweetType":1,"viewCount":1974,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":123169690,"gmtCreate":1624412441110,"gmtModify":1634006499502,"author":{"id":"3585881427706880","authorId":"3585881427706880","name":"Alice1601","avatar":"https://static.tigerbbs.com/299378e744c1d2357b9faaf9f25d3f23","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585881427706880","authorIdStr":"3585881427706880"},"themes":[],"title":"","htmlText":"Read","listText":"Read","text":"Read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123169690","repostId":"1175322624","repostType":4,"isVote":1,"tweetType":1,"viewCount":1974,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123166490,"gmtCreate":1624412530510,"gmtModify":1634006496421,"author":{"id":"3585881427706880","authorId":"3585881427706880","name":"Alice1601","avatar":"https://static.tigerbbs.com/299378e744c1d2357b9faaf9f25d3f23","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585881427706880","authorIdStr":"3585881427706880"},"themes":[],"title":"","htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123166490","repostId":"1143759096","repostType":4,"repost":{"id":"1143759096","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624371721,"share":"https://www.laohunote.com/m/news/1143759096?lang=zh_CN&edition=full","pubTime":"2021-06-22 22:22","market":"us","language":"en","title":"EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股票在早盘交易中下跌。中国电动汽车股票在近期上涨和加息计划后全面定价</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143759096","media":"Tiger Newspress","summary":"(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%,","content":"<p>(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%, LI fell about 2%.</p><p><blockquote>（6月22日）电动汽车股早盘下跌。特斯拉跌0.33%，小鹏跌逾5%，蔚来跌逾3%，理想跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a423484cc524b2f71e91b83e759455a9\" tg-width=\"289\" tg-height=\"211\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Li Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes,</b> <b>According To Forbes.</b></p><p><blockquote><b>理想汽车、蔚来、小鹏汽车：中国电动汽车股票在近期上涨、计划加息后全面定价，</b> <b>据福布斯报道。</b></blockquote></p><p> The stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.</p><p><blockquote>上个月，中国电动汽车企业的股价飙升，在很大程度上扭转了今年早些时候抛售的影响。蔚来汽车（纽约证券交易所股票代码：蔚来）上个月上涨了近 38%，理想汽车（纳斯达克股票代码：LI）上涨了 45%，小鹏汽车（纽约证券交易所股票代码：XPEV）飙升近 58%。现在，虽然这三家公司公布的 5 月份交付量好坏参半，蔚来和理想汽车的交付量都比 4 月份有所下降，小鹏汽车的销量也略有增长，但考虑到半导体短缺困扰了汽车行业，销量数据可能并没有预期的那么糟糕。相比之下，通用汽车和福特等主要汽车制造商不得不暂时闲置或缩减几家工厂的产量。</blockquote></p><p> The outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.</p><p><blockquote>这三家公司提供的前景也强于预期，让投资者相信半导体短缺最糟糕的时期可能已经过去。理想汽车预计第二季度交付量将达到 14,500 至 15,500 辆，高端环比增长 22%。该公司表示，鉴于 Li One SUV 升级版的订单强于预期，因此对实际数量将超过指导值持乐观态度。蔚来还重申了 2021 年第二季度 21,000 至 22,000 辆汽车的交付指引，这意味着 6 月份可能会交付创纪录的 8,200 辆汽车。</blockquote></p><p> Now are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis <b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b> we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>现在这些股票在当前水平上值得买入吗？虽然增长前景确实强劲，但按照目前的估值，这些股票似乎并不便宜。蔚来的远期收入为 14 倍，理想汽车的远期收入为 9 倍，小鹏汽车的远期收入约为 16 倍。电动汽车估值的近期威胁包括通胀上升和美联储最近的评论，美联储现在显然正在考虑在 2023 年而不是 2024 年加息两次。这可能会给包括电动汽车在内的高市盈率、高增长股票带来压力。在我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>我们比较了主要在美国上市的中国电动汽车公司的财务业绩和估值。</blockquote></p><p> <b>[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?</b></p><p><blockquote><b>[6/2/2021]中国电动汽车最糟糕的半导体危机结束了吗？</b></blockquote></p><p> Chinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.</p><p><blockquote>中国电动汽车巨头蔚来汽车（纽约证券交易所代码：蔚来）和小鹏汽车（纽约证券交易所代码：XPEV）提供的 5 月份交付数据好坏参半，因为它们继续受到当前半导体短缺的影响。虽然蔚来 5 月份共交付了 6,711 辆汽车，比 4 月份下降了 5.5%，但小鹏汽车上个月的交付量增长了约 10%，达到 5,686 辆，尽管这一数字低于 1 月份 6,015 辆的月销量峰值。尽管两家公司都报告了强劲的同比增长数据（2 倍至 6 倍），但快速增长公司的连续数据受到更密切的跟踪。</blockquote></p><p> However, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.</p><p><blockquote>然而，事情可能会从这里开始变得更好。例如，蔚来重申了 2021 年第二季度 21,000 至 22,000 辆汽车的交付指引，这意味着该公司 6 月份的交付量可能高达 8,200 辆，创下月度纪录。这可能表明全球汽车半导体短缺正在缓解，也表明尽管竞争日益激烈，但蔚来仍在中国电动汽车市场占据一席之地。蔚来股价在周二的交易中上涨了近 10%，而小鹏汽车的股价在报告发布后上涨了约 8%。</blockquote></p><p> Despite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on <b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b>for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.</p><p><blockquote>尽管最近上涨，但在当前水平上，这些股票可能仍然值得考虑。今年迄今为止，蔚来股价仍下跌约 20%，而小鹏汽车则下跌约 22%。请参阅我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>概述三家在美国上市的中国电动汽车公司的财务和估值指标。</blockquote></p><p> <b>[5/21/2021] How Do Chinese EV Stocks Compare?</b></p><p><blockquote><b>[5/21/2021]中国电动汽车股票如何比较？</b></blockquote></p><p> U.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.</p><p><blockquote>在美国上市的中国电动汽车制造商蔚来（纽约证券交易所股票代码：蔚来）、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）今年表现不佳，自 1 月初以来，其股价均下跌了约 30%。那么这些股票在回调后对比如何呢？虽然蔚来和小鹏汽车的价格仍然高于理想汽车，但它们的较高估值可能有几个原因。这里有更多关于这些公司的信息。</blockquote></p><p> Our analysis <b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b> compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>比较主要在美国上市的中国电动汽车企业的财务业绩和估值。</blockquote></p><p></p><p> Nio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.</p><p><blockquote>蔚来仍然是这三家公司中估值最高的，交易价格约为远期收入的 10.5 倍。根据普遍估计，今年的收入可能会增长超过 110%。鉴于该公司广泛的产品组合（市场上已经有三款车型）、电池更换等独特的创新、全球扩张计划以及对自动驾驶的投资，长期增长也可能保持强劲。蔚来品牌也更受欢迎，该公司被视为特斯拉在华最直接的竞争对手。2021 年第一季度的毛利率为 19.5%，高于一年前的负 12%。</blockquote></p><p> Xpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.</p><p><blockquote>小鹏汽车的交易价格约为 2021 年收入预计的 10 倍。根据普遍估计，销售增长预计将是这三家公司中最强劲的，今年增长超过 150%。除了更高的预计增长外，由于该公司在自动驾驶领域的进展，投资者还给予该公司溢价。小鹏目前销售G3 SUV和P7轿车，其新款P5紧凑型轿车可能会在今年晚些时候上路。虽然小鹏汽车的毛利率有所改善，比第一季度上升至约 11%，而一年前则为负水平，但仍低于蔚来的毛利率。</blockquote></p><p> Li Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.</p><p><blockquote>理想汽车的交易价格仅为 2021 年预计收入的 6 倍，是三家公司中最低的。今年的收入可能会大约翻一番，截至 2020 年第四季度，毛利率为 17.5%（该公司尚未报告第一季度业绩）。估值较低可能是因为该公司专注于单一产品--Li Xiang ONE，这是一款电动 SUV，也配备了小型汽油发动机，同时也是因为理想汽车在自动驾驶技术方面落后于竞争对手。</blockquote></p><p> <b>[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare</b></p><p><blockquote><b>[10/30/2020]蔚来、小鹏、理想汽车如何比较</b></blockquote></p><p> The Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysis<b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b>we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.</p><p><blockquote>中国电动汽车领域正在蓬勃发展，中国制造商占全球电动汽车交付量的 50% 以上。中国对电动汽车的需求可能会保持强劲，因为中国政府希望到 2025 年，中国销售的所有新车中约有 25% 是电动汽车，而目前这一比例约为 5%。[1]虽然特斯拉在其上海新工厂的生产推动下成为中国豪华电动汽车市场的领导者，但蔚来、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）这三家相对年轻的美国上市中国电动汽车公司也越来越受到关注。在我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>我们比较了主要在美国上市的中国电动汽车公司的财务业绩和估值。分析的部分内容总结如下。</blockquote></p><p> <b>Overview Of Nio, Li Auto & Xpeng’s Business</b></p><p><blockquote><b>蔚来、理想汽车和小鹏的业务概述</b></blockquote></p><p> Nio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.</p><p><blockquote>蔚来成立于2014年，目前提供三款高端电动SUV：ES8、ES6和EC6，起价约为5万美元。该公司正在致力于开发自动驾驶技术，并提供其他独特的创新，例如电池即服务 (BaaS)，该技术允许客户订阅汽车电池，而不是预先付费。虽然该公司已经扩大了生产规模，但也并非没有挑战，去年在接到多起火灾报告后，该公司召回了约 5000 辆汽车。</blockquote></p><p> Li Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.</p><p><blockquote>理想汽车销售增程式电动汽车，本质上是电动汽车，也有一个小型汽油发动机，可以为电池产生额外的电力。这减少了对电动汽车充电基础设施的需求，而电动汽车充电基础设施目前在中国有限。该公司的混合动力战略似乎正在取得成效--其售价约为 4.6 万美元的 Li ONE SUV 在 2020 年 9 月成为中国新能源汽车领域最畅销的 SUV。新能源细分市场包括燃料电池、电动和插电式混合动力汽车。</blockquote></p><p> Xpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.</p><p><blockquote>小鹏汽车生产和销售包括 G3 SUV 和 P7 四门轿车在内的高端电动汽车，大致定位为特斯拉 Model Y SUV 和 Model 3 轿车的竞争对手，尽管它们的价格更实惠，G3 的基本版补贴后起价约为 22,000 美元。G3 SUV是2019年中国电动SUV销量前三名。虽然该公司于2018年底开始生产，最初是通过与一家老牌汽车制造商达成协议，但它已经开始在广东省自己的工厂生产。</blockquote></p><p> <b>How Have The Deliveries, Revenues & Margins Trended</b></p><p><blockquote><b>交付量、收入和利润率的趋势如何</b></blockquote></p><p></p><p> Nio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&D and SG&A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.</p><p><blockquote>蔚来2019年交付了约2.1万辆汽车，高于2018年的约1.1万辆。相比之下，小鹏汽车在 2019 年交付了约 1.3 万辆汽车，理想汽车汽车交付了约 1000 辆汽车，考虑到它去年年底才开始生产。蔚来今年的交付量可能接近 4 万辆左右，而理想汽车和小鹏汽车的交付量可能达到 2.5 万辆左右，其中理想汽车的交付量增幅最大。2019 年，蔚来的收入为 11 亿美元，而理想汽车约为 4000 万美元，小鹏约为 3.3 亿美元。蔚来今年的收入可能增长 95%，而小鹏汽车的收入可能增长约 120%。这三家公司仍然严重亏损，因为与研发和SG&A相关的成本相对于收入仍然很高。2019 年，蔚来的净利润率为-195%，理想汽车的利润率约为-860%，而小鹏的利润率为-160%。然而，随着销量的回升，利润率可能会在 2020 年大幅改善。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Nio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.</p><p><blockquote>截至 2020 年 10 月 28 日，蔚来的市值约为 370 亿美元，由于投资者对电动汽车股票的兴趣激增，其股价今年迄今上涨了约 7 倍。理想汽车和小鹏汽车均于 8 月左右在美国上市，希望利用飙升的估值，市值分别约为 150 亿美元和 140 亿美元。相对而言，蔚来的交易价格约为 2020 年收入的 15 倍，理想汽车的交易价格约为 12 倍，而小鹏的交易价格约为 20 倍。</blockquote></p><p> While valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.</p><p><blockquote>虽然估值肯定很高，但投资者可能会押注这些公司将继续在国内市场发展壮大，同时利用中国相对低成本的制造业以及中国的电池和汽车零部件供应商生态系统，最终在全球电动汽车领域发挥更大的作用。在这三家公司中，考虑到其稍长的业绩记录、较高的收入以及对电池更换和自动驾驶等技术的投资，蔚来可能是更安全的选择。考虑到其快速增长（由混合动力系统的采用推动）以及相对有吸引力的估值（约 2020 年收入的 12 倍），理想汽车看起来也很有吸引力。</blockquote></p><p> Electric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing in<b>Electric Vehicle Component Supplier Stocks</b>can be a good alternative to play the growth in the EV market.</p><p><blockquote>电动汽车是交通运输的未来，但选择合适的电动汽车股票可能很棘手。投资于<b>电动汽车零部件供应商库存</b>可能是推动电动汽车市场增长的一个很好的选择。</blockquote></p><p></p>","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>EV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股票在早盘交易中下跌。中国电动汽车股票在近期上涨和加息计划后全面定价</blockquote></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\">\nEV stocks fell in morning trading. Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes<blockquote>电动汽车股票在早盘交易中下跌。中国电动汽车股票在近期上涨和加息计划后全面定价</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-22 22:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%, LI fell about 2%.</p><p><blockquote>（6月22日）电动汽车股早盘下跌。特斯拉跌0.33%，小鹏跌逾5%，蔚来跌逾3%，理想跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a423484cc524b2f71e91b83e759455a9\" tg-width=\"289\" tg-height=\"211\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Li Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes,</b> <b>According To Forbes.</b></p><p><blockquote><b>理想汽车、蔚来、小鹏汽车：中国电动汽车股票在近期上涨、计划加息后全面定价，</b> <b>据福布斯报道。</b></blockquote></p><p> The stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.</p><p><blockquote>上个月，中国电动汽车企业的股价飙升，在很大程度上扭转了今年早些时候抛售的影响。蔚来汽车（纽约证券交易所股票代码：蔚来）上个月上涨了近 38%，理想汽车（纳斯达克股票代码：LI）上涨了 45%，小鹏汽车（纽约证券交易所股票代码：XPEV）飙升近 58%。现在，虽然这三家公司公布的 5 月份交付量好坏参半，蔚来和理想汽车的交付量都比 4 月份有所下降，小鹏汽车的销量也略有增长，但考虑到半导体短缺困扰了汽车行业，销量数据可能并没有预期的那么糟糕。相比之下，通用汽车和福特等主要汽车制造商不得不暂时闲置或缩减几家工厂的产量。</blockquote></p><p> The outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.</p><p><blockquote>这三家公司提供的前景也强于预期，让投资者相信半导体短缺最糟糕的时期可能已经过去。理想汽车预计第二季度交付量将达到 14,500 至 15,500 辆，高端环比增长 22%。该公司表示，鉴于 Li One SUV 升级版的订单强于预期，因此对实际数量将超过指导值持乐观态度。蔚来还重申了 2021 年第二季度 21,000 至 22,000 辆汽车的交付指引，这意味着 6 月份可能会交付创纪录的 8,200 辆汽车。</blockquote></p><p> Now are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis <b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b> we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>现在这些股票在当前水平上值得买入吗？虽然增长前景确实强劲，但按照目前的估值，这些股票似乎并不便宜。蔚来的远期收入为 14 倍，理想汽车的远期收入为 9 倍，小鹏汽车的远期收入约为 16 倍。电动汽车估值的近期威胁包括通胀上升和美联储最近的评论，美联储现在显然正在考虑在 2023 年而不是 2024 年加息两次。这可能会给包括电动汽车在内的高市盈率、高增长股票带来压力。在我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>我们比较了主要在美国上市的中国电动汽车公司的财务业绩和估值。</blockquote></p><p> <b>[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?</b></p><p><blockquote><b>[6/2/2021]中国电动汽车最糟糕的半导体危机结束了吗？</b></blockquote></p><p> Chinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.</p><p><blockquote>中国电动汽车巨头蔚来汽车（纽约证券交易所代码：蔚来）和小鹏汽车（纽约证券交易所代码：XPEV）提供的 5 月份交付数据好坏参半，因为它们继续受到当前半导体短缺的影响。虽然蔚来 5 月份共交付了 6,711 辆汽车，比 4 月份下降了 5.5%，但小鹏汽车上个月的交付量增长了约 10%，达到 5,686 辆，尽管这一数字低于 1 月份 6,015 辆的月销量峰值。尽管两家公司都报告了强劲的同比增长数据（2 倍至 6 倍），但快速增长公司的连续数据受到更密切的跟踪。</blockquote></p><p> However, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.</p><p><blockquote>然而，事情可能会从这里开始变得更好。例如，蔚来重申了 2021 年第二季度 21,000 至 22,000 辆汽车的交付指引，这意味着该公司 6 月份的交付量可能高达 8,200 辆，创下月度纪录。这可能表明全球汽车半导体短缺正在缓解，也表明尽管竞争日益激烈，但蔚来仍在中国电动汽车市场占据一席之地。蔚来股价在周二的交易中上涨了近 10%，而小鹏汽车的股价在报告发布后上涨了约 8%。</blockquote></p><p> Despite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on <b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b>for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.</p><p><blockquote>尽管最近上涨，但在当前水平上，这些股票可能仍然值得考虑。今年迄今为止，蔚来股价仍下跌约 20%，而小鹏汽车则下跌约 22%。请参阅我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>概述三家在美国上市的中国电动汽车公司的财务和估值指标。</blockquote></p><p> <b>[5/21/2021] How Do Chinese EV Stocks Compare?</b></p><p><blockquote><b>[5/21/2021]中国电动汽车股票如何比较？</b></blockquote></p><p> U.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.</p><p><blockquote>在美国上市的中国电动汽车制造商蔚来（纽约证券交易所股票代码：蔚来）、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）今年表现不佳，自 1 月初以来，其股价均下跌了约 30%。那么这些股票在回调后对比如何呢？虽然蔚来和小鹏汽车的价格仍然高于理想汽车，但它们的较高估值可能有几个原因。这里有更多关于这些公司的信息。</blockquote></p><p> Our analysis <b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b> compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.</p><p><blockquote>我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>比较主要在美国上市的中国电动汽车企业的财务业绩和估值。</blockquote></p><p></p><p> Nio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.</p><p><blockquote>蔚来仍然是这三家公司中估值最高的，交易价格约为远期收入的 10.5 倍。根据普遍估计，今年的收入可能会增长超过 110%。鉴于该公司广泛的产品组合（市场上已经有三款车型）、电池更换等独特的创新、全球扩张计划以及对自动驾驶的投资，长期增长也可能保持强劲。蔚来品牌也更受欢迎，该公司被视为特斯拉在华最直接的竞争对手。2021 年第一季度的毛利率为 19.5%，高于一年前的负 12%。</blockquote></p><p> Xpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.</p><p><blockquote>小鹏汽车的交易价格约为 2021 年收入预计的 10 倍。根据普遍估计，销售增长预计将是这三家公司中最强劲的，今年增长超过 150%。除了更高的预计增长外，由于该公司在自动驾驶领域的进展，投资者还给予该公司溢价。小鹏目前销售G3 SUV和P7轿车，其新款P5紧凑型轿车可能会在今年晚些时候上路。虽然小鹏汽车的毛利率有所改善，比第一季度上升至约 11%，而一年前则为负水平，但仍低于蔚来的毛利率。</blockquote></p><p> Li Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.</p><p><blockquote>理想汽车的交易价格仅为 2021 年预计收入的 6 倍，是三家公司中最低的。今年的收入可能会大约翻一番，截至 2020 年第四季度，毛利率为 17.5%（该公司尚未报告第一季度业绩）。估值较低可能是因为该公司专注于单一产品--Li Xiang ONE，这是一款电动 SUV，也配备了小型汽油发动机，同时也是因为理想汽车在自动驾驶技术方面落后于竞争对手。</blockquote></p><p> <b>[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare</b></p><p><blockquote><b>[10/30/2020]蔚来、小鹏、理想汽车如何比较</b></blockquote></p><p> The Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysis<b>Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?</b>we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.</p><p><blockquote>中国电动汽车领域正在蓬勃发展，中国制造商占全球电动汽车交付量的 50% 以上。中国对电动汽车的需求可能会保持强劲，因为中国政府希望到 2025 年，中国销售的所有新车中约有 25% 是电动汽车，而目前这一比例约为 5%。[1]虽然特斯拉在其上海新工厂的生产推动下成为中国豪华电动汽车市场的领导者，但蔚来、小鹏汽车（纽约证券交易所股票代码：XPEV）和理想汽车（纳斯达克股票代码：LI）这三家相对年轻的美国上市中国电动汽车公司也越来越受到关注。在我们的分析<b>蔚来、小鹏和理想汽车：中国电动汽车股票如何比较？</b>我们比较了主要在美国上市的中国电动汽车公司的财务业绩和估值。分析的部分内容总结如下。</blockquote></p><p> <b>Overview Of Nio, Li Auto & Xpeng’s Business</b></p><p><blockquote><b>蔚来、理想汽车和小鹏的业务概述</b></blockquote></p><p> Nio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.</p><p><blockquote>蔚来成立于2014年，目前提供三款高端电动SUV：ES8、ES6和EC6，起价约为5万美元。该公司正在致力于开发自动驾驶技术，并提供其他独特的创新，例如电池即服务 (BaaS)，该技术允许客户订阅汽车电池，而不是预先付费。虽然该公司已经扩大了生产规模，但也并非没有挑战，去年在接到多起火灾报告后，该公司召回了约 5000 辆汽车。</blockquote></p><p> Li Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.</p><p><blockquote>理想汽车销售增程式电动汽车，本质上是电动汽车，也有一个小型汽油发动机，可以为电池产生额外的电力。这减少了对电动汽车充电基础设施的需求，而电动汽车充电基础设施目前在中国有限。该公司的混合动力战略似乎正在取得成效--其售价约为 4.6 万美元的 Li ONE SUV 在 2020 年 9 月成为中国新能源汽车领域最畅销的 SUV。新能源细分市场包括燃料电池、电动和插电式混合动力汽车。</blockquote></p><p> Xpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.</p><p><blockquote>小鹏汽车生产和销售包括 G3 SUV 和 P7 四门轿车在内的高端电动汽车，大致定位为特斯拉 Model Y SUV 和 Model 3 轿车的竞争对手，尽管它们的价格更实惠，G3 的基本版补贴后起价约为 22,000 美元。G3 SUV是2019年中国电动SUV销量前三名。虽然该公司于2018年底开始生产，最初是通过与一家老牌汽车制造商达成协议，但它已经开始在广东省自己的工厂生产。</blockquote></p><p> <b>How Have The Deliveries, Revenues & Margins Trended</b></p><p><blockquote><b>交付量、收入和利润率的趋势如何</b></blockquote></p><p></p><p> Nio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&D and SG&A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.</p><p><blockquote>蔚来2019年交付了约2.1万辆汽车，高于2018年的约1.1万辆。相比之下，小鹏汽车在 2019 年交付了约 1.3 万辆汽车，理想汽车汽车交付了约 1000 辆汽车，考虑到它去年年底才开始生产。蔚来今年的交付量可能接近 4 万辆左右，而理想汽车和小鹏汽车的交付量可能达到 2.5 万辆左右，其中理想汽车的交付量增幅最大。2019 年，蔚来的收入为 11 亿美元，而理想汽车约为 4000 万美元，小鹏约为 3.3 亿美元。蔚来今年的收入可能增长 95%，而小鹏汽车的收入可能增长约 120%。这三家公司仍然严重亏损，因为与研发和SG&A相关的成本相对于收入仍然很高。2019 年，蔚来的净利润率为-195%，理想汽车的利润率约为-860%，而小鹏的利润率为-160%。然而，随着销量的回升，利润率可能会在 2020 年大幅改善。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Nio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.</p><p><blockquote>截至 2020 年 10 月 28 日，蔚来的市值约为 370 亿美元，由于投资者对电动汽车股票的兴趣激增，其股价今年迄今上涨了约 7 倍。理想汽车和小鹏汽车均于 8 月左右在美国上市，希望利用飙升的估值，市值分别约为 150 亿美元和 140 亿美元。相对而言，蔚来的交易价格约为 2020 年收入的 15 倍，理想汽车的交易价格约为 12 倍，而小鹏的交易价格约为 20 倍。</blockquote></p><p> While valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.</p><p><blockquote>虽然估值肯定很高，但投资者可能会押注这些公司将继续在国内市场发展壮大，同时利用中国相对低成本的制造业以及中国的电池和汽车零部件供应商生态系统，最终在全球电动汽车领域发挥更大的作用。在这三家公司中，考虑到其稍长的业绩记录、较高的收入以及对电池更换和自动驾驶等技术的投资，蔚来可能是更安全的选择。考虑到其快速增长（由混合动力系统的采用推动）以及相对有吸引力的估值（约 2020 年收入的 12 倍），理想汽车看起来也很有吸引力。</blockquote></p><p> Electric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing in<b>Electric Vehicle Component Supplier Stocks</b>can be a good alternative to play the growth in the EV market.</p><p><blockquote>电动汽车是交通运输的未来，但选择合适的电动汽车股票可能很棘手。投资于<b>电动汽车零部件供应商库存</b>可能是推动电动汽车市场增长的一个很好的选择。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","XPEV":"小鹏集团","LI":"理想汽车","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143759096","content_text":"(June 22) EV stocks fell in morning trading. Tesla fell 0.33%, XPeng fell over 5%, NIO fell over 3%, LI fell about 2%.\n\nLi Auto, Nio, Xpeng: Chinese EV Stocks Fully Priced Following Recent Rally, Planned Rate Hikes, According To Forbes.\nThe stocks of Chinese EV players have surged over the last month, largely reversing the effects of the sell-off seen earlier this year.Nio stock(NYSE: NIO) has rallied by almost 38% over the last month, Li Auto (NASDAQ: LI) gained 45%, and Xpeng (NYSE: XPEV) surged by almost 58%. Now although the three companies posted mixed delivery figures for the month of May, with Nio and Li Auto both posting declines in their deliveries versus April, and Xpeng growing sales marginally, the sales numbers likely weren’t as bad as expected, considering the semiconductor shortage that has roiled the auto industry. In contrast, major auto players such as GM and Ford had to temporarily idle or scale back production at several plants.\nThe outlook provided by the three companies was also stronger than expected, giving investors confidence that the worst of the semiconductor shortage is likely over. Li Auto has guided to 14,500 to 15,500 deliveries for the second quarter, a sequential increase of 22% on the upper end. The company says that it is optimistic that actual numbers will exceed guidance, given that it is seeing stronger than expected orders for the upgraded version of its Li One SUV. Nio also reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver a record 8,200 vehicles in June.\nNow are the stocks a buy at current levels? While the growth outlook is certainly strong, the stocks don’t exactly appear cheap at current valuations. Nio trades at 14x forward revenue, while Li Auto trades at 9x, and Xpeng trades at about 16x. Near-term threats to EV valuations include higher inflation and recent commentary by the U.S. Federal Reserve, which is now apparently looking at two interest rate hikes in 2023, instead of 2024. This could put pressure on high-multiple, high-growth stocks, including EV names. In our analysis Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare? we compare the financial performance and valuations of the major U.S. listed Chinese electric vehicle players.\n[6/2/2021] Is The Worst Of The Semiconductor Crunch Over For Chinese EVs?\nChinese electric vehicle majorsNio (NYSE: NIO)and Xpeng (NYSE: XPEV) provided mixed delivery figures for the month of May, as they continued to be impacted by the current shortage of semiconductors. While Nio delivered a total of 6,711 vehicles in May, down 5.5% from April, Xpeng was able to grow deliveries by about 10% over the last month to 5,686 units, although the number is below peak monthly sales of 6,015 vehicles witnessed in January. Although both companies reported robust year-over-year growth numbers (2x to 6x), the sequential figures are more closely tracked for fast-growing companies.\nHowever, things are probably going to get better from here. Nio, for instance, reiterated its Q2 2021 delivery guidance of 21,000 to 22,000 vehicles, implying that it could deliver as many as 8,200 vehicles in June, a monthly record. This is likely an indicator that the global automotive semiconductor shortage is easing off, and also a sign that Nio is holding its own in the Chinese EV market, despite mounting competition. Nio stock rallied by almost 10% in Tuesday’s trading, while Xpeng’s stock was up by about 8% following the report.\nDespite the recent rally, the stocks might still be worth considering at current levels. Nio stock remains down by about 20% year-to-date while Xpeng is down by about 22%. See our analysis on Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?for an overview of the financial and valuation metrics of the three U.S. listed Chinese EV players.\n[5/21/2021] How Do Chinese EV Stocks Compare?\nU.S. listed Chinese EV players Nio (NYSE: NIO), Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) have underperformed this year, with their stocks down by roughly 30% each, since early January. So how do these stocks compare post the correction? While Nio and Xpeng remain pricier compared to Li Auto, they probably justify their higher valuation for a couple of reasons. Here is a bit more about these companies.\nOur analysis Nio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare? compares the financial performance and valuation of the major U.S. listed Chinese electric vehicle players.\nNio remains the most richly valued of the three companies, trading at about 10.5x forward revenue. Revenues are likely to grow by over 110% this year, per consensus estimates. Longer-term growth is also likely to remain strong, given the company’s wide product portfolio (it already has three models on the market), its unique innovations such as battery swapping, its global expansion plans, and investments into autonomous driving. Nio brand also has a lot more buzz, with the company viewed as the most direct rival to Tesla in China. Gross margins stood at 19.5% in Q1 2021, up from a negative 12% a year ago.\nXpeng trades at about 10x projected 2021 revenues. Sales growth is projected to be the strongest among the three companies, rising by over 150% this year, per consensus estimates. Besides its higher projected growth, investors have been assigning a premium to the company due to its progress in the autonomous driving space. Xpeng currently sells the G3 SUV and the P7 sedan and its new P5 compact sedan is likely to hit the roads later this year. Although Xpeng’s gross margins have improved, rising to about 11% over Q1, versus negative levels a year ago, they are still below Nio’s margins.\nLi Auto trades at just 6x projected 2021 revenues, the lowest of the three companies. Revenues are likely to roughly double this year, with gross margins standing at 17.5% as of Q4 2020 (the company has yet to report Q1 results). The lower valuation is likely due to the company’s focus on a single product - the Li Xiang ONE, an electric SUV that also has a small gasoline engine and also due to the fact that Li Auto is behind rivals in terms of autonomous driving tech.\n[10/30/2020] How Do Nio, Xpeng, and Li Auto Compare\nThe Chinese electric vehicle space is booming, with China-based manufacturers accounting for over 50% of global EV deliveries. Demand for EVs in China is likely to remain robust as the Chinese government wants about 25% of all new cars sold in the country to be electric by 2025, up from roughly 5% at present.[1]While Tesla is a leader in the Chinese luxury EV market driven by production at its new Shanghai facility, Nio, Xpeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) - three relatively young U.S. listed Chinese electric vehicle players, have also been gaining traction. In our analysisNio, Xpeng & Li Auto: How Do Chinese EV Stocks Compare?we compare the financial performance and valuation of the major U.S. listed Chinese electric vehicle players. Parts of the analysis are summarized below.\nOverview Of Nio, Li Auto & Xpeng’s Business\nNio, which was founded in 2014, currently offers three premium electric SUVs, ES8, ES6, and EC6, which are priced starting at about $50k. The company is working on developing self-driving technology and also offers other unique innovations such as Battery as a Service (BaaS) - which allows customers to subscribe for car batteries, rather than paying for them upfront. While the company has scaled up production, it hasn’t come without challenges, as it recalled about 5,000 vehicles last year after reports of multiple fires.\nLi Auto sells Extended-Range Electric Vehicles, which are essentially EVs that also have a small gasoline engine that can generate additional electric power for the battery. This reduces the need for EV-charging infrastructure, which is currently limited in China. The company’s hybrid strategy appears to be paying off - with its Li ONE SUV, which is priced at about $46,000 - ranking as the top-selling SUV in the new energy vehicle segment in China in September 2020. The new energy segment includes fuel cell, electric, and plug-in hybrid vehicles.\nXpeng produces and sells premium electric vehicles including the G3 SUV and the P7 four-door sedan, which are roughly positioned as rivals to Tesla’s Model Y SUV and Model 3 sedan, although they are more affordable, with the basic version of the G3 starting at about $22,000 post subsidies. The G3 SUV was among the top 3 Electric SUVs in terms of sales in China in 2019. While the company began production in late 2018, initially via a deal with an established automaker, it has started production at its own factory in the Guangdong province.\nHow Have The Deliveries, Revenues & Margins Trended\nNio delivered about 21k vehicles in 2019, up from about 11k vehicles in 2018. This compares to Xpeng which delivered about 13k vehicles in 2019 and Li Auto which delivered about 1k vehicles, considering that it began production only late last year. While Nio’s deliveries this year could approach about 40k units, Li Auto and Xpeng are likely to deliver around 25k vehicles with Li Auto seeing the highest growth. Over 2019, Nio’s Revenues stood at $1.1 billion, compared to about $40 million for Li Auto and $330 million for Xpeng. Nio’s Revenues are likely to grow 95% this year, while Xpeng’s Revenues are likely to grow by about 120%. All three companies remain deeply lossmaking as costs related to R&D and SG&A remain high relative to Revenues. Nio’s Net Margins stood at -195% in 2019, Li Auto’s margins stood at about -860% while Xpeng’s margins stood at -160%. However, margins are likely to improve sharply in 2020, as volumes pick up.\nValuation\nNio’s Market Cap stood at about $37 billion as of October 28, 2020, with its stock price rising by about 7x year-to-date due to surging investor interest in EV stocks. Li Auto and Xpeng, which were both listed in the U.S. around August as they looked to capitalize on surging valuations, have a market cap of about $15 billion and $14 billion, respectively. On a relative basis, Nio trades at about 15x projected 2020 Revenues, Li Auto trades at about 12x, while Xpeng trades at about 20x.\nWhile valuations are certainly high, investors are likely betting that these companies will continue to grow in the domestic market, while eventually playing a larger role in the global EV space leveraging China’s relatively low-cost manufacturing, and the country’s ecosystem of battery and auto parts suppliers. Of the three companies, Nio might be the safer bet, considering its slightly longer track record, higher Revenues, and investments in technology such as battery swaps and self-driving. Li Auto also looks attractive considering its rapid growth - driven by the uptake of its hybrid powertrains - and relatively attractive valuation of about 12x 2020 Revenues.\nElectric vehicles are the future of transportation, but picking the right EV stocks can be tricky. Investing inElectric Vehicle Component Supplier Stockscan be a good alternative to play the growth in the EV market.","news_type":1,"symbols_score_info":{"TSLA":0.9,"NIO":0.9,"XPEV":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":3181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
