Interpretation of Weilai 2021q2 financial report: revenue growth and loss narrowing / delivery of three new cars next year / new brand targeting Tesla

EV Century 2021-08-12 18:40:46 阅读数:182

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interpretation weilai 2021q2 financial report

8 month 12 Japan , Wei Lai announced 2021 year Q2 results , More information was announced on the subsequent conference call , It shows that the scale of electric vehicle market in China and the world is expanding rapidly 、 Under the background of increasingly fierce competition , The company is speeding up its development .2022 year , Velai will deliver three new models in record time , The company is also preparing to launch a new brand for the mass market , Compete with Tesla .

2021Q2 A big increase in revenue 、 Net loss narrowed

In terms of revenue ,2021 Total revenue of Weilai in the second quarter of 2013 84.48 One hundred million yuan , Year-on-year growth 127.2%, rose 5.8%. among , Car sales revenue 79.118 One hundred million yuan , Year-on-year growth 127.0%, rose 6.8%.

In terms of profit , Gross profit in the second quarter was 15.739 One hundred million yuan , Year-on-year growth 402.7%, rose 1.2%. Net profit is a loss 5.872 One hundred million yuan , fell 50.1%, Increase in chain ratio 30.2%. Excluding equity incentive expenses ,2021 Second quarter adjusted net loss ( Non US GAAP )3.358 One hundred million yuan , Year-on-year decline in 70.3%, fell 5.3%.

Gross margin , The comprehensive gross profit margin in the second quarter was 18.6%, The same period last year was 8.4%, In the first quarter of this year 19.5%. The gross profit margin of the whole vehicle is 20.3%, The same period last year was 9.7%, In the first quarter of this year 21.2%.

Wei Lai didn't explain Q2 The reason why the comprehensive gross profit margin decreased slightly month on month , It is expected to be due to the cost of sales 、 R & D expenses , And sales 、 General and administrative expenses increased more month on month . Results show that , Weilai's R & D expenses increased month on month in the second quarter of this year 28.7% to 8.8 One hundred million yuan ; sales 、 General and administrative expenses increased month on month 25.1% to 14.978 One hundred million yuan , The revenue only increased month on month in the same period 5.8%.

For the second quarter, the gross profit margin of the whole vehicle decreased month on month , Qu Yu, vice president of finance of Weilai, said there are two reasons , First, bicycles ASP falling 8000 element , Mainly ES6 The proportion of sales increased compared with the first quarter , and ES6 Of ASP And gross profit margin are relatively low . But at the same time, the average cost of a single car has also decreased 3000 element . After the two are superimposed, the gross profit per vehicle decreases by about 5000 element . meanwhile , Weilai will release three new models next year , Also updated the product development and release plan . therefore , Wei Lai from a more conservative perspective , Shorten the amortization and depreciation cycle of current products , It also leads to an increase in amortization and depreciation of single vehicles . The impact of this part on the gross profit margin of the whole vehicle in the second half of this year is about 2%.

however , What will be delivered next year is based on NT2.0 The gross margin of the whole vehicle of the platform model will be further improved . Li Bin said , Delivered in the first quarter of next year ET7 The gross profit margin will reach 25% about , This is also Weilai's long-term goal for the gross profit margin of the whole vehicle .

Cash reserve , By 2021 year 6 month 30 Japan , Cash and cash equivalents 、 Restricted cash and short-term investments are 483 One hundred million yuan .

In terms of vehicle delivery , Wei to 2021 Delivered in the second quarter of 2007 21896 platform , Record delivery , Year-on-year growth 111.9%, rose 9.2%. among ,6 Monthly delivery reached 8083 platform , First over 8000 units . however ,7 Delivery fell slightly to 7931 platform . Weilai this year 1-7 Cumulative delivery 49887 platform , More than last year's full year delivery . By 7 month 31 The daily cumulative delivery volume reaches 125528 platform .

For delivery in the third quarter , Weilai is expected to reach 2.3 ten thousand -2.5 Ten thousand units , Year-on-year growth 88.4%-104.8%, rose 5.0%-14.2%. The corresponding estimated total revenue is 89.13 Billion -96.311 One hundred million yuan , Year on year growth of about 96.9%-112.8%, The month on month growth is about 5.5%-14.0%.

however , Li Bin said , The third quarter will be affected by a relatively large supply chain , Because the recent epidemic in China has a great impact . Wei Lai didn't explain 7 The reason for the slight month on month decline in sales in January , It may be related to the tension of the supply chain . According to the lower limit of the third quarter delivery guidelines ,8 The month and 9 The average monthly delivery is 7500 platform .

2022 Three new models will be delivered in

For whatever reason , In the past few months, ideal automobile and Xiaopeng automobile have maintained month on month growth in delivery , Wei to 7 The month on month decline in delivery is very noteworthy .

In order to cope with the fierce market competition ,2022 Year begins , Weilai will accelerate the launch of new products , Three new models will be delivered next year , among , The first flagship car ET7 It will be delivered in the first quarter of next year , There are two other models with ET7 It's also based on NT2.0 The new models developed by the platform will also be delivered within next year , The exact time is not known . Li Bin said , The price of one of the three new models to be delivered next year will be lower than that of Weilai currently on sale ES8、ES6 and EC6.

Wei Lai did not disclose more information about the other two new models , There have been reports , One of them is a car ET5, The other is SUV models ES7.

This pace is significantly faster than the speed of Weilai's introduction of new products in previous years .2018 Years and 2019 Nian Weilai only delivered ES8 and ES6 A new car ,2020 Strictly speaking, only one new model was delivered in EC6(2020 paragraph ES8 It's a modified model ).

In order to do a good job in the release and delivery of three models next year , From the third quarter of this year , Weilai's R & D expenses will increase significantly . The company plans to spend... This year 50 Billion yuan of R & D expenses , Expenditure in the first half of the year was about 15 One hundred million yuan , The expenditure in the second half of the year will be about 35 One hundred million yuan . By the end of this year , The size of all R & D personnel will be about twice that at the beginning of this year .

Other than vehicle research and development , R & D investment in the field of automatic driving is also increasing significantly . at present , Weilai's R & D personnel related to automatic driving are about 500 people , It will increase to... By the end of this year 800 people .

Wei Lai represents his new generation of automatic driving system NAD(NIO Autonomous Driving) The development of is progressing smoothly , It will go beyond the mainstream autopilot experience in the market. , Leading the development of automatic driving technology in the industry . be based on NT2.0 New models of will apply NAD technology , Equipped with a high-definition camera and ultra long-distance high-precision lidar, Weilai super sensing system Aquila, And equipped with four NVIDIA NVIDIA DRIVE Orin chip , Up to 1016TOPS Weilai supercomputing platform Adam. Weilai's full stack automatic driving technology will gradually realize high-speed 、 city proper 、 Parking 、 Easy and safe point-to-point automatic driving experience in scenarios such as power on .

In addition to increasing R & D investment , Weilai also said that in the second half of this year, it will increase investment in the construction of charging and changing electricity and sales service network , Make full preparations for the delivery of three new products next year .

Aim at Tesla Enter the mass market through new brands

The delivery volume of one ideal car model is equivalent to the delivery volume of three Weilai models , Except ideal ONE Our incremental electric technology solution can compete for more customers from the traditional fuel vehicle market , The relatively low selling price is also the main factor . Weilai wants to expand its market share , You have to enter a larger mass market . Weilai's plan is to open up the mass market by creating a new brand , At present, a core team has been established .

About the market positioning of the new brand , Li Bin said , Weilai brand is similar to the new mass market brand Audi - The public 、 lexus - Toyota's relationship , Hope to pass the new brand , Provide better products and services at a lower price than Tesla . He pointed out in particular that , The new brand will not enter Wuling MINI EV Market segments , Because Wuling has done well .

at present , The lower limit of the price range of the three models of Weilai is 35 Ten thousand yuan , Three models to be launched next year NIO The price of one of the brand new cars will be lower than 35 Ten thousand yuan , It is expected that it is possible to explore 30 Ten thousand yuan . that , The price range of new brands for the mass market may be in 20-30 Ten thousand yuan between .

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