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JC

Jeff Chung

Managing Director and Senior Equity Analyst at Citigroup Global Markets Holdings Inc.

Hong Kong

Jeff Chung is a Managing Director and Senior Equity Analyst at Citigroup, specializing in the coverage of leading Chinese electric vehicle manufacturers such as XPeng, BYD, and Nio. He has consistently delivered high-performing investment recommendations, with recent Buy ratings and upward price target revisions reflecting strong market confidence in the companies he follows. Having started his career in equity research and currently serving as a senior figure at Citigroup, Chung has provided in-depth sector expertise and market insights, particularly in the area of new energy vehicles. He holds recognized professional credentials including FINRA registration and securities licenses, positioning him as a leading analyst in the automotive and technology sectors.

Jeff Chung's questions to NIO (NIO) leadership

Question · Q2 2025

Jeff Chung from Citigroup inquired about the production capacity ramp-up and delivery targets for the ES8 and L90 models, asking if the monthly run rate could exceed 55,000 units by December. He also asked for more detail on the gross profit margin trends for the second half of the year, including specific targets for vehicle, non-vehicle, and the new models' margins.

Answer

Management, via a moderator, confirmed strong demand and outlined a plan to reach a combined monthly supply capacity of 30,000 units for the ES8 and L90 by year-end. The overall Q4 delivery target is an average of 50,000 units per month. Regarding margins, they projected the Q4 vehicle gross margin to reach 16-17%, with the L90 and ES8 models individually targeting a 20% gross margin in Q4. Other sales margin is expected to be around breakeven, excluding inconsistent revenue from technology services.

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Question · Q2 2025

Jeff Chung from Citi inquired about the capacity ramp-up and delivery targets for the ES8 and L90 models, asking if a December single-month run rate of 55,000 units or above is achievable. He also sought clarification on the second-half vehicle and non-vehicle gross profit margin trends, specifically for the L90 and ES8, and whether Q4 could achieve bottom-line break-even.

Answer

Stanley Qu, CFO, and William Li, Founder, Chairman of the Board, and CEO, through a translator, confirmed strong demand for L90 and ES8. They outlined Q4 delivery targets of 150,000 units across all three brands, with L90 capacity reaching 15,000 units/month by October and ES8 by December. They projected Q4 vehicle gross margin to be 16-17% for the group to achieve break-even, with L90 and ES8 targeting 20% gross margin. Other sales gross margin was 8.2% in Q2, with a long-term expectation of break-even or slight loss.

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Jeff Chung's questions to Hesai (HSAI) leadership

Question · Q3 2024

Jeff Chung from Citigroup asked for the normalized operating expense run-rate for 2025 and inquired about the potential impact of seasonality on margins and demand in Q1 2025 following a strong Q4.

Answer

CFO Andrew Fan projected that full-year 2024 non-GAAP OpEx would grow 10-15% over 2023's RMB 1 billion base and committed to active expense management in 2025. For Q1 2025, Fan acknowledged that it is typically a seasonally weaker quarter compared to Q4 but deferred providing specific guidance until the next earnings call.

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