Niu Technologies NIU announced its fourth-quarter and full-year 2023 sales volume results. The China-based electric scooter company sold 137,476 units of e-motorcycles, e-mopeds, e-bicycles, kick-scooters and e-bikes in the quarter, down from 138,279 units sold in the corresponding quarter of 2022.
In the fourth quarter of 2023, the electric scooter company sold 110,454 units in the domestic market, down from 118,065 units in the fourth quarter of 2022.
The current economic environment in China, along with cyclical fourth-quarter weakness, was to blame for the downward trend in sales volume. However, the company’s new products continued to perform well. Niu’s mass-premium products contributed to 75% of the total domestic sales volume, up from 39% during the fourth quarter of 2022.
In international markets, Niu sold 27,022 units in the fourth quarter of 2023, up from 20,214 units in the corresponding quarter of 2022. Its strategic efforts to expand its retail partnerships in the previous quarters have come to fruition, with retail sales exceeding 80% of the total micro-mobility sales volume, representing a significant rise from 46% in the fourth quarter of 2022. Its kick-scooter segment is also gaining momentum.
In 2023, Niu sold 709,802 units, down from 831,593 units sold in 2022. In China and international markets, it sold 600,994 and 108,808 units, respectively.
Apart from vehicle sales, NIU also generates revenues from sales of accessories, spare parts and services.
Zacks Rank & Key Picks
NIU currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the auto space are Volvo VLVLY, NIO Inc. NIO and Toyota Motor Corporation TM. While VLVLY sports a Zacks Rank #1 (Strong Buy) at present, NIO and TM each carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings suggests year-over-year growth of 4.2% and 73.1%, respectively. The EPS estimates for 2023 and 2024 have improved by 4 cents and 3 cents, respectively, in the past seven days.
The Zacks Consensus Estimate for NIO’s 2023 sales indicates year-over-year growth of 11.8%. The EPS estimates for 2023 and 2024 have improved by 2 cents each in the past 30 days.
The Zacks Consensus Estimate for TM’s 2024 sales and earnings implies year-over-year growth of 12.4% and 45.4%, respectively. The EPS estimates for 2024 and 2025 have moved up $1.98 and 5 cents, respectively, in the past 60 days.
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