Because of this, last night may be a very happy day for many Weilai investors. Last night, the share price of 20 19 years, as low as 1. 19 dollars per share, nearly tripled, reaching $4.84 per share at the peak, with an increase of 100%. Although it fell slightly this morning, it still reached $3.72 per share, an increase of 53.72%.
"Weilai has passed the most dangerous period", this is NIO? Li Bin's evaluation of the company's operating conditions is day after day. Indeed, for Wei, the most difficult day of 20 19 has obviously passed, and what needs to be done in the future is to steadily improve his performance. As for the gains and losses reflected in the third quarter financial report, we still need to pay enough attention.
Score = sales increase+continuous slimming.
Aside from all external factors, we need to calm down and carefully analyze the specific details of Q3 financial report. It shows that the total revenue of Weilai Automobile in the third quarter was RMB 65.438+0.9368 billion, about US$ 257 million, up 265.438+0.8% from the previous quarter and 25% from the same period last year.
Among them, the vehicle sales revenue was 65.438+0.8368 billion yuan, about 257 million US dollars, up 22.5% from the previous month and 265.438+0.5% from the same period last year. The income from other businesses was RMB 654.38+003.4 million, or about USD 654.38+04.5 million, up 9.9% from the previous month and 654.38+042. 1% from the same period last year.
In terms of loss, the entire Q3 net loss was 252170,000 yuan, or about 352.8 million US dollars, down 18. 1% from the previous month, down 30.3% year-on-year. At the same time, the net loss attributable to ordinary shareholders in the third quarter was RMB 2,553.6 million, about US$ 357.3 million, down 22.9% from the previous quarter and 73.8% from the same period last year.
Undeniably, Weilai is still at a loss stage, but compared with its poor performance in Q2, it has been greatly improved. In addition, what are the overall sales and management expenses of Weilai in Q3? 1 1.644? 1 billion yuan, about 1.629? 1 100 million USD, down from the previous month? 18. 1%, a year-on-year decrease? 30.3%。 The gross profit margin of vehicles has also increased from negative 33.4 in the second quarter to negative 12. 1%, and it is expected to officially "turn positive" in 2020.
Overall, Weilai's final score improvement was attributed to the sales growth and continuous slimming in the third quarter. According to the sales volume announced by Weilai, what is the cumulative delivery volume of the whole Q3? 4,799? A new car, up 35%? Among them, the proportion of ES6 is relatively high, and it has become the main sales model. It must be acknowledged that the product strength of Weilai ES6 has been gradually recognized by new energy consumers. At the same time, with the rebound of the gross profit margin of the whole vehicle and large-scale delivery, it has become the key factor for Weilai to realize the recovery of revenue.
In the conference call after the release of the financial report, Li Bin revealed that Weilai delivered 5,054 new cars in the first two months of the fourth quarter. It is estimated that the whole Q4 delivery will exceed 8,000 vehicles. In all fairness, it is not easy for two domestic independent SUVs of 300,000-500,000 to achieve such results, which also reflects that the entire brand of Weilai has its own share in the mid-to high-end SUV market.
In addition, Li Bin admitted in the conference call that Weilai has been optimizing the personnel structure through "slimming" and achieved the goal of "slimming". According to him, at the beginning of the year, the number of employees in Weilai reached about 9,900, and by the end of this year, this number will be controlled within 7,500.
In fact, in addition to layoffs, Weilai has also carried out a series of "slimming" actions since entering 20 19. Sell the electric FE fleet and divest NIO? Power business makes it independent, which can be seen as Weilai's efforts to reduce expenses. In this cold winter of capital, compared with the previous "extravagance", Weilai, who is gradually maturing, has learned to "calculate carefully".
In short, thanks to the dual factors of sales promotion and continuous slimming, Weilai has obviously picked up in the third quarter. As for the upcoming fourth quarter, Weilai has greater "ambitions". According to the forecast, its delivery volume will exceed 8,000 vehicles in the whole fourth quarter, up by 66.7% from the previous quarter, and its total revenue will be close to RMB 2,865.438+0 billion, about US$ 393.2 million, which is expected to increase by about 53.0% from the previous quarter.
Although the result is still uncertain, Weilai, which is about to enter 2020, is obviously not the most "miserable" brand of new power, but slightly happy at the moment.
Loss of points = shortage of funds+unknown financing
The remarkable effect of sales volume and slimming is that Weilai looks better and better in some aspects, but it still needs to be noted that this is still a car-making company that has not turned losses into profits, and its score has not reached excellent, but the points of loss are precisely: tight funds and unclear financing.
As can be seen from the Q3 financial report, as of September 30th, 200019, the cash balance in Weilai's current account was 980 million yuan, which was only196 million yuan with recoverable funds such as short-term investment. However, the speed of "burning money" in recent years, even if it has begun to save operating costs as much as possible, this part of the funds can only be maintained until this year.
Fortunately, the assistance from Tencent and Li Bin temporarily helped Weilai to ease the financial pressure. According to Feng Wei, the current chief financial officer of Weilai, at the earnings conference call, "Li Bin now hopes to obtain financing of 200 million yuan. At present, the $65.438 billion contributed by Tencent has been included in our third quarter financial statements, so he will provide another $95 million in Li Bin. "
However, 200 million dollars is obviously not enough for Wei now. The new second-generation pure electric platform needs to be developed, and ES6 is in the period of capacity climbing, and is expanding the national sales network. Every place needs a lot of capital investment. A larger amount of financing is imminent, otherwise the final result will be "broken capital chain".
Regarding the progress of financing, Feng Ke only claimed that there had been "obvious progress", and could not disclose too much for the time being for confidentiality reasons. Who to finance with? When is the financing? How much has it melted? It is still unknown. Judging from the available information, we only know that Weilai is making every effort to get this fund to the account as soon as possible. Finally, I hope its slow financing road in 2020 will not be as bumpy as in 20 19.
In addition, this financial report did not disclose Weilai's sales target in 2020, but from its estimated sales of 8,000 vehicles in the fourth quarter, it is estimated that the annual sales volume will reach 32,000 vehicles. At the same time, next September, Weilai's third coupe SUV? EC6 will also be officially delivered. Although the audience is small, it will also supplement the sales of the whole brand. According to Li Bin, at present, Weilai Automobile has more than 65,438+000 large orders every day, and he is optimistic about maintaining this achievement.
For the new energy market structure next year, Bing Lin also predicted that Weilai has successfully established its own brand share in the range of 300,000-500,000. Facing the Jaguar I-PACE, Audi E-tron and Mercedes-Benz EQC that have been launched by traditional luxury brands, Weilai is not afraid, because the products of Weilai ES6 and ES8 are competitive enough.
At the same time, it is reported that next year Weilai offline sales store-NIO? House and neo? The space will be expanded from nearly 70 at present to 200, most of which use NIO? Compared with the former, NIO? Sapce has few employees, and the expansion will not cause further financial burden.
In any case, with only one day left before the end of the year, the Q3 quarterly financial report was successfully released, although it was delayed than expected. As I said at the end of 20 19, one last dance of Weilai, this is the last "egg" that Weilai left for this ups and downs on 20 19.
After the explosion of this "egg", its sound volume and influence are enough to attract the attention of the industry and the capital market, and the most important message it conveys is that Weilai is gradually improving. As for the lost "25 points", it may be Weilai's room for progress in the next quarter and the whole year to come.
Text/Cui
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This article comes from car home, the author of the car manufacturer, and does not represent car home's position.