蔚来(NIO.US)首次覆盖报告给予“谨慎增持”评级蔚来在未来
机构：国泰君安
评级：谨慎增持
本报告导读：
ES6 的陆续交付为公司带来新增长点。区别于传统汽车生产、销售、服务各环节，蔚来以全新模式推进新能源汽车发展。
摘要：
首次覆盖。给予公司“谨慎增持”评级。蔚来汽车采用定制化生产模式满足了客户不同类型要求，同时减轻企业资金成本压力。一站式体验店区别于传统4S店销售模式。新公司打造新模式带来新期待。我们预计公司2019~2021年收入分别为93亿元、107亿元、118亿元，同比增速为+65%、+15%、+10%，2019~2021年净利润分别为-103亿元、-59亿元、-23亿元，因公司短期内无法实现盈利，我们给予公司“谨慎增持”评级。
公司是互联网造车新势力，聚焦智能互联的高端电动汽车。
蔚来以电动赛车起家，具有一流的电动动力总成技术，可提供卓越的加速性能；公司开发了领先的NIO Pilot ADAS自动辅助驾驶系统和NOMI人工智能助手，并已大规模应用。区别于传统汽车及4S店销售模式，蔚来汽车打造一站式全面服务：公司以汽车为核心，通过连接汽车、智能设备（手机、充电桩等），服务提供商和用户，以实现更高效和创新的用户体验，打造差异化竞争路线。
7座车细分市场寻求突破，打造差异化竞争。根据机动车交强险数据，蔚来主打车型ES82018年全年上险11404辆，位列国内新一代新能源车车企销量榜首，同时售价也是竞品SUV中最高的，说明ES8的主要竞争对手并不是国内的新一代新能源车车企。7座SUV及MPV整体销量不及5座SUV，说明市场需求仍向五座SUV倾斜，凭借着优秀的产品力，蔚来新五座SUVES6的表现更值得期待。
催化剂：销量爬坡可观，公司服务创新的模式带来利润增长点。
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