From "hot" to "ice valley" and then to rapid "recovery", China's new energy market seems to have experienced a wave of roller coaster baptism.
Since 2019, China's new energy market has been hit by cold waves such as subsidy decline, sales decline and capacity climbing, which brought the previously hot "industry east wind" to an abrupt halt. However, in 2020, which just ended, the new energy market rebounded against the backdrop of the epidemic, with both sales and volume rising.
According to data, in 2020, China's retail sales of new energy vehicles were 1.109 million, an increase of 9.8 percent over the same period last year, while wholesale sales were 1.17 million, an increase of 12 percent over the same period last year.
Among them, the new car-building forces represented by Weilai, Xiaopeng and ideal have shown outstanding performance, which is not only sought after by the capital market, but also the terminal sales are rising month by month.
Admittedly, compared with the prosperity of the market, Beijing Automotive Blue Valley (SH:600733), as the "first stock of new energy vehicles in China", is suffering from a sharp decline in performance, halving sales and many other problems.
"2020 is a very painful year for BAIC New Energy, but at present the company is carrying out a drastic reform." Liu Yu, chairman of BAIC Blue Valley, said in an interview with the media.
Or affected by adverse factors, BAIC Langu was once questioned by the capital market. After closing at 10.68 yuan per share on January 22, it began to fall all the way, and fell more than 20% in the following five trading days.
BAIC Langu closed at 8.16 yuan per share on February 23, with a total market capitalization of 28.438 billion yuan, which is a far cry from Evergrande, which has a total market capitalization of about HK $500 billion, which has been established for less than two years. "Last year's sales were not good, and the main customers were To B / ride-hailing customers, so the valuation was naturally not good." Securities analysts told Genesis.
Entering 2021, BAIC Blue Valley has successively delivered good news to the outside world. On the one hand, the Huawei version of the model in cooperation with Huawei will be released in April and will be launched in November; on the other hand, the new brand ARCFOX (Polar Fox), which is responsible for the revitalization of BAIC Blue Valley, will launch α T and α S models to compete in the market.
As soon as the news came out, the outside world rekindled a glimmer of hope for this old new energy car company, so can BAIC Langu hit bottom and rebound this year? Are you still a powerful player after losing the crown?
Sales fell by more than 80%, with a pre-loss of more than 6 billion yuan.
In 2019, BAIC Langu sold 150600 pure electric vehicles, down 4.7% from the same period last year, ranking first in the domestic pure electric vehicle segment for seven consecutive years, surpassing Tesla and BYD.
However, in 2020, the former "Seven Crown King" finally failed to pass the "seven-year itch", so that BAIC Langu high-speed "train" slammed on the brakes and almost stopped running.
On January 8, BAIC Blue Valley released production and marketing KuaiBao showed that BAIC Blue Valley production in 2020 was 13200 vehicles, down 70.17% from the same period last year; cumulative sales were 25900 vehicles, down 82.79% from the same period last year. The sales figures released earlier have actually insinuated the dismal performance of the company.
BAIC Langu announced on January 30th that the net profit attributed to shareholders of listed companies in 2020 is expected to be-6 billion yuan to-6.5 billion yuan. The net profit attributable to shareholders of listed companies after deducting non-recurring profits and losses is expected to be-6.2 billion yuan to-6.7 billion yuan.
A string of figures, for BAIC Blue Valley and even BAIC Group, is undoubtedly a heavy blow. As for the reasons for the substantial loss, BAIC Langu said that due to the epidemic and other factors, the company's production and sales did not meet expectations.
Of course, BAIC Langu passed on losses to the outside world for a reasonable reason. After all, the car market in 2020 was sandwiched by the epidemic and the downward trend of the car market. However, on the contrary, new energy brands such as BYD, Great Wall Automobile and a number of new car-building forces have all grown significantly, so the above explanation of BAIC Blue Valley is hardly convincing.
In fact, despite the impact of the epidemic, BAIC Blue Valley's performance has declined for the following reasons:
On the one hand, BAIC Langu relied too much on government subsidies a few years ago. According to the statistics of Gaishi Automobile, government subsidies account for the majority of the non-recurrent profits and losses of BAIC New Energy. In 2015 and 2016, for example, BAIC New Energy received government subsidies of 57.9628 million yuan and 148 million yuan respectively, accounting for 77.48% and 57.59% of the current non-recurrent profits and losses. BAIC Langu received government subsidies of 4.452 billion yuan and 4.183 billion yuan in 2018 and 2019, accounting for 34.34% and 17.73% of pure electric passenger vehicle revenue, respectively, according to BAIC Langu financial report. Today, in the face of huge subsidy retreat, BAIC Langu can only "streak" in the case of its own lack of "hematopoiesis".
On the other hand, it relies heavily on the B-end market and misses the C-end market tuyere. As we all know, with the outbreak of the epidemic in 2020, the ride-hailing market has been hit, which is bound to be affected by BAIC New Energy, which relies heavily on the market, and a sharp drop in sales is inevitable.
According to Li Yixiu, deputy general manager of BAIC New Energy and general manager of the marketing company, BAIC New Energy invested about 30, 000 new cars in the online car-hailing project in 2018, accounting for about 1/5 of the total annual sales. The models launched by BAIC New Energy in the ride-hailing market will be expanded again in 2019. It is reported that on March 2 of the same year, BAIC New Energy delivered 10, 000 EU5 cars to Jingju New Energy Automotive Technology Co., Ltd.
Therefore, it is imperative to change business ideas and products. Perhaps the launch of the ARCFOX brand is also a strategic measure for BAIC to optimize and upgrade its new energy brands and products, and it is also the last card of its new energy vehicles.
Holding a good hand.
For BAIC Blue Valley, the market development in 2021 is particularly important. Although BAIC Blue Valley suffered a heavy blow in 2020, in the severe environment, industrial adjustment, enterprise reform, is undoubtedly painful, but also can not escape, especially before the new energy market pattern is not stable, it is not too late.
As the new chairman Liu Yu said frankly to the media, in the face of the decline in production and sales data in 2020, performance losses, poor performance is an objective fact, the company has to admit the debt, have to admit the gap, and have to pay for the mistakes made in the past.
So, what other cards does BAIC Langu have? First of all, BAIC Langu actively combs the brand planning and strives to achieve an upward breakthrough in the brand. Since October 2019, BAIC Blue Valley parent company BAIC Group has launched a new BEIJING brand to integrate some of BAIC's new energy products with BAIC fuel vehicles, so as to promote the continuous upward development of its own brands.
At the end of October 2020, ARCFOX Jihu α T, the first mass production model of ARCFOX brand, was officially listed and entered the 200000 yuan market for the first time, competing with GAC NE Aion LX, BYD Tang EV and Weima EX6 Plus.
As mentioned earlier, BAIC New Energy may launch more products this year, and the number of ARCFOX stores nationwide will be expanded to 60, adopting a direct marketing and distribution model, with an annual plan of 12000 vehicles.
Second, BAIC Langu's "circle of friends" is growing. With the gradual maturity of the automobile market, the competition between enterprises has risen from the level of product power to the level of system power, and the dominant company is not as strong as the system. In addition to relying on BAIC, BAIC Blue Valley has also been actively expanding its "circle of friends" in recent years.
As early as 2018, Daimler Greater China acquired 3.93% of BAIC New Energy and became one of BAIC New Energy shareholders. BAIC New Energy also jointly established a battery PACK laboratory with Daimler to boost further cooperation between BAIC New Energy and Daimler.
In 2019, BAIC New Energy and Magna, a well-known parts supplier, successively established a technology joint venture and a high-end new energy vehicle manufacturing base, with the aim of providing a strong endorsement for the product quality of ARCFOX. Magna, with 49% of the shares, will mainly control the production and manufacturing of products, while Weilan New Energy, which accounts for 51% of the shares, will be responsible for product brand marketing, channel construction, and parts procurement.
In fact, there are Huawei and Ningde times in the core "moments" of BAIC Blue Valley. "We are the first brand to apply all Huawei's new technologies." Liu Yu once revealed to the media that ARCFOX α T not only uses Huawei's new generation of MH5000 5G chip Tmurbox, but also will be the first to enter the Hongmeng ecosystem in the future.
As a pure electric passenger car manufacturer, it is inextricably linked with the lithium-ion battery giant Ningde era. In fact, BAIC New Energy and Ningde era have been working together for ten years, both of which work together on the key core technologies of power batteries. For example, ARCFOX independently developed an intelligent pure electric BE21 platform for L4 autopilot, which will not only accommodate the three electric systems from the Ningde era, but also fully open source the underlying electronic architecture.
In addition, BAIC new energy presents unique advantages in ride-hailing, taxis and other travel areas. As early as 2018, BAIC New Energy and Didi launched in-depth cooperation with Didi's Xiaomu car Service to jointly fund the establishment of Beijing tangerine New Energy and develop a customized online contract for shared travel. So far, EU5 ride-hailing has covered more than a dozen cities such as Changsha, Beijing, Guangzhou, Hangzhou and so on.
In just a few years, BAIC Langu successively brought the above dozens of industrial chain giants into the "moments" and laid the foundation for its future competition in the market.
Thirdly, the technology reserve and R & D investment are increasing year by year. If you want to understand the future of an enterprise, in addition to the general environment, you can generally judge by their investment in research and development.
According to BAIC Blue Valley financial report, BAIC Blue Valley R & D investment totaled 1.54 billion yuan in 2019, an increase of 36% over the same period last year, and the total R & D investment accounted for 6.55% of operating income, which was higher than the average level of the domestic automobile industry. In the first half of 2020, BAIC Langu spent 262 million yuan on R & D, an increase of 64.91% over the same period last year. It can be seen that BAIC Langu has not reduced its R & D costs on the premise of a sharp decline in performance.
At the same time, according to Gaishi Automotive, BAIC Langu has raised funds many times in the past two years, which is mainly used for high-end model development and network construction, 5G intelligent network connection system upgrading, power exchange business system development projects and supplementary liquidity. Among them, on August 3, 2020, BAIC Langu raised no more than 5.5 billion yuan, mainly using ARCFOX brand-related projects, and the cumulative amount of funds to be raised for this project reached 2.986 billion yuan, accounting for 54.3% of the total funds raised.
Recently, the Enterprise Cha big data Research Institute released a list of the top 20 enterprises with new energy vehicle patents, of which BAIC New Energy ranked third with 4005 pieces. From the three lists of invention patents, utility model patents and design patents, BAIC New Energy ranked third with 934pieces and 2931 pieces in the first two lists, while design patents ranked fourth with 680pieces.
This may indicate that BAIC New Energy puts technology in the first place and continues to invest in the research and development of new energy vehicles and three power systems.
It is worth mentioning that BAIC Blue Valley's current overseas technology export has been realized. on January 13 this year, BAIC Blue Valley issued a notice saying that BAIC New Energy will license technology to American limited liability companies and earn a technology license fee of 192 million yuan.
Write at the end:
It can be seen that BAIC Blue Valley is undergoing a drastic reform in order not to be left behind by the new era.
Lian Qingfeng, deputy secretary of the party committee of BAIC New Energy, once told the media that 2020 was the worst year for BAIC Blue Valley, but a series of major reforms and adjustments, and even some measures to survive without arms, had been basically completed in 2020. Or experienced the worst year, accompanied by a series of new innovations, so that BAIC Blue Valley has more strength in 2021.
According to the latest sales figures released by BAIC Blue Valley on February 9, BAIC's new energy sales in the first month of this year were only 1072 vehicles, down 46.56% from the same period last year.
All in all, this year should be an unprecedented test for BAIC Blue Valley, which is expected to lose nearly $6 billion in 2020.
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