The market value of new energy vehicles continues to skyrocket!
On October 14, US time, the three major US stock indexes closed down collectively, but new energy auto stocks strengthened. The market found that as of the close of the market on Wednesday, the share price of NIO, a new car maker, soared 22.57% to close at US$26.5, corresponding to a market value of US$33.40 billion (approximately RMB 224.5 billion), a record high.
In addition, the share prices of Xiaopeng Motors and Ideal Motors, which are also listed on the U.S. stocks, also rose 12.27% and 6.95% on the same day, and the corresponding market values were US$15.87 billion and US$17.38 billion.
According to foreign media reports, on Wednesday, U.S. time, the market value of Weilai Automobile reached 240.8 billion yuan, surpassing SAIC, which has a market value of approximately 239.5 billion yuan, and became the second-highest market value of Chinese automakers.
Up to now, NIO and SAIC are not far behind, and BYD still occupies the throne of China's highest market value vehicle company, corresponding to a market value of 364.7 billion yuan.
It is worth noting that the market value of Weilai Automobile has been ranked No. 2 very quickly. As early as the second half of 2019, the entire Wall Street was not optimistic about it. Weilai Auto's stock price once hovered at US$2 and US$3, and it was quoted at US$1.19 at the lowest point, and it was even in a delisting crisis.
At the end of May this year, its stock was only quoted at $3.4 per share. Many people say that the stock price of Weilai Automobile has risen mostly because it is favored by institutions. It is understood that many institutions have recently upgraded the rating of NIO. JPMorgan Chase has upgraded NIO's ADR rating from "Neutral" to "Overweight" and gave it a $40 target price. Citigroup also upgraded NIO's ADR rating from "Neutral" to Buy.
Li Xuan, a senior analyst at Haitong Securities and Transportation, believes that the ratings of Weilai Automobile and other foreign institutions have a certain impact on the stock price. "There are only 10 overseas investment banks, and there will be a certain degree of positive feedback in a report and rating, but in the long run, the impact of analysts will not be greater than the change in the company's own quality fundamentals."
So can the performance and development of new energy vehicles such as Weilai Automobile support the valuation given by the market?
In terms of performance, in September, Weilai Automobile delivered a total of 4,708 vehicles, an increase of 133.2% year-on-year, a record monthly delivery volume; in the first three quarters, Weilai Automobile delivered 26,375 vehicles, which has exceeded the level of last year.
Ideal Motors and Xiaopeng Motors also handed in a good report card. The former delivered 3504 new cars in September, 8660 in the third quarter, and a total of 18,160 in the first September; the latter delivered 3,478 in September, an increase of 145% from the same period last year, and the third quarter delivered 8,578, an increase of 266%. A record quarterly delivery volume.
It is worth noting that among the three new car-making forces that have been on the market, profits have not yet been realized. In the first half of this year, Weilai Automobile’s revenue in the second quarter was 3.72 billion yuan, much higher than the 1.508 billion yuan in the same period last year, and its losses were also significantly reduced compared with the same period last year.
Li Xuan, a senior analyst at Haitong Securities and Transportation, told the market circles that stocks are mostly rising with the trend, and the trend of electric vehicles is now improving. Recently, the production and sales in Europe and the United States are good.
In his view, on the one hand, the development of new energy vehicles is a major trend. At present, the first echelon is mainly the Tesla family, and the second echelon is a few new car-making forces in China. On the other hand, stocks are sometimes synchronized with the fundamentals, and sometimes they deviate. This divergence may be far below the fundamentals, and sometimes completely beyond the fundamentals. At present, the market value of new automakers such as Weilai is mostly overestimated.
Li Xuan also believes that under the current macro background, more funds are pouring into fields such as technology stocks and new energy representing future trends, such as new energy vehicles. "But trend investment, once the monthly sales are not good or other things happen, it will definitely turn around."
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