The sales volume of the first five months was at the bottom of the "new power of car making"? Is gross profit rate falling behind| Corporate remittance

Wechat automobile 2022-06-23 19:12:44 阅读数:649

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Some analysts think , Velai's sales slowed down significantly faster than those of its peers , Not just because of the supply chain fluctuations caused by the epidemic , Or it is related to the new rhythm

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《 Investment times 》 researcher   Luo Yi

Wei Lai automobile (09866.HK) We are accelerating the push of new products , And plan “ Lightning delivery ”, In response to “ New forces building cars ” The situation of falling behind in the auto sales rankings .

6 month 15 Sunday night , Weilai automobile released medium and large five seater SUV ES7. The company also said , Will be in 2 Months later 8 month 29 Daily opening and delivery . Based on the same as before NT2 Created by the second generation technology platform ET7 Vehicle comparison ,ES7 The delivery time of has been shortened by nearly one year .

The acceleration may be due to real pressure , Whether it is often tied together to compare “ Wei Xiaoli ” Xiao Peng and ideal car in , Or Nezha and zero Pao, who are new and vigorous , All put pressure on Weilai automobile in terms of sales .

The data of the ride show , This year, 1—5 month , Xiaopeng's sales volume is 53688 car , The sales volume of Nezha is 49974 car , The ideal sales volume is 47379 car , Zero running sales are 40735 car , The sales volume of Weilai is 37866 car , The sales volume is lower than the top four “ New forces building cars ”.

The pressure to speed up may also come from the founder of Weilai automobile 、 Chairman of the board of directors 、CEO Li Bin's publicly announced goal . Li Bin once said ,2022 The year is a year of overall acceleration in Weilai . But except before this year 5 The year-on-year growth rate of sales in the last three months was slow , The data of the first quarter financial report , Nor has it released information that is conducive to the achievement of the above objectives .

stay ES7 One week before release , The first quarter financial report released by Weilai automobile shows , The company's revenue in the first quarter 99.11 One hundred million yuan , Year-on-year growth 24.2%; Net loss in the first quarter 17.83 One hundred million yuan , The loss expanded year on year 295.3%. But on a month on month basis , Weilai automobile's loss narrowed in the first quarter 16.8%,2021 Fourth quarter of 2007 , The company suffered a loss of 21.42 One hundred million yuan .

Why do sales fall behind ?

In the first quarter earnings report , Wei Lai car said , Challenges faced by the company in the first quarter , It is related to supply chain fluctuation caused by repeated epidemics .

This year, 4 month , Wei Lai automobile was once officially APP In the said , since 3 Since the month , Because of the epidemic , Weilai automobile is located in Jilin 、 Shanghai 、 Suppliers and partners in Jiangsu and other places have stopped production in succession . Affected by this , The whole vehicle production of Weilai automobile has been suspended .

And in the second half of last year 7 In the beginning , The new car delivery of Weilai automobile began to decline month on month , In especial 8 month , The ring ratio drops greatly 26% to 5880 car . At that time, Weilai automobile said , The decline in delivery was mainly due to Malaysia 、 The epidemic situation in Nanjing and other places has affected , As a result, the supply of some parts of Weilai is limited .

Supply chain problems caused by the epidemic , Impact on the whole automobile industry . But compared with peers , The slowdown trend of sales and delivery of Weilai automobile is more obvious .

The data of the ride show , This year, 1—5 month , Xiaopeng's sales volume is 53688 car , The sales volume of Nezha is 49974 car , The ideal sales volume is 47379 car , Zero running sales are 40735 car , The sales volume of Weilai is 37866 car , The sales volume is lower than the top four “ New forces building cars ”.

In terms of delivery , Weilai automobile “ Wei Xiaoli ” Is also at the bottom . The first quarter financial reports of the above three auto companies show that ,2022 First quarter of 2009 , Xiao Peng delivered 3.45 Thousands of cars 、 Ideal delivery 3.17 Thousands of cars , The delivery volume of Weilai is 2.58 Thousands of cars , Year on year growth 159%、152.1% and 28.5%.

However, the delivery volume of Weilai automobile is gradually slower than that of its competitors , from 2021 Year has started to show .2021 The year-round delivery data shows that , Wei to 、 Xiao Peng and ideal car 2021 Delivered separately in 9.14 Thousands of cars 、9.82 Thousands of cars and 9.04 Thousands of cars .

Industry analysts believe that , Velai's sales slowed down significantly faster than those of its peers , Not just because of the supply chain fluctuations caused by the epidemic , Or it is related to the new rhythm .

Public information display , Weilai automobile from 2018 year 6 Monthly delivery ES8 and 2019 year 6 Monthly delivery ES6 after , Forced to 2019 Year of “ Financial crisis ”, Slowed down the original plan 2020 Launched a new platform based ET7. Instead, , Launched the... Developed on the original platform EC6.2021 The whole year , Weilai automobile has not launched a new car , The previous three models still attracted the market throughout the year .

But look at your opponent ,2021 Launched by Xiaopeng in P7、P5, Later, it was changed G3i, Also in the 2021 year 7 Month delivery , And the popular model of ideal car is ideal ONE, Also in the 2021 year 5 The interim payment was changed in January .

The expected news is , This year, , Weilai automobile will deliver three new models intensively , And soon after the first quarter financial report was released , Launch a new model of medium and large five seater SUV ES7.

It is reported that ,ES7 Before the model subsidy , The starting price of the standard battery pack is 46.8 Ten thousand yuan ; The long life battery pack is 52.6 Ten thousand yuan , The first version is 54.8 Ten thousand yuan ,BaaS The starting price of the scheme before subsidy is 42 Ten thousand yuan .

Weilai automobile, which is still working on high-end models , Can sales be driven by new models , And increase the gross profit margin needs to be observed . After all , Its overall gross profit margin is 2022 The first quarter of the year fell to 14.6%, It has also become a focus of the market .

Five new car making forces 2022 year 1—5 Monthly sales

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Data sources : Take the cib

Decrease in gross profit margin

2022 The quarterly financial report of Weilai automobile shows that , The first quarter of this year , The overall gross profit margin of Weilai automobile is 14.6%, With the same period last year 19.5% Compared with the decline, it is close to 3 percentage ; The gross profit margin of the vehicle is 18.1%, Chain ratio 、 The average year-on-year decline was nearly 3 percentage .

New forces building cars “ Three swordsmen ” in , Weilai automobile is the only enterprise whose gross profit margin declined in the first quarter . The first quarter data shows , The overall gross profit margin of ideal and Xiaopeng is 22.6% and 12.2%, Year on year growth 5.3% and 1.0%.

2021 year , Wei to 、 The annual overall gross profit margins of ideal and Xiaopeng are respectively 18.9%、21.3% and 12.5%, The gross profit margin of automobile is 20.1%、20.6% and 11.5%.

Wei Lai car said , In the first quarter of this year, the gross profit margin of the company decreased year on year , The average selling price decreased mainly due to the change in the proportion of the company's product portfolio , The month on month decline was mainly due to the increase in the cost of single vehicle batteries . Li Bin said at the first quarter financial report meeting , To ease the pressure of rising costs , Weilai automobile has announced that it will adjust the price of its products .

Public information display , This year, 5 month , Wei Lai automobile announces ET7 The starting price of all models has been raised 10000 element , And before that , Weilai automobile has successively adjusted the price of its vehicle battery rental service .

The management of Weilai automobile said , Because the products after price adjustment , Most will not be delivered until the third quarter , So in the second quarter of this year , The gross profit margin of Weilai automobile will still face great challenges .

When will the gross profit rate return to growth , Li Bin said , The price of battery is linked with the price of raw materials , The price of raw materials last month determines the cost of battery packs this month . And for now , Battery costs rose in the second quarter , It is much higher than that in the first quarter , although 5 Month and 4 There is a certain decrease compared with the month , However, the gross profit pressure in the second quarter was really great . The gross profit margin is expected to rebound from the third quarter .

Except products “ Raise price ” Outside , In response to battery costs , This year, 4 month , Weilai signs a new agreement with Ningde generation , It is stipulated that the cost of batteries subsequently purchased by Weilai automobile will be linked according to the price of raw materials , That is, the battery price of this month is determined based on the raw material price of last month .

Besides , Wei Lai automobile also disclosed for the first time in the first quarter earnings call , We will increase investment in the field of power batteries . At present, the company has been established for more than 400 Human team , Deeply participate in battery materials 、 Cell and package design 、 Battery management system 、 Manufacturing process and other R & D work . In the long run , Will adopt “ self-control + Outsourcing ” Our manufacturing strategy , It can effectively improve the profitability in the future .

When referring to the product plan of the first self-developed battery , Li Bin revealed another product layout of Weilai automobile , That is, new brands and products for the mass market . According to the plan , The price of the new product is between 20 Wan to 30 Ten thousand rooms , It will be equipped with the above self-produced batteries .

Turn on “ sinking ” market competition ?

Weilai automobile has always adhered to the high-end positioning of products , To open the gap with competitors . The company has also declared that it will not make 30 Products below 10000 yuan , And the international luxury car brand Benz 、 BMW and audi (BBA) As a competitor . Such as the latest release of Weilai automobile ES7, The company calls its benchmarking product BMW X5L.

But high-end positioning , It also makes it difficult for Weilai automobile to grow rapidly in terms of sales and revenue growth . data display , The first quarter of this year , Wei Lai automobile 、 Ideal and Xiaopeng achieve revenue respectively 99.11 One hundred million yuan 、95.62 Million dollars 74.55 One hundred million yuan , The year-on-year growth rate of revenue is 24.16%、167.45% and 152.63%.

Face reality , Weilai automobile has started to develop its product layout from “ Cloud ” Go down . As early as 2021 At the second quarter earnings conference in , Li Bin revealed , New brands and models will be introduced , Mainly for the mass market . allegedly , Wei Lai's new brand code for the mass market is ALP, Will be in 2024 Delivery will be started in the second half of the year , Will carry the next generation NT3.0 technology .

But sinking the market is not an easy way . When the market of high-end new energy vehicles slows down , A number of high-end auto companies have set their sights on popular products with lower prices , This includes Tesla, which frequently reduces prices to seize the market, and a number of internationally renowned cars . at present , Volkswagen's electric power ID.4 It has been on the ground for a year , And Toyota 、 Honda also began to introduce electric products in China , The price is set at 30 Ten thousand yuan of the following .

And Wei Lai automobile belong to “ New forces building cars ” The latecomer of 、 Zero run starting from the middle and low end 、 Which zha , Has begun to occupy the market rapidly .

data display ,5 month , The delivery volume of Nezha's cars reached 11009 platform , Year-on-year growth 144%, Month on month increase 24.9%,1—5 Monthly cumulative delivery 49974 car , Year-on-year increase 213%. And the other “ New forces of second-line car making ” Brand zero running car ,5 Monthly delivery 10069 platform , Continuous 14 The year-on-year growth in the past three months exceeded 200%.

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