Single -quarter sales fell!In the third quarter, net profit decreased year -on -year. Mavericks' electricity performance is no longer "cow"?

Mavericks, which broke into the field of two -wheeled electric vehicles with the concept of "smart lithium batteries" and set off in the industry's change, or no longer enjoy the "Internet" or "technology" premium

"Investment Times" researcher Luo Yi

The Mavericks Electric (NASDAQ: NIU), which was once known as the "two -wheeled car industry Tesla", has been submitted three more bleak performance reports since the fourth quarter of 2021.

Mavericks Electric's recent release of the second quarter of 2022 shows that the total global sales of Mavericks electricity during the period was 208,900, a decrease of 17.4%year -on -year. This is also the first quarter of the Mavericks' electricity sales since the listing. In addition, revenue and net profit of home also declined significantly. Among them, in the second quarter, Mavericks' electricity revenue reached 828 million yuan, a year -on -year decrease of 12.4%; net profit was 14.4 million yuan, a sharp decline of 84.3%year -on -year.

Due to the Internet and technology halo, the Mavericks electric at the time of capital was quickly "diluted" by capital when the performance was tired. Since the release of the financial report in the second quarter, the Mavericks' electric stock price has fallen day after day. As of August 26, the stock price was $ 6.38 per share. Compared with the highest point of US $ 53.38 per share in 2021, it has shrunk by 88%.

From the perspective of dynamic price -earnings ratio, Mavericks Electric is currently only about 25 times, which is far from the previous high point of more than 170 times. In 2015, the Mavericks Electric, which broke into the field of two -wheeled electric vehicles with the concept of "smart lithium batteries" and set off the industry's change, or no longer enjoy the "Internet" or "technology" premium.

At the same time, since the growth rate of income in 2020 is lower than that of Yadi, Xinri, and Emma, ​​the road of Mavericks has begun to be questioned by the market. Some analysts said that in order to obtain the "entry tickets" of two -wheeled electric bicycles, new forces such as Mavericks Electric often focus on brand and intelligent innovation, and pay attention to the sinking market. Once traditional enterprises keep up in intelligence, the stories of new forces have lost their attractive stories.

Mavericks Electric has also launched a variety of low -end products from 2019 to try to explore the market. However, from the perspective of the results of the whole year and this year of this year, Mavericks' sinking road has not been smooth.

Mavericks Electric 2022 Second Quarter Report

Data source: company financial report

Revenue net profit decreases

According to the financial report data, in the second quarter of this year, the total revenue of Mavericks' electricity achieved 828 million yuan, a year -on -year decrease of 12.4%; net profit was 14.4 million yuan, and the loss of 29.6 million yuan in the first quarter, but still fell sharply year -on -year declines year -on -year 84.3%; not in accordance with NON-GAAP, the adjustment of the adjustment after adjustment was 31.2 million yuan, a year-on-year decrease of 70%. In the second quarter of last year, Mavericks' net profit realized 91.84 million yuan, an increase of 61.6%year -on -year.

This is the year -on -year decline of Mavericks' electricity for three consecutive quarters. Since the fourth quarter of 2021, the company has experienced increasing income and increasing profit.

In addition to the decline in revenue and net profit, the sales of Mavericks electricity also appeared in the first quarter since its listing in 2018. Data show that in the second quarter of 2022, Mavericks sold 208,900 electric vehicles, including electric motorcycles, electric boom, scooter and electric bicycles, a year -on -year decrease of 17.4%.

The company said in the financial report that the main reason for the decline in sales in the second quarter was that the domestic market was 180,300 units, a year -on -year decrease of 26.7%; the international market sales were 28,600 units, a year -on -year increase of 309.1%.

For the second quarter performance, Mavericks Electric CEO Li Yan said that the sales of the Chinese market in the second quarter were severely hit, and product development was interrupted due to the epidemic. Li Yan said that first -tier cities such as Shanghai and Beijing caused a decline in retail and logistics due to the blockade of the new crown pneumonia, and stated that with the coming of the peak season in August, the Mavericks electric in the second half of the year will return to the growth track. The product will help the company recover from the previous blow.

Data show that the Chinese market accounts for more than 86.31%of the overall sales of Mavericks electricity, of which first and second -tier cities account for 35%-55%of the total domestic sales. The market analysis believes that Mavericks Electric's business rights in first -tier cities are too high, hiding the market's excessive concentrated risks.

In addition, the second quarter report showed that the gross profit margin of Mavericks electricity in the quarter was 20.3%, a 2.4%decrease of 2.4%compared with 22.7%in the same period last year. According to the company, the decline in gross profit margin is mainly due to continuous cost pressure, the increase in sales of overseas skateboards with low profit margins, and decreased sales of accessories, spare parts and service sales of high gross interest rates.

In view of the uncertainty caused by the current epidemic and various factors, the Mavericks Electric has also reduced the company's annual sales target and adjusted the annual sales guidance to 1 million to 12 million units. The sales of 10.379 million vehicles are conservative. At the fourth quarter of 2021 and the annual financial report, Mavericks' sales were expected to 1.5 million to 1.7 million vehicles in 2022.

Low market penetration rate

Mavericks Electric lowers the sales target of 2022, which is not consistent with the development trend of the entire industry forecast. According to the report of Tianfeng Securities, the "Technical Specifications for Electric Bicycle Safety" (hereinafter referred to as the new national standard) has been replaced by about 100 million over 100 million vehicles after 2019. According to the comparison of the transition period of various provinces and municipalities and the comparison of electric vehicle ownership in each province, within 5 years from 2020 to 2024, the year-on-year growth rate of two-wheeled electric bicycles was 19%, 22%, 15%, 10%, and -7%. The scale will reach its peak in 2023. According to the above report, the year -on -year growth rate of two -wheeled electric bicycles in 2022 will reach 15%, but the annual target after the Mavericks' electric adjustment is basically the same as that of 2021.

According to the information, in 2014, after 10 years of golden development in China, China's two -wheeled electric vehicles began to have an intensified competition and decline in sales. At this stage, Mavericks Electric entered the game at this stage, breaking the two -wheeled electric vehicles that were originally dominated by lead -acid batteries to inject vitality into the entire traditional electric two -wheel car market.

The Mavericks Electric has locked the high -end market from the beginning. The first product released in 2015, the Mavericks smart electric pedal car, was priced at 3999 yuan and the power version was 4999 yuan. 800 yuan -2000 yuan. After the first product came out, the market regarded it as an enthusiast level and believed that it was only aimed at niche people.

From the perspective of sales, the scale ceiling of Mavericks high -end vehicle seems to be high. According to the previous prospectus data, Mavericks sold for a total of 84,900 vehicles in 2016, 189,500 units in 2017, and 339,600 units in 2018. From the perspective of revenue data, the Mavericks achieved revenue of 355 million yuan in 2016, with a net loss of 233 million yuan; the revenue in 2017 was 769 million yuan, a net loss of 184 million yuan; in 2018, the company's revenue was 1.478 billion yuan, and in 2018 Net loss is 349 million yuan.

In April 2019, the "new national standard" landed to promote the reshuffle of the domestic two -wheeled electric vehicle industry, and new standards stimulated the needs of electric vehicles to be replaced. But in this "new national standard" dividend, the growth rate of Mavericks electricity is slowing.

Data show that in 2019, Mavericks electricity achieved 421,400 units, a year -on -year growth rate of 24.09%. In 2017 and 2018, the company's sales growth rates were 123.20%and 79.21%, respectively. In 2019, the company achieved revenue of 2.076 billion yuan, and achieved the first profit since listing, and achieved net profit of 190 million yuan in that year.

From the perspective of penetration, because of the high -end route of Mavericks, its penetration rate is lower than that of traditional brands. According to the data of iResearch, the market share of Mavericks Electric from 2018 to 2021 was 1.1%, 1.2%, 1.3%, and 2.1%, respectively. At the same time, the market share of Yadi was 16.3%, 17.6%, 22.7%, and 27.9. %; Emma's market share is 14.0%, 14.8%, 14.4%, and 16.8%.

Mavericks electricity data showed that the sales volume of the company's mid -to -high -end products declined. The sales volume of N/M/U series models was 100,000 units, 107,000 units, and 180,000 units, a year -on -year decrease of 3%, 21.4%, and 6.8%. Essence

The road to sink is not easy

In addition to the above -mentioned high -end difficulties that cannot be expanded rapidly in scale, Mavericks Electric is also facing the pressure brought by increasing competitors in the high -end market. In 2021, the old -fashioned company in the industry, Yadi and others began to work towards high -end. In July 2021, Yadi launched a high -end brand VFLY, including FLIYING and other product lines. The price ranging from 6999 yuan to 19800 yuan. According to iResearch data, in 2021, at the price section of 4,000 to 5,000 yuan, Yadi ranked first in two wheel electric vehicles.

At the same time, new forces such as No. 9 Electric and Harbin also seized the market on smart high -end electric vehicles. In the second quarter of this year, domestic sales reached 216,000 units, which achieved overtaking Maverick Electric. Mavericks facing new and old brands in the high -end market.

In order to cope with the intensified competition in high -end markets and the needs of expanding the market size, since 2019, Mavericks Electric has begun to deploy low -end markets. During the year, the GOVA series of low -end products is launched. part.

But from the data point of view, Mavericks' mid -to -low -end products have really started to work since 2021. In 2019 and 2020, the sales volume of GOVA series products was 22,000 and 169,000, respectively. By 2021, the sales of Mavericks's low -end GOVA series of products will increase significantly. In 2021, sales reached 630,000 units, an increase of 276.4%year -on -year, accounting for total sales from 5.2%in 2019 to 61.1%in 2021.

In addition to products, Mavericks Electric has also begun to sink on channels. In 2020, the company had 1,616 special stores, and as of June 30, 2022, the number of franchisees in China has risen to 3,329, an increase of 81 from the end of the previous quarter.

However, the sinking of products and channels has also led to the decline in the overall gross profit margin of Mavericks.Data show that in the second quarter of 2022, the company's gross profit margin was 20.3%, a year -on -year decrease of 2.4%from 22.7%in the second quarter of 2021.The data in the first quarter also declined from last year. In the first quarter of 2022, the company's gross profit margin was 19.1%, and the same period in 2021 was 23.8%.Some product prices of Mavericks Electric Official Website

Data source: company official website

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