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yongye
2021-11-30
看好小鹏
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yongye
2021-05-28
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yongye
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10:44","market":"us","language":"zh","title":"详解“蔚小理”三季报：造车新势力分出高下了吗？","url":"https://stock-news.laohu8.com/highlight/detail?id=1113182760","media":"每日经济新闻","summary":"从结果看，三家造车新势力都呈现出营收增长、毛利转好的态势。","content":"<div>\n<p>记者丨孙磊\n11月29日，理想汽车（LI；02015.HK）公布2021财年第三季度未经审计财务数据。至此，“蔚小理”（蔚来汽车、小鹏汽车、理想汽车）今年第三季度成绩单均已“出炉”。从结果看，三家造车新势力都呈现出营收增长、毛利转好的态势。\n财报数据显示，2021年第三季度，蔚来汽车（NIO）营收98.05亿元，同比增长116.6%；理想汽车营收77.80亿元，同比增长209.7%%；小鹏汽车（...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/k1gJ5adjClA65Wusea44Jg\">Web Link</a>\n\n</div>\n","source":"mrjjxw","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>详解“蔚小理”三季报：造车新势力分出高下了吗？</title>\n<style 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n详解“蔚小理”三季报：造车新势力分出高下了吗？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-30 10:44 北京时间 <a href=https://mp.weixin.qq.com/s/k1gJ5adjClA65Wusea44Jg><strong>每日经济新闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>记者丨孙磊\n11月29日，理想汽车（LI；02015.HK）公布2021财年第三季度未经审计财务数据。至此，“蔚小理”（蔚来汽车、小鹏汽车、理想汽车）今年第三季度成绩单均已“出炉”。从结果看，三家造车新势力都呈现出营收增长、毛利转好的态势。\n财报数据显示，2021年第三季度，蔚来汽车（NIO）营收98.05亿元，同比增长116.6%；理想汽车营收77.80亿元，同比增长209.7%%；小鹏汽车（...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/k1gJ5adjClA65Wusea44Jg\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ccf08a65163213fb22b4f94f7fb404e8","relate_stocks":{"NIO":"蔚来","LI":"理想汽车","XPEV":"小鹏汽车"},"source_url":"https://mp.weixin.qq.com/s/k1gJ5adjClA65Wusea44Jg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113182760","content_text":"记者丨孙磊\n11月29日，理想汽车（LI；02015.HK）公布2021财年第三季度未经审计财务数据。至此，“蔚小理”（蔚来汽车、小鹏汽车、理想汽车）今年第三季度成绩单均已“出炉”。从结果看，三家造车新势力都呈现出营收增长、毛利转好的态势。\n财报数据显示，2021年第三季度，蔚来汽车（NIO）营收98.05亿元，同比增长116.6%；理想汽车营收77.80亿元，同比增长209.7%%；小鹏汽车（XPEV；09868.HK）营收57.20亿元，同比增长187.4%。其中，理想汽车第三季度营收增速实现领跑。\n制表：每经记者 孙磊\n但需要注意的是，三家造车新势力目前仍未实现“自我造血”，均处于亏损状态，但各自表现呈分化态势。其中，理想汽车第三季度净亏损为2150万元，同比减亏79.9%，环比减亏90.9%；蔚来汽车同期净亏损8.35亿元，同比减亏20.2%，环比增亏42.3%；小鹏汽车同期净亏损15.90亿元，同比、环比亏损幅度进一步扩大。\n截至美东时间11月29日收盘，上述三家造车新势力美股股价均有不同程度增长。其中，蔚来汽车股价上涨1.18%，报40.46美元/股；理想汽车股价上涨6.42%，股价报34.48美元/股；小鹏汽车股价上涨0.51%，股价报51.37美元/股。\n1\n蔚来领跑营收 理想领衔毛利率\n小鹏交付量最高\n从营收规模上看，蔚来汽车仍在“蔚小理”中处于领先位置，但其今年第三季度交付量却为三者中最低。根据上述三家造车新势力公布的交付数据，蔚来汽车、理想汽车、小鹏汽车在今年第三季度分别交付约2.44万辆、2.57万辆和2.51万辆新车，均实现同比大幅增长。\n制表：每经记者 孙磊\n官方数据显示，蔚来汽车8月交付量为5880辆。对此，蔚来汽车方面表示，由于8月南京的疫情，导致ES6、EC6的A、B柱内饰板单一供应商处于高风险区，工厂只能停产。同时，马来西亚疫情也影响了芯片供应。\n整体来看，蔚来汽车、理想汽车和小鹏汽车今年第三季度交付量已分别达到各自去年交付总量的约55.84%、76.99%和95.19%。而随着规模效应逐渐显现，“蔚小理”今年第三季度的毛利润和毛利率同比均呈现不同程度增长。\n财报数据显示，蔚来汽车今年第三季度毛利润约为20.1亿元，同比大幅增长，超2021年前两个季度毛利润之和。同时，其综合毛利率自2020年由负转正后整体保持稳定，达到20.50%，较去年同期大幅增长，创历史新高。\n制表：每经记者 孙磊\n理想汽车方面，其第三季度毛利润虽不及蔚来汽车，但毛利率却领跑三家造车新势力。财报数据显示，理想汽车第三季度毛利润为18.13亿元，同样超2021年前两个季度毛利润之和；同期毛利率为23.3%，为历史新高。\n“随着5月份2021款理想ONE的成功推出，我们在第三季度取得强劲业绩，收入同比增长209.7%，车辆毛利率达到21.1%，经营现金流实现21.7亿元的历史新高。受本季度新能源汽车积分销售的进一步推动，我们的毛利率达到23.3%。”理想汽车首席财务官李铁说。\n制表：每经记者 孙磊\n相比之下，今年第三季度交付量最高的小鹏汽车，其毛利润和毛利率为三家造车新势力中最低，分别为8.24亿元和14.4%。有分析认为，相比蔚来汽车和理想汽车，小鹏汽车单车售价偏低，是其在毛利润和毛利率方面并不占优的一大原因。\n对比其他季度数据来看，小鹏汽车营收、毛利等财务数据依旧保持稳步增长态势。值得一提的是，在今年广州车展上，小鹏汽车第四款量产车小鹏G9正式亮相。新车定位为中大型纯电SUV，为小鹏汽车旗舰车型。有观点认为，小鹏汽车推出G9这样售价较高的产品或将提升其盈利能力。\n展望第四季度，蔚来汽车预计交付2.35万~2.55万辆产品；理想汽车预计交付3.00万~3.20万辆理想ONE，营收为88.20亿~94.10亿元；小鹏汽车给出的预计交付量约为3.45万~3.65万辆，营收为71.00亿~75.00亿元。\n2\n亏损之下仍大力投入研发\n从财报来看，尽管三家造车新势力的毛利润和毛利率都为正，营收也实现不同程度的增长，但“蔚小理”仍未走到盈利临界点，尚处于亏损状态。数据显示，今年第三季度，蔚来汽车、理想汽车和小鹏汽车净亏损分别为8.35亿元、2150万元和15.90亿元。\n对于增收也增亏的现象，蔚来汽车解释称，这主要是因为今年公司将大量的工作重心放在了研发以及服务网络体系建设方面。小鹏汽车的亏损则是研发人员增加导致雇员薪酬增加、以及与新车型G9、P5研发及支持未来增长的相关软件技术开发有关的开支增加所致。\n图片来源：每日经济新闻 资料图\n此前小鹏汽车副董事长、总裁顾宏地在二季度电话会议上表示，公司筹集资金将主要用于研发和市场的扩张。今年小鹏汽车会加快使用研发费用，全年的研发支出会达到40亿元。另外，小鹏汽车还会增加市场营销费用和基础设施、品牌建设的费用，以及充电设备的费用。\n蔚来汽车创始人、董事长、CEO李斌则透露，预计蔚来汽车今年的研发支出为50亿元，年底研发团队的规模将扩充为年初的两倍。理想汽车也表示今年的研发费用将达到至少30亿元。随着在自动驾驶和新车型方面的投入越来越多，预计在未来3年内，理想汽车的研发费用将达到每年60亿元。\n研发投入提升背后，三家造车新势力都在加快产品上新的步伐。“蔚来ET7已经在9月正式下线，同时基于NT2.0平台打造的另外两款新车型的开发工作也在按计划开展，预计于明年下半年开始陆续交付给用户。”李斌说。\n理想汽车则计划在2022年推出X平台上的首款产品——全尺寸豪华增程式电动SUV，并于2023年在X平台上推出另外两款SUV。《每日经济新闻》记者了解到，理想汽车全尺寸豪华增程式电动SUV将于明年第二季度发布、第三季度交付。此外，自2023年起，理想汽车计划每年至少推出两款高压纯电动车型。\n除小鹏G9外，小鹏汽车同样有多款新车的打造计划。“从2023年开始，我们计划每年至少推出2~3款新车型，新车型将同时支持国际市场，无论是硬件、软件还是服务。”小鹏汽车董事长、CEO何小鹏表示，“我们在中国市场的主力价格区间也会从15万~30万元提升到15万~40万元。”\n何小鹏此前曾告诉记者：“在造车新势力的竞争格局进入‘战国时代’后，每家公司都在致力于储备更多‘粮草’。新造车企业在发展初期（0~1阶段）需要约200亿元，企业在长远的发展阶段（1~100阶段）则需要超300亿元。”\n财报数据显示，截至今年9月30日，蔚来汽车、理想汽车、小鹏汽车现金储备分别达约470亿元、488.3亿元、453.6亿元。由此可见，为应对未来持续的高投资，三家造车新势力已经为下一阶段的竞争贮备“粮草”。","news_type":1},"isVote":1,"tweetType":1,"viewCount":727,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":135724191,"gmtCreate":1622187022513,"gmtModify":1622187022513,"author":{"id":"3490338067057024","authorId":"3490338067057024","authorIdStr":"3490338067057024","name":"yongye","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3490338067057024"},"themes":[],"htmlText":"一直半死不活的价钱 ","listText":"一直半死不活的价钱 ","text":"一直半死不活的价钱","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/135724191","repostId":"2138633511","repostType":2,"repost":{"id":"2138633511","pubTimestamp":1621923983,"share":"https://www.laohu8.com/m/news/2138633511?lang=&edition=full","pubTime":"2021-05-25 14:26","market":"hk","language":"zh","title":"中信证券：维持中芯国际(00981)“买入”评级 目标价39.4港元","url":"https://stock-news.laohu8.com/highlight/detail?id=2138633511","media":"智通财经","summary":"智通财经APP获悉，中信证券发布研究报告称，维持中芯国际“买入”评级，目标价39.4港元。该行表示，公司8英寸扩产驱动收入环比增10%，12英寸ASP上涨驱动收入环比增20%。中信证券称，一季度资本开支受许可证制约，预计后续扩产快速推进，全年收入有望持续环比增长。中信证券上调其2021~23年净利润预测至11.05亿/8.23亿/9.08亿美元，对应2021~23年EPS预测为1.09/0.81/0.9港元，每股净资产15.76/16.58/17.49港元。","content":"<html><body><p>智通财经APP获悉，<a href=\"https://laohu8.com/S/600030\">中信证券</a>发布研究报告称，维持<a href=\"https://laohu8.com/S/SMI\">中芯国际</a>(00981)“买入”评级，目标价39.4港元。</p><p>报告中称，公司一季度收入、毛利率好于指引，二季度指引超预期。公司21Q1收入11.04亿美元，环比增12.5%，同比增22%，好于公司指引(指引为环比提升7%~9%);毛利率22.66%，环比增4.65pcts，好于公司指引(17%~19%);在行业缺货背景下，公司需求旺盛并提升运营效率，产能利用率达到98.7%，环比增3.2pcts;晶圆平均售价提升4.7%，达到646美元。公司指引21Q2收入环比增17%~19%，收入中值达到13亿美元，毛利率指引25%~27%，均超过此前市场预期。</p><p>该行表示，公司8英寸扩产驱动收入环比增10%，12英寸ASP上涨驱动收入环比增20%。收入拆分来看，公司披露一季度新增2万片/月等效8英寸产能，主要由8英寸晶圆厂产能扩充所致。假设本季度2万片/月新增产能均为8英寸晶圆，该行测算，一季度8英寸产能环比增幅约8.5%，ASP增幅约1.2%，收入增幅约9.8%;12英寸收入增幅约20%，主要来自ASP增加。8英寸主要产品中包括了北美大客户PMIC等产品，该行认为由于客户长期合作且相对集中，其价格涨幅或相对有限;12英寸方面，ASP增长可能来自产品组合调整、单价上涨等多方面因素，晶圆单价较高的28/14nm收入环比增59%，在多款NTO(新流片)项目导入状况下，产能利用有明显改善，40/45nm收入环比增27%，55/65nm收入环比增11.2%。</p><p><a href=\"https://laohu8.com/S/06030\">中信证券</a>称，一季度资本开支受许可证制约，预计后续扩产快速推进，全年收入有望持续环比增长。资本开支方面，公司21Q1资本开支为5.34亿美元，相比上季度13.33亿美元下降。公司维持全年资本开支计划43亿美元，大部分用于成熟工艺扩产，小部分用于先进工艺、北京新合资项目(中芯京城)土建及其他。该行预计二季度公司资本开支有望大幅增加。展望全年，公司的新产能释放将主要集中于下半年，该行预计受到扩产和涨价的双重影响，公司全年收入有望逐季环比增长，此外公司出售中芯长电事项有望带来额外4亿美元左右投资收益。</p><p>该行预计，公司将持续受益国产替代、下游保持景气，2021年趋势向好;由于行业缺货下的旺盛需求和价格上涨，预计2021年公司收入、毛利率均好于此前预期。此外，公司新增出售中芯长电事项带来额外投资收益，未来政府项目资金有望持续。中信证券上调其2021~23年净利润预测至11.05亿/8.23亿/9.08亿美元(原预测4.87亿/5.53亿/7.28亿美元)，对应2021~23年EPS预测为1.09/0.81/0.9港元，每股净资产15.76/16.58/17.49港元。</p></body></html>","source":"stock_zhitongcaijing","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>中信证券：维持中芯国际(00981)“买入”评级 目标价39.4港元</title>\n<style 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margin: 0;line-height: 11px;}\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\">\n中信证券：维持中芯国际(00981)“买入”评级 目标价39.4港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-25 14:26 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/481114.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中信证券发布研究报告称，维持中芯国际(00981)“买入”评级，目标价39.4港元。报告中称，公司一季度收入、毛利率好于指引，二季度指引超预期。公司21Q1收入11.04亿美元，环比增12.5%，同比增22%，好于公司指引(指引为环比提升7%~9%);毛利率22.66%，环比增4.65pcts，好于公司指引(17%~19%);在行业缺货背景下，公司需求旺盛并提升运营效率，产能...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/481114.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"688981":"中芯国际","00981":"中芯国际","SMI":"VanEck HIP Sustainable Muni ETF"},"source_url":"http://www.zhitongcaijing.com/content/detail/481114.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138633511","content_text":"智通财经APP获悉，中信证券发布研究报告称，维持中芯国际(00981)“买入”评级，目标价39.4港元。报告中称，公司一季度收入、毛利率好于指引，二季度指引超预期。公司21Q1收入11.04亿美元，环比增12.5%，同比增22%，好于公司指引(指引为环比提升7%~9%);毛利率22.66%，环比增4.65pcts，好于公司指引(17%~19%);在行业缺货背景下，公司需求旺盛并提升运营效率，产能利用率达到98.7%，环比增3.2pcts;晶圆平均售价提升4.7%，达到646美元。公司指引21Q2收入环比增17%~19%，收入中值达到13亿美元，毛利率指引25%~27%，均超过此前市场预期。该行表示，公司8英寸扩产驱动收入环比增10%，12英寸ASP上涨驱动收入环比增20%。收入拆分来看，公司披露一季度新增2万片/月等效8英寸产能，主要由8英寸晶圆厂产能扩充所致。假设本季度2万片/月新增产能均为8英寸晶圆，该行测算，一季度8英寸产能环比增幅约8.5%，ASP增幅约1.2%，收入增幅约9.8%;12英寸收入增幅约20%，主要来自ASP增加。8英寸主要产品中包括了北美大客户PMIC等产品，该行认为由于客户长期合作且相对集中，其价格涨幅或相对有限;12英寸方面，ASP增长可能来自产品组合调整、单价上涨等多方面因素，晶圆单价较高的28/14nm收入环比增59%，在多款NTO(新流片)项目导入状况下，产能利用有明显改善，40/45nm收入环比增27%，55/65nm收入环比增11.2%。中信证券称，一季度资本开支受许可证制约，预计后续扩产快速推进，全年收入有望持续环比增长。资本开支方面，公司21Q1资本开支为5.34亿美元，相比上季度13.33亿美元下降。公司维持全年资本开支计划43亿美元，大部分用于成熟工艺扩产，小部分用于先进工艺、北京新合资项目(中芯京城)土建及其他。该行预计二季度公司资本开支有望大幅增加。展望全年，公司的新产能释放将主要集中于下半年，该行预计受到扩产和涨价的双重影响，公司全年收入有望逐季环比增长，此外公司出售中芯长电事项有望带来额外4亿美元左右投资收益。该行预计，公司将持续受益国产替代、下游保持景气，2021年趋势向好;由于行业缺货下的旺盛需求和价格上涨，预计2021年公司收入、毛利率均好于此前预期。此外，公司新增出售中芯长电事项带来额外投资收益，未来政府项目资金有望持续。中信证券上调其2021~23年净利润预测至11.05亿/8.23亿/9.08亿美元(原预测4.87亿/5.53亿/7.28亿美元)，对应2021~23年EPS预测为1.09/0.81/0.9港元，每股净资产15.76/16.58/17.49港元。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":361488405,"gmtCreate":1614254849407,"gmtModify":1614257294807,"author":{"id":"3490338067057024","authorId":"3490338067057024","authorIdStr":"3490338067057024","name":"yongye","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3490338067057024"},"themes":[],"htmlText":"<a 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