“Q3 Increase R & D expenses ”“ Enter the mass market through new brands ”“ Three new models will be delivered next year ”…… Compared with previous achievements , Weilai's financial performance in the second quarter of this year was not too bright , But in 8 month 12 The morning of , Wei Lai's nearly two-hour earnings conference call , Founder of Weilai 、 Chairman and CEO Li Bin revealed that there was a lot of dry goods .
This earnings conference about answers and more reverie , Almost to Wei Lai's car 2021 Set the tone in —— A year to lay the foundation for next year and even longer-term development . This year will undoubtedly remain crucial .
Q2 Still losing money , But better than expected
Results show that , Wei to 2021 The total revenue in the second quarter of the fiscal year was RMB 84.5 One hundred million yuan , Year-on-year growth 127.2%, rose 5.8%; Gross margin , The gross profit margin of the whole vehicle is 20.3%, The comprehensive gross profit rate is 18.6%, Among them, the gross profit margin of automobile decreased slightly on a ring basis , But the overall stability .
Weilai's net loss in the second quarter was 5.872 RMB 100 million , Although it decreased year-on-year 50.1%, But it increased month on month 30.2%. The net loss attributable to the common shareholders of the company is 6.593 One hundred million yuan , Still not profitable , But better than the market expected 8.61 Loss of 100 million yuan , Decrease compared with the same period of last year 45.4%, fell 86.5%.
The reason for the month on month increase in net loss , Maybe it's related to the rise in selling expenses . Results show that , The sales and management expenses of Weilai in the second quarter were 14.978 RMB 100 million , Year-on-year growth 59.9%.
The month on month increase in sales and administrative expenses was mainly due to marketing 、 Increase in promotional activities and professional services . It is directly proportional to the cost of sales , Weilai's delivery volume also increased in the second quarter , Year-on-year growth 111.9% The best 21896 car , rose 9.2%, These include 4433 car ES8、9935 car ES6 as well as 7528 car EC6. The increase of delivery volume supports its gross profit margin of the whole vehicle to a certain extent .
There are two reasons for the slight decline in gross profit margin . The first is a bike ASP Declined 8000 element , Mainly due to ES6 The proportion of sales increased compared with the first quarter , and ES6 Of ASP And gross profit margin are relatively low . meanwhile , The average cost of a bicycle has also decreased 3000 element . The two are superimposed , Weilai's bike gross profit decreased by about 5000 element .
There are no new cars in the second half of the year , Releasing capacity is the key
The outlook for the third quarter , Forecast by Wei Lai , Vehicle deliveries will reach 2.3 Wan to 2.5 Between ten thousand , Year-on-year growth 88.4%~104.8%, rose 5.0%~14.2%
The total revenue is expected to be 89.130 RMB 100 million (13.804 Billion dollars ) to 96.311 RMB 100 million (14.917 Billion dollars ) Between , a 2020 In the third quarter of 2013, it increased by about 96.9%~112.8%, a 2021 In the second quarter of, the growth was about 5.5%~14.0%.
Although Weilai is still optimistic about the third quarter , But the actual delivery pressure is still great . In the first month of the third quarter , This year 7 month , Although the delivery volume of Weilai automobile increased year-on-year 124.5% to 7931 car , But the month on month drop 1.9%, Not as good as the ideal car 8589 car , It's not as good as Xiaopeng's car 8040 car .
Delivery has declined , Weilai's official explanation is mainly because of the chip problem .
“ Get into 7 Since the month , Outbreaks and extreme weather conditions pose continuing challenges to global supply chains , The recent epidemic in some parts of China has affected our production .” In Wei Lai's teleconference , Li Bin also admitted , The challenges at the end of the supply chain in the third quarter are really big , The delivery volume may be affected by the fluctuation of chip supply and epidemic situation .
In the international market , This year, 7 month 20 Japan , The first ES8 Officially shipped to Norway , expect 8 Arrive in Norway in the middle and late of the month ,9 Monthly start of booking and delivery work . Li Bin said , At present, the main plan in the Norwegian market is to build a local service system , There will not be much delivery in Norway in the third quarter . Besides , Europe has been appointed in the second quarter CEO, The models sold in Europe are in addition to the current ES8, The follow-up will be NT2.0 The models .
As a whole , The difficulty of Weilai in the second half of the year mainly lies in how to reduce the impact of supply chain fluctuations on delivery , And expand overseas markets . besides , More emphasis will be placed on accelerating the R & D of new products and full stack technologies , Increase investment in the construction of charging and changing electricity and sales service network . This is also the focus of Wei Lai in this teleconference —— Prepare for the delivery of three new products next year .
2021 year 50 Billion research investment , Pave the way for a new brand
“ Weilai's preparations for entering the mass market have been accelerated . We will enter the mass market through new brands , At present, a core team has been established .” Li Bin said , Wei Lai will be in 2022 Annual delivery includes ET7 Based on NT2.0 Three new models of the platform .
About the new brand , It has been reported that , Weilai intends to enter the micro electric vehicle market . At that time, there was speculation , Weilai will also Wuling Hongguang MINI EV( The price is 3 Ten thousand yuan or so ) Taking into account the positioning of .
Regarding this , Li Bin made a specific reply in the teleconference ,“ Weilai brand and new mass market brands , It's similar to Audi - The public 、 lexus - Toyota's relationship . Our new brand will not enter Wuling macro market segment , We hope to provide better products and services at a lower price than Tesla .”
In short , What Wei Lai wants to play against is still Tesla . For the new model, the official did not disclose too many details , But it's clear that , One car will be priced slightly lower than all current products , It is the lowest price model of Weilai brand .
It can be seen from the information disclosed by Wei Lai , About new brands and new models , Weilai has already started several R & D projects . at present ,NT2.0 The research and development of new products of the platform is advancing , New generation automatic driving system NAD R & D challenges are great , But it's also going on as scheduled , Will be carried first on ET7.
Quarterly R & D investment of Weilai automobile
By 6 End of month , Weilai's cash and cash equivalents 、 Total restricted monetary funds and short-term investment 483 RMB 100 million . At present, Weilai's cash flow is sufficient , According to its R & D plan , The annual R & D expenditure plan is 50 RMB 100 million , from Q3 There will be a significant increase in initial R & D expenses . R & D costs will be exhausted , Cover new factories 、 Service network and sales network , It also involves charging stations and switching stations . By the end of the year , The size of the R & D team will double that at the beginning of the year .
But Wei Lai also said , R & D and release plan based on new products , Weilai has shortened the amortization and depreciation cycle of current products from a more conservative perspective , This 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 2%.
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