Niu Technologies (NASDAQ: NIU)

Sector: Consumer Cyclical Industry: Auto Manufacturers CIK: 0001744781
Market Cap 269.90 Mn
P/B 1.94
P/E -80.69
P/S 0.43
ROIC (Qtr) -42.61
Div Yield % 0.00
Rev 1y % (Qtr) 65.44
Total Debt (Qtr) 62.46 Mn
Debt/Equity (Qtr) 0.45
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About

Niu Technologies, a company listed on the NASDAQ stock exchange under the symbol NIU, is a prominent player in the global electric vehicle market. The company was founded in 2014 and specializes in the design, manufacture, and sale of high-performance electric motorcycles, mopeds, bicycles, and kick-scooters. Niu Technologies operates in the electric vehicle industry, with a focus on providing eco-friendly transportation solutions for urban commuters. The company has established a significant market share in China and has also expanded its operations...

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Investment thesis

Bull case

  • Healthy cash reserves of 182.92M provide 2.96x coverage of short-term debt 61.80M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 476.63M provides 7.63x coverage of total debt 62.46M, indicating robust asset backing and low credit risk.
  • Tangible assets of 476.63M provide exceptional 36.53x coverage of deferred revenue 13.05M, showing strong service capability backing.
  • Robust tangible asset base of 476.63M provides 6.96x coverage of working capital 68.44M, indicating strong operational backing.
  • Tangible assets of 476.63M provide robust 5.34x coverage of other current liabilities 89.19M, indicating strong asset backing.

Bear case

  • Investment activities of 0 provide weak support for R&D spending of 22.16M, which is 0x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of 0 provides insufficient coverage of deferred revenue obligations of 13.05M, which is 0x, raising concerns about future service delivery capabilities.
  • Operating cash flow of 0 provides minimal -0x coverage of tax expenses of (3.48M), suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Short-term investments of 69.32M represent 1.01x of working capital 68.44M, suggesting potentially excessive financial asset allocation versus operational needs.
  • Short-term investments of 69.32M exceed receivables of 9.06M by 7.65x, indicating potentially inefficient capital allocation given collection cycle needs.

Consolidated Entities Breakdown of Revenue (2024)

Concentration Risk Type Breakdown of Revenue (2024)

Peer comparison

Companies in the Auto Manufacturers
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 TSLA Tesla, Inc. 1,320.28 Bn 347.99 13.92 8.38 Bn
2 TM Toyota Motor Corp/ 319.29 Bn 13.45 0.99 293.92 Bn
3 GM General Motors Co 77.56 Bn 24.39 0.42 130.28 Bn
4 RACE Ferrari N.V. 66.95 Bn 35.53 8.04 3.38 Bn
5 F Ford Motor Co 56.20 Bn 7.14 0.35 163.34 Bn
6 HMC Honda Motor Co Ltd 41.25 Bn 12.95 0.30 88.85 Bn
7 STLA Stellantis N.V. 24.00 Bn -8.53 0.14 -
8 RIVN Rivian Automotive, Inc. / DE 19.56 Bn -5.36 3.63 4.99 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets -0.14 1.21
EV to Cash from Ops. EV/CFO -9.43 3.90
EV to Debt EV to Debt -1.08 29.88
EV to EBIT EV/EBIT 11.27 12.72
EV to EBITDA EV/EBITDA 4.02 8.45
EV to Free Cash Flow [EV/FCF] EV/FCF 7.31 10.17
EV to Market Cap EV to Market Cap -0.25 308,127.46
EV to Revenue EV/Rev -0.11 11.91
Price to Book Value [P/B] P/B 1.94 3.20
Price to Earnings [P/E] P/E -80.69 12.53
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.42
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 2.47
Dividend per Basic Share Div per Share (Qtr) 0.00 0.36
FCF Dividend Payout Ratio % FCF Dividend Payout Ratio % 0.00 2.50
Interest Coverage Int. cover (Qtr) -7.21 8.29
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % 0.00 -57.61
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 36.58 59.50
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.34
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 91.52 -1,066.49
EBITDA Growth (1y) % EBITDA Growth (1y) % 0.00 -19.23
EBIT Growth (1y) % EBIT 1y % (Qtr) 84.44 -1,024.45
EBT Growth (1y) % EBT 1y % (Qtr) 82.59 -231.75
EPS Growth (1y) % EPS 1y % (Qtr) 90.62 -70.11
FCF Growth (1y) % FCF Growth (1y) % 0.00 -16.56
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 72.72 -5.98
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.18 0.34
Cash Payout Ratio Cash Payout Ratio 0.00 0.03
Cash Ratio Cash Ratio (Qtr) 0.55 0.37
Current Ratio Curr Ratio (Qtr) 1.21 1.19
Debt to Equity Ratio Debt/Equity (Qtr) 0.45 1.05
Interest Cover Ratio Int Coverage (Qtr) -7.21 8.29
Times Interest Earned Times Interest Earned (Qtr) -7.21 8.29
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % 0.00 -2,590.34
EBIT Margin % EBIT Margin % (Qtr) -6.83 -104,390.42
EBT Margin % EBT Margin % (Qtr) -1.09 -3,158.64
Gross Margin % Gross Margin % (Qtr) 18.90 -649.03
Net Profit Margin % Net Margin % (Qtr) -0.50 -3,160.67