Great Wall Motor Challenges Self -Rescue

On the evening of July 24, Great Wall Motors (601633) issued an announcement that the board of directors received a written resignation report from the company's general manager Wang Fengying. Wang Fengying resigned from the company's general manager due to work adjustment application and will continue to engage in strategic management related work in the company.

In the eyes of the outside world, Wang Fengying has been regarded as another soul -style figure outside the chairman Wei Jianjun. In this change, some people have interpreted the expansion of Great Wall Motor's insufficient test of water in the era of electrification. In fact, recently, Wei brand under Great Wall Motors also staged a "touch porcelain" drama with Huawei.

Li Ruifeng, CEO of Wei brand first, was furious on Weibo, saying that "the extended hybrid technology is backward is an industry consensus, and the big mouth cannot be put on a word." Voting behind. But not long after Huawei finished Huawei, Li Ruifeng showed back a photo of his own M5 on Weibo.

I wonder if Li Ruifeng refers to the marketing of Huawei's Yu Chengdong, but Wei brand and the Great Wall Motors behind it obviously do not want to miss the high -speed driving train of new energy.

At the end of May, it was reported that the Great Wall has completed the product planning for hydrogen fuel cell passenger cars and plans to launch it with an independent brand. The brand will be positioned in high -end fields in the future. This plan will be launched in the second quarter of this year, but because the epidemic factors may be postponed to the end of the year. Afterwards, although the Great Wall responded to this "no relevant news", the stock price and investors who have been rising and investors have been pursuing related things on the interactive platform. The news is obviously not groundless.

In recent years, with a large number of relevant policies, the hydrogen fuel cells have developed rapidly, but the hydrogen energy industry is still developing in the early days. Due to the existence of technical bottlenecks, the commercialization application scenarios of hydrogen fuel cells are mostly around the field of commercial vehicles, hydrogen fuel multiplied by multiplying hydrogen fuel multiplication The car is still in the water test stage. Many traditional car companies around the world are gradually withdrawing from the hydrogen track. For example, in June 2018, Nissan announced that it would suspend plans to develop fuel cell vehicles with Daimler and Ford, concentrated on the development of electric vehicles; in 2020, Daimler also announced the withdrawal of passenger car research and development plans to withdraw from hydrogen fuel cells.

The hydrogen fuel cell does not seem to be "so beautiful". If you want to achieve more mature commercialization in passenger cars, you need to overcome many difficulties.

In this case, what is the intention of the Great Wall to formally enter the field of hydrogen fuel cells? Has Great Wall Motors in the domestic SUV market over the years came to a crossroads? Although SUV is "fragrant", does this also cause Great Wall Motor to trap the "Great Wall" caused by it?

01

Why does Great Wall want to become "hydrogen"

In fact, as early as 2015, Great Wall Motors began to study the hydrogen energy industry; in 2018, the Great Wall established a special hydrogen energy technology center, and took over 51%of the equity of the upper burning power from the energy storage battery manufacturer Meng Lion Technology, thereby In the process of completing the latter, in the process, Great Wall Motor paid a total of 60 million yuan in transfer and 169.7 million yuan in debt claims.

In 2019, Great Wall integrates its hydrogen energy resources and establishes unpopular energy technology Co., Ltd. to open the road of independent market -oriented operation. In 2020, Great Wall's first fuel cell prototype was unveiled. At the launch of the hydrogen energy strategy last year, the Great Wall claimed that it had the core technology layout of the only domestic hydrogen energy industry chain in China, and built the "system-storage-transportation-plus-application" integrated industrial chain ecosystem and launched the " Hydrogen Dynamic System "full scene solution -hydrogen technology.

▲ Figure: Great Wall Motor Hydrogen Energy Strategy Conference

On August 5, 2021, Great Wall Motors established a wholly -owned Salon Zhixing Technology Co., Ltd., a brand of "Salon". At that time, Wen Fei, CEO of the Salon brand, revealed the future development direction and product planning of the Salon brand in an open letter, saying that the Salon brand will become the first to implement the hydrogen energy strategy and realize the volume of the entire category hydrogen energy passenger car. Brand of production.

At the Guangzhou Auto Show last year, the Salon brand also launched a pure electric model mech dragon. Recently, a group of patent maps about the first hydrogen energy SUV model of the salon have been exposed on the Internet. It is said that this car is positioned in large 7 -seater SUVs, with a battery life of 840 kilometers, and has the power performance beyond Mercedes -Benz GLS.

Therefore, in combination with the news that it will launch independent passenger car brands about hydrogen fuel cells separately, Great Wall Motor's play on the hydrogen energy track is a bit confusing. Once the news is sitting, it means that the previous strategic goals of Salon Zhixing have shifted, and the mission of the pioneering hydrogen energy field that was originally carried will be borne by new brands.

Judging from the action of layout of hydrogen energy, Great Wall cars with a slow push -electric car brand are obviously unwilling to miss the potential air outlet that may gain great development in the future. In the industry, there is a view that the lithium battery power solution is only the transition of new energy vehicles, and hydrogen fuel cells are more ideal dynamic forms. Liu Kun, a strategic consultant of Great Wall Motor, said that 2021-2023 is a preliminary introduction of the hydrogen energy market and the best strategic time for car companies to lay out.

02

SUV's exclusive show

For a long time, the Great Wall car owner has also played the SUV business.

At the earliest, according to the "Prospects" released by the Great Wall in 2011, in 2010, the total sales volume of SUVs, cars and pickup cards in the Great Wall was 363,000 units, of which Haval accounted for 137,000 units, ranking in the SUV's market segmentation in the market segmentation of SUVs. The top of the list. In 2012, the total sales of Great Wall Motors exceeded 620,000 units, an increase of 34.3%year -on -year. Among them, the contribution is the Haval H4 and Haval H6, which have become explosive. The annual sales of the two are 280,000 units, an increase of 90%year -on -year, and the sales of Great Wall's cars only increased by 6.3%. Since then, the SUV business of Great Wall Motors has continued to this day, that is, the SUV business with soaring sales has continued to drive the total sales of Great Wall Motors to a new level, but the car business seems to be weak.

In the Great Wall's SUV models, Haval H6 is the same as sales. In 2016, Haval's car sales reached 938,000 units, accounting for 87.3%of the total sales of Great Wall Motors, and the model of Shanhavil H6 sold 581,000 units.

▲ Picture: Great Wall Motor Haval H6

However, with the changes in the situation, a major hidden danger of Great Wall Motors in the product structure has become increasingly prominent: the Haval H6, which is constantly changed, still has a bursting background. The Great Wall Motors lacks product structure for and grasp the future battlefield.

At present, according to the official website of Great Wall Motors, Great Wall has 5 sub -brands, namely Haval, Wei, Euler, Great Wall pickup and tanks. In February this year, an announcement on Great Wall Motor Group's "BC Brand 2022 Regional Activity Executive Company Bidding Project" also caused heated discussions in the industry. According to this announcement, the internal name of the "BC" brand will become a subsidiary of Great Wall in the future The 6th Small Brand.

Great Wall has also greatly used the dividend of "category innovation". It has seized the momentum of the SUV models in the past years. In the consumer market, the tank has taken off -road road books. Although they have achieved remarkable results, it is still difficult to take advantage of their own objective environment.

For example, Wei brand was originally responsible for the upward assault in the brand sequence of the Great Wall, but the sales in 2021 were only 58,000 units, a year -on -year decrease of 25.65%. The "core replacement" incident that occurred on the Euler Cat models in the year suffocated the reputation of the user. Black cats and white cat models were forced to stop receiving orders in February 2022 because of rising raw materials in the industry.

The sales of Great Wall pickups in 2021 were 233,000 units. This data is almost the same as in 2020. Although many domestic cities are gradually liberalizing the restrictions on pickups, the embarrassment of the positioning of pickup itself in China is still still in China. It will become a bottleneck that restricts the development of the industry; the market performance of the tank is dazzling. The sales in 2021 reached 85,000 units.

03

Can the 600 billion target be achieved?

In 2021, Great Wall Motors once shouted such a magnificent goal: by 2025, the revenue exceeded 600 billion yuan, and the sales volume exceeded 4 million units, 80%of which were new energy vehicles. According to the 2021 annual report released by Great Wall Motor on March 29, the company's operating income in 2021 was 136.405 billion yuan, an increase of 32.04%year -on -year; the net profit attributable to shareholders of listed companies was 6.726 billion yuan, an increase of 25.43%year -on -year.

Although Great Wall Motor has a low growth rate in revenue and net profit in 2021, if you want to achieve revenue of over 600 billion yuan in 2025, this growth rate will not seem enough. In fact, in recent years, Great Wall Motors has risen and falls and is not stable. In 2017, Great Wall Motor's revenue was 1011.69 billion yuan, exceeding the 100 billion yuan mark for the first time; but in 2018 and 2019, revenue fell to 100 billion yuan; in 2020, although affected by the epidemic, revenue instead of revenue instead of the revenue instead of the revenue instead. With growth: hit a new high of 103.308 billion yuan, an increase of 7.38%year -on -year.

In terms of gross profit margin, it can be found that 2017 can be found that the gross profit margin of Great Wall Motors has declined obviously. For many years before 2016, the gross profit margin of the Great Wall has been above 20%, and in 2017, it has fallen to 18.43%. In recent years, this number has rolled up and down 17.00%. In this regard, Great Wall Motors claimed that the transportation expenses were included in the cost in accordance with regulatory regulations.

Judging from the specific KPI figures proposed by Great Wall Motors, if you want to achieve the strategic goal of 2025, the Great Wall needs to quickly squeeze into the first camp of domestic new energy vehicles within a few years.

Compared with BYD, which announced the complete farewell to the era of fuel vehicle in early April 2022, it was confident in doing this behavior. According to data from the China Federation and the China Business Institute, from January to April 2022, BYD won the top position of China's new energy manufacturers with 387,456 car sales and 28.70%of the market share.

▲ Picture: BYD official website

In this list, Great Wall Motors' sales of new energy vehicles from January to April this year were 37963 units, ranking 10th, accounting for 2.8%of the market share. , Changan, Zero Run and Xiaopeng or traditional car companies or new automotive manufacturers. Obviously, among new energy vehicle companies in China, Great Wall Motors belongs to the third camp, which is far from the first camp. Therefore, in summary, we can see that Great Wall Motors has a sense of crisis and has landing measures in terms of electrification and hydrogen energy. Enterprise, its transformation is bound to require a process. To some extent, the long -standing SUV business that has been standing for a long time is also like a Great Wall trapped Great Wall cars in its own comfort zone, but the changes in the situation have made the Great Wall have to step out of the comfort zone.

Wei Jianjun, chairman of Great Wall Motor, said in a short time in the short film of 2020, "What will happen in the future? According to me, life hangs a line." Market competition will always be unpredictable. If you can't see it, turn too slowly, and can't catch it, "life hanging one line" will not just say a ruthless words that stay in verbal.

Author ｜ Yu Yan

Edit ｜ Hu Zhanjia

Operation ｜ Chen Jiahui

Produced ｜ Zero -state LT (ID: lingtai_lt)

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