Q2 financial report analysis of Weilai in 2021

Wechat automobile 2021-08-13 08:24:37 阅读数:870

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q2 financial report analysis weilai

Beijing Time 8 month 12 Japan , Wei Lai releases 2021 Second quarter results of .


data display , Weilai's total revenue in the second quarter reached 84.48 One hundred million yuan , Year-on-year growth 127.2%, rose 5.8%; Net loss is 5.87 One hundred million yuan , Year on year narrowing 50.1%, Chain expansion 30.2%.


This year, 7 month , Weilai's new car delivery in the domestic market has been overtaken by Xiaopeng and the ideal of being a new force in car making . From the data disclosed in the financial report , Weilai's overall performance in the second quarter was lower than expected , But it is still relatively stable .


Wei Lai said , Chip shortage 、 The global epidemic situation and natural disasters have had a certain impact on the operation of Weilai . Looking forward to the third quarter , Weilai will still face great challenges at the end of the supply chain .


As for the level of gross profit margin hotly discussed in the market , Wei Lai said , Although the gross profit margin is 2021 It decreased in the first quarter of , but “ Overall, it remained relatively stable ”.


In the long run , Weilai expects that the gross profit margin of the vehicle business will be 25% about . And Wei Lai holds 483 Billion yuan of cash reserves , More will be spent on new product development 、 Build a new factory 、 Expand the service network .


At this financial report meeting , Li Bin once again stressed :“ Weilai is a user enterprise ”.


One side , This makes Weilai pay attention to the feelings of original users when launching new models , Li Bin said ,“Nio It won't release too cheap models ”; On the other hand , When entering global markets such as Europe , Weilai will also encourage users to participate in the company's brand building .


Facing the downward exploration of Tesla product price , And the competition of other new domestic car making forces , How will Wei Lai respond ? After making it clear that a new model with a relatively low price is about to be launched , How does Weilai plan to balance the relationship between new and old brands ? In the international market , What strategies and playing methods will Wei Lai adopt ?


At the earnings call this morning , Wei Lai has given answers to all the above questions .



Operating data are robust


The second quarter , We will deliver 21896 car ( These include 4433 car ES8、9935 car ES6 and 7528 car EC6), Year-on-year growth 111.9%, rose 9.2%.


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before , Weilai expects vehicle delivery in the second quarter to be 21000-22000 car , The actual delivery is close to the upper limit of the expected quantity . Forecast by Wei Lai , In the third quarter, we will deliver 23000-25000 A new car .

Supply chain challenges

actually , Global chip shortage 、 The second impact of the epidemic and environmental disasters , It is still a drag on the normal operation of Weilai .

Li Bin said at the earnings call , The recent rebound of the epidemic in China has had an impact on Wei Lai . For example, he said ,“ We have an interior panel partner's factory located in the high-risk area of Nanjing , During this period of time, it was in a state of shutdown , We expect them to resume production as soon as possible .”

Malaysia's epidemic has also led to the shutdown of some auto chip factories . Li Bin said , This is the situation faced by the whole industry , It has a great impact on the global automobile supply chain .“ We have taken measures , At present, the impact of Malaysia is controllable .”

Besides , Weilai's imported parts from Germany were also affected by the flood . Li Bin said , Some local parts factories have been destroyed by the flood .“ The current situation is still controllable , But looking ahead to the third quarter , Weilai has great challenges at the end of the supply chain .”

Wei Lai said in the financial report that , from 2021 year 5 Month to 2024 year 5 month , Jac will continue to produce ES8、ES6、EC6、ET7 And maybe something else Nio models . Besides , Jac plans to expand its annual production capacity to 24 Thousands of cars , To meet the growing demand for Weilai cars .

Li Bin concluded in the financial report ,“ Although the global supply chain still faces uncertainty , But we have been working closely with our partners , To improve the overall capacity of the supply chain .”

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The second quarter , Weilai's car sales revenue is 79.1 One hundred million yuan , Year-on-year growth 127.0%, rose 6.8%. The growth rate slowed down month on month , The year-on-year growth rate is still considerable .

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Gross margin stop 20% Gateway

The second quarter , The gross profit margin of Weilai automobile sales is 20.3%, The month on month drop is about 1 percentage . by comparison ,2020 The gross profit margin of automobile sales in the second quarter of 2013 was 9.7%, and 2021 The first quarter of the year is 21.2%.

The overall gross profit margin of Weilai in the second quarter was 18.6%, The same period last year was 8.4%, and 2021 The first quarter of the year is 19.5%.

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For the drop in gross margin , Wei Lai said , The gross profit margin of the company in the second quarter increased compared with the same period last year , Although it's more 2021 It decreased in the first quarter of , but “ On the whole, it has remained relatively stable ”.

Wei Lai said , Now the gross profit per car is about down 5000 element . But the company will soon launch 2022 Three new products in , The production plan has also been updated , Hope to shorten the depreciation and amortization period of existing products . In the second half of this year , There should be further action , The impact of this on the gross profit margin per vehicle is 2% about .

Li Bin further explained that , In the long run ,NAD(Nio Autonomous Driving) Subscription mode will be adopted , This subscription fee will be included in other gross profit margins . Besides , be based on NT2.0 The gross profit margin of platform design models should be higher than that of existing models .

Li Bin said , Weilai's overall strategy is , Excluding subsidies and points income , The long-term gross profit margin of the whole vehicle is planned to be 25% about .“ET7 I'm sure I can reach this level , meanwhile NAD、Nio Life The increase of gross profit margin of other businesses can also be expected .”

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The second quarter , Weilai's operating loss is 7.6 One hundred million yuan , And 2020 Narrowed compared with the second quarter of 2013 34.2%, And 2021 Expanded compared to the first quarter of 2013 158.0%.

Weilai's net loss in the second quarter 5.9 One hundred million yuan , The net loss rate is 7.0%.

It is worth noting that , first quarter , Weilai's net loss expanded to 45.1 One hundred million yuan , The main reason is that this year 2 month , Wei Laiyi 55 Billion yuan repurchase of Weilai China held by some strategic investors 3.305% Equity of , Therefore, the appreciation of the redemption value of redeemable non controlling interests is recognized 44 One hundred million yuan .

This part is called “ value-added ” It's actually a Book loss , It is because the price of Weilai when repurchasing the equity is higher than the price when it was sold . therefore , This part of the loss reflects the growth of Weilai's stock value , Not caused by actual operation , Nor does it affect the actual business operation .

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By 2021 year 6 month 31 Japan , Cash held by Weilai automobile 、 Cash equivalents 、 The total amount of restricted cash and short-term investment is 483.2 One hundred million yuan .

Wei Lai mentioned , More cash reserves will be spent on new product development 、 Build a new factory 、 Expand the service network . And in the next few years , These will be the key work .

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The second quarter , Wei Lai's sales 、 The general and administrative expenses are 15.0 One hundred million yuan , Compared with the previous quarter .

The size of the R & D team doubled within the year

The second quarter , Weilai still maintains a high R & D investment , The R & D cost is 8.8 One hundred million yuan .

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Wei Lai explained that , And 2020 Q2 and 2021 Compared with the first quarter of , The increase in R & D expenses is mainly due to the increase in the design and development expenses of new products and technologies , And an increase in the number of employees in the R & D department .

Li Bin said at the earnings call , From the second quarter , Weilai's R & D work has accelerated , Because three new models will be delivered next year , There will be more models in the next year . In the third quarter of this year , R & D costs will increase significantly ,“ This is related to the size of the team , And the increase of projects .”

Li Bin also said , Wei Lai wants to spend it as scheduled this year 50 Billion yuan of R & D expenses .“ Now it is still expanding the scale of the R & D team , Carry out the project progress normally , Expected by the end of this year , The size of the R & D team will be about twice that of the beginning of the year .”

The progress of Weilai's automatic driving business is also concerned . When answering relevant questions , Li Bin said , Autonomous driving should not be a department's business .“ Weilai's autonomous driving organizational structure is different from that of other companies , There are four VP Report to me , From hardware to operating system to algorithm to system integration and operation .”

At present, the team size of Weilai automatic driving department is 500 Left and right , It will increase again by the end of the year 300 people , achieve 800 The scale of people around . Li Bin said , In the past year , Wei Lai mainly complements the team of perceptual algorithms .


Adhere to user orientation

Results show that , Wei Lai is going to 2022 Three models based on NT2.0 The new product , Including flagship high-end intelligent electric car ET7. among , One will be priced lower than all current products , It is expected to be the lowest priced model of Weilai brand .

Li Bin commented on this , As the global penetration of electric vehicles began to reach a critical point , Wei Lai believes that it is necessary to speed up the introduction of new products .

He also said he , For the rhythm of new product launch , Every company has its own strategy . Weilai will not launch many models in a short time , It will not only push a few two or three models . For a long time to come , Several models launched by Weilai based on the first generation platform will continue to be sold .

New model explanation

actually , About the upcoming new models of Weilai , Is the first question raised by analysts on the earnings call .

Li Bin said , Because the cost of power battery has decreased a lot in the last two years , Plus the price reduction space brought by the expansion of new car sales , The price of a new car that Weilai is expected to launch next year , It will be lower than all the models launched by Weilai now .

however , He also said ,“ We will be in Nio A lower price car is released under the brand , but Nio It won't release too cheap models .”

The introduction of new models and the continuous expansion of sales of original models , It means that Weilai's demand for power batteries will increase significantly .

at present , Weilai is talking about battery supply with Ningde times . Li Bin said , The company takes Ningde times as the main power battery partner , This is the best strategy for the company's development at this stage .

Among the new forces of domestic car making , The average selling price of Weilai's new car products is the highest , Users are also more concentrated in the elite . therefore , How to expand the user base and sales volume by developing the second brand , A lot of speculation .

Some analysts think , To expand the user base , Weilai can no longer stick to the high-end market . But as a company that puts user feelings in a prominent position , Weilai needs to launch new brands at the same time , Do not hurt the feelings of the original users .

Li Bin added at the end of the earnings call ,“ About the upcoming new brands and Nio The relationship between , A simple analogy , More like the relationship between Audi and Volkswagen , Or Lexus and Toyota The relationship between .”

He also said he , The price of the new brand will not enter the range of Wuling Hongguang ,“ Because they have done very well ”. He thinks that , What is lacking in the market is very competitive products , That is, there is a lower price than Tesla , But it can provide better products and services than Tesla .”

Offline channels adhere to direct marketing

Li Bin said in the earnings call ,“ As a user enterprise , In all markets , Will take the support and participation of users as the principle .”

This principle is not only reflected in the R & D and promotion of new models , At the same time, it also reflects the laying of offline sales network .

For the expansion of offline sales network in the future , Weilai will adhere to the direct marketing strategy .

Li Bin said , stay 2019 The second half of the year 2020 In the first half of ,“Nio Space Co founding partner ” The way of the has really played a very big role , However, this approach also brings great challenges to brand and management .

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Weilai cooperates with users to set up Nio Space

from 2020 From the third quarter of , Weilai Nio Space It has been completely converted to direct marketing . since this year on ,100 Many bits Nio space The space opened by CO creation partners is gradually transformed into direct business . Li Bin said , Most partners have signed agreements with Weilai , Others will expire , It's new in the future Nio Space Will be completely direct .

Besides , Some analysts mentioned the long-term market share of Weilai brand . Regarding this , Li Bin said , Weilai attaches great importance to the improvement of market share in its market segment , about 2025 How much can it account for in , There are goals within the company , But it won't be announced .“ As long as it can satisfy users , The market share will naturally reach a point . Our goal is very clear , That is, we hope to become the most satisfactory brand for users .”

Globalization lays the foundation

Weilai is one of the earliest domestic electric vehicle manufacturers to develop global business , At present, it has entered the Norwegian market .

And this time at the earnings call , Li Bin confirmed , Weilai will also enter Germany and other European markets ,“ I mainly use second-generation cars , be based on NT2.0 The models , This is our main strategy .”

Li Bin revealed , Velai has completed Europe CEO Appointment of . the CEO I've been on the job for a while , And start building a team .

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Weilai's power on network deployed in Norway

Under the strategy of Globalization , How will Weilai price the product ? Li Bin said , Considering the tariff and subsidy policies of different countries , There will be some differences in the prices of Weilai's products , But on the whole, we will adhere to the global unified pricing strategy .

From the answers at the financial report meeting , Velai is still patient to enter other global markets .

Li Bin made it clear that ,“ There will not be much new car delivery in Norway this year , The main thing is to build an overall brand and system , Do a good job in customer satisfaction .” He also said , Entering the international market is a very long-term thinking , I hope investors will be patient .

“ Each market has its own culture and environment , But Weilai will put the user experience and interests first . This is the principle of our company , Let users participate in the development of the company , This strategy is effective .” Li Bin said , The Norwegian user Advisory Group is very helpful to Weilai .

To be specific , When Weilai recruited a user Advisory Group in Norway , Planned recruitment 200 people , But there are actually 700-800 People sign up . Li Bin commented on this ,“ In the past, people thought that Nordic people were not sociable , But in fact, users' interest in participating in a community is the same all over the world .”

The end of the

Just released in Weilai 2021 On the day of the second quarter financial report , Ideal automobile also held a very brief launch ceremony at its R & D headquarters in Beijing , Officially landed in Hong Kong's capital market .

Shen Yanan, co-founder and President of ideal automobile, said in the media question session , As early as last year 7 month 30 After Japan's listing in US stocks , Ideal automobile launched the Hong Kong stock listing plan .

Up to now , Xiao peng 、 Ideal has completed the Dual Major listing in Hong Kong after the listing of US stocks , Wei Lai is this year 3 Submit the second listing application in June , It is expected to return to Hong Kong stocks in the near future .

In terms of performance , Wei to 、 Ideal 、 Xiaopeng's latest monthly new car delivery is 8000 cars , There is still no clear winner .

The current consensus is , The smart electric vehicle market is still in the early stage of rapid growth . Among the three new forces of making cars made in China , Who will stand at the top ? Worth observing .


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