Author Zeng Zeng? happy
Editor Yang Yaru
Based on the good news of Hefei's continuous financing settlement, Weilai Financial Report was officially released.
In its fourth quarter and annual performance report of 20 19, the total revenue of Weilai 20 19 in the fourth quarter was 2.85 billion yuan, down 17. 1% year-on-year. The net loss was 2.86 billion yuan, a decrease of 65,438+08.2% compared with the same period of last year; The total revenue in 20 19 was 7.825 billion yuan, which was lower than the market expectation and increased by 58.05%. The annual net loss was112.96 million yuan, a year-on-year increase of 17.2%.
In addition, the gross profit margin of Weilai in 20 19 was-15.3%, while in 20 18 it was -5.2%. Weilai said that excluding the negative impact caused by the cost of battery recall last year, the gross profit margin last year was-10.9%.
Judging from the stock price performance, the reaction of the secondary market is more intense. After the release of the financial report, affected by this, Weilai once plunged more than 22% before the market. As of the opening of the US stock market that night, Weilai's share price fell by nearly 20% to $2.33 per share, with a total market value of $23.9/kloc-0.0 billion.
From the delivery situation, Weilai 20 19 * * delivered 8,224 ES8 and ES6 vehicles in the fourth quarter, an increase of 7 1.4% compared with the third quarter. Among them, ES8 delivered 1400 vehicles and ES6 delivered 6824 vehicles. In the whole year of 20 19, Weilai * * * delivered 20,565 ES8 and ES6 vehicles. Although Weilai achieved the previously expected goal of "20 19 in the fourth quarter, the vehicle delivery will exceed 8,000 vehicles". However, according to the annual sales, Li Bin's previous "annual sales target of 40,000 vehicles" now seems too confident.
Quite embarrassingly, while the sales of Weilai 20 19 increased in the fourth quarter, the sales revenue of automobiles in this quarter decreased by 20.6% year-on-year. In this regard, Wei Lai said that the main reason for the increase in delivery in the fourth quarter was NIO? The expansion of space, but the price of the main delivery force ES6 is lower than that of ES8, which is also the reason for the year-on-year decline in its sales revenue.
Generally speaking, the richness of product portfolio can bring direct benefits to enterprises and help an enterprise to enhance its comprehensive competitiveness. However, this does not seem to apply to Wei Lai. It is believed that the sales of Weilai's ES8 and ES6 have always been a dilemma of "left and right hands fighting each other". Since its delivery, ES6 has continued to be Weilai's "main sales force" with overwhelming advantages. Weilai ES8, on the other hand, "climbed hard" at a slower speed.
At present, Weilai is planning to bet on the new ES8 and EC6. According to Weilai's vision, a rich product matrix will provide Weilai with sales guarantee this year. In April this year, Weilai will deliver the new ES8 smart electric flagship SUV? Smart electric coupe SUV in September? EC6 will be delivered.
In addition, according to Li Bin in the earnings conference call, "there will be 100KWh battery packs in the fourth quarter of this year, and there will be more? CTP？ Some battery pack technologies have been introduced. " Li Bin revealed, "We still have more than 5,000 cars to produce." This is regarded by Li Bin as the current advantage.
However, compared with market data, Weilai's market share is gradually increasing. The latest data shows that Weilai's market share increased to 0.28% in February, four times that of the same period last year. On March 9, the data of the Association showed that the national passenger car market sold 252,000 vehicles in February, down 78.5% year-on-year. The cumulative retail volume in June 5438+0-February decreased by 4 1.0% year-on-year. The influence of epidemic factors is far greater than the interference of Spring Festival factors.
In terms of production capacity, Li Bin even said, "The Hefu factory will reach the output of 4,000 vehicles per month." According to Li Bin, just last week, Weilai factory resumed work in mid-February and began to increase production capacity. In the earnings conference call, Li Bin appeared quite confident: "The recovery rate has accelerated since mid-March, which gives us confidence to restore production capacity to normal levels in April."
In terms of models, Weilai EC6, which has not yet announced pricing, has become the biggest suspense. Benchmarking Tesla models? Y, Li Bin's intention is obvious: "Will we follow this pattern? Y delivery situation to set the price, probably released in July. " When talking about the gross profit margin of EC6, Li Bin bluntly said that he was "very confident".
"Without a reasonable gross profit margin, we will have no self-hematopoietic ability." At the beginning of this year, "2020, A? New? " Wei Lai wrote at the beginning of the information department. Li Bin also understands what gross profit margin means to a company.
Judging from the data in this financial report, Weilai's current theme is still a loss. The gross profit margin of Weilai was -8.9% in the fourth quarter of 20 19,-12. 1% in the third quarter and 0.4% in the same period of 20 18.
This means that in the long run, Weilai loses money every time it sells a car, which is a dilemma that Weilai can't get rid of in the short term. 20 19 In the fourth quarter, Weilai's loss narrowed, but if the gross profit does not turn positive, it will continue to lose money even if the sales volume increases. However, by combing the relevant data, Yiou Automobile found that in the last three quarters of 20 19Q2-20 19Q4, the loss range of Weilai continued to narrow.
At this financial report meeting, Li Bin even bluntly said: "With the optimization of supply chain, the continuous reduction of battery pack cost, the increase of production scale and the reduction of average vehicle manufacturing cost brought by management optimization, we are confident that the gross profit margin will turn positive in the second quarter and reach the goal of double digits by the end of the year."
Obviously, increasing gross profit margin will become one of Weilai's core goals in 2020.
It can be seen that Wei Lai, who started to burn money in running all the way, is now trying to find a balance between R&D and cost control. Reducing costs and increasing efficiency have become the only way for Weilai to turn the tide.
"We implemented a series of measures to optimize the organizational structure and improve operational efficiency, which led to specific one-time expenses in the fourth quarter," added Feng Wei, chief financial officer of Weilai. "We believe that these measures will greatly reduce operating expenses and improve our cash flow in 2020 and beyond. In the future, we will continue to improve the operational efficiency of all business units to actively improve our profit performance. "
Since the second half of last year, Weilai has started the "slimming" plan. Judging from the data in this financial report, Weilai's slimming effect has already appeared. The financial report shows that in the fourth quarter of 20 19, the cost of Weilai's main business decreased by 9.3% year-on-year. At the same time, R&D expenses decreased by 32.3%, and sales and management expenses decreased by 20.5%. "as for NIO? House, we will basically not rise this year. " Today, Weilai focuses on improving the operational efficiency of enterprises. From this perspective, this "almost 6-year-old child" is trying to become mature.
In 2020, Weilai will continue to save herself. Up to now, many convertible bonds have been financed. In addition, Weilai has embraced another "thigh" and signed a framework agreement with Hefei to make strategic investment in Weilai, whose headquarters in China will also be located in Hefei. Wei Lai said, "Hefei Municipal Government will invest in Wei Lai's business in China in RMB. At present, the two sides are formulating the final agreement document to be signed. "
For Wei Yu, this financing is obviously just a drop in the bucket, and Li Bin himself is constantly releasing his thirst for capital.
In addition, the impact of the epidemic continues, and the global automobile industry is shrouded in a haze, which is even worse for startups like Weilai. Weilai said in the financial report that due to the epidemic, Weilai had to adjust its expectations for performance. It is estimated that the delivery volume in the first quarter of 2020 will be 3,400-3,600 vehicles, down by about 56.2%-58.7% from the previous quarter and 9.8%- 14.8% from the same period last year. It is estimated that the total revenue in the first quarter of 2020 will be12.1-127 million yuan, down by about 55.3%-57.6% from the previous month and by about 2 1.9%-25.9% from the same period last year.
The future of "big discount" has added more uncertainty to Weilai, which has been in multiple difficulties. Change, change, change. In addition to the shortage of funds, we must strictly control costs, enhance product strength, and improve the operational efficiency of enterprises ... In order to seek the optimal solution, Weilai needs to make efforts in many aspects.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.