Selling Guan Xiaopeng does not make money

Author | Wei Qiyang

Source | Insight New Research Society

On August 23, Beijing time, Xiaopeng Automobile released the second quarter of 2022.

Unsurprisingly, Xiaopeng Guanwei still used its revenue and delivery as the highlight of the performance and highlighted.

According to the data, according to the financial report, Xiaopeng's total revenue in the second quarter was 7.436 billion yuan, an increase of 97.7%year -on -year; 34,422 new vehicles were delivered, a year -on -year increase of 98%.

Picture source: Xiaopeng Auto Guanwei

However, Xiaopeng's long -term loss problem has not been resolved, and even signs of improvement can not be seen.

Xiaopeng Automobile's operating loss in the second quarter was 2.091 billion yuan, compared with 1.443 billion yuan in the same period last year and 1.92 billion yuan in the first quarter of this year. In the second quarter, a net loss was 2.701 billion yuan, a significant expansion of the year -on -year period.

The market feedback is the most real. As of the closing of the US stocks on August 23, Xiaopeng plummeted 10.81%, and the stock price also fell below $ 19, touching the lowest point this year.

He became a "sales crown", but he never made money, and Xiaopeng himself was very distressed.

01 Although it is still sold, the growth rate has slowed down

Xiaopeng Automobile's sales beyond Weilai and their ideals began in the third quarter of last year.

Before that, Weilai was always sitting. In July last year, the ideal suddenly exerted its strength and pulled Weilai into Malaysia. After sitting for 3 months in the place of sales, Xiaopeng surpassed in October. When Ji Xiaopeng completed the delivery of 25,666 units, a year -on -year increase of 199.2 reached 199.2 %.

After that, Xiaopeng sang all the way, even if Nezha and Zero ran to the traditional forces of "Wei Xiaoli" to launch a challenge, they also won the single month's sales championship, but in the quarterly delivery, Xiaopeng still still Keep the title of the sales crown.

Picture source: Xiaopeng Automobile Finance Report

At present, P7, which has been carried on Xiaopeng in May 2020, and P5, which began to be delivered in May 2020, and P5, which began in September last year.

It is not difficult to see from the delivery data announced by the financial report that the high growth rate of Xiaopeng's sales in 2021 is mainly caused by the increase in the new car of P7 sales and P5.

After entering 2022, the sales of P5 gradually stabilized. In addition, the P7 has been listed for two years. The renovation has not moved, and the sales volume is slowly slipping from the peak. Although this season still achieves 98%of the year -on -year increase, but in contrast to the second quarter of last year last year , P7 sales have not yet touched, P5 is still a blank, without delivery, so the reference of this growth data is not strong.

Those who have practical significance depends on the cycle.

In the fourth quarter of last year, Xiaopeng completed the delivery of 41751 vehicles. This is also the largest quarter of Xiaopeng's sales since its establishment. However, in the first quarter of this year, the delivery slowly declined to 34,561 units. The delivery volume is still down. In the two quarters of the two quarters, Xiaopeng's delivery volume was 0.4%and 17.6%of negative growth.

Affected by the slowdown in sales, Xiaopeng's revenue was also dragged down.

Similarly, Xiaopeng's total revenue this quarter was 7.436 billion yuan, an increase of 97.7%over the same period in 2021, but compared with 7.455 billion yuan in the first quarter of this year, it decreased by 0.2%month -on -month. , Decreased by 0.9%month -on -month.

The financial report data reflects more or less problems, and Xiaopeng has also lowered expectations for the future market.

For the next three quarters, Xiaopeng gave guidelines in the financial report. It is expected that the car delivery volume will be 29,000 to 31,000, a year-on-year increase of 13.0%to 20.8%. The total revenue will be 6.8-72 billion yuan, an increase of 18.9 year-on-year increased by 18.9 %To 25.9%.

Discovery, the guidelines given by Xiaopeng turned out to be declined from the previous month.

02 Although the revenue is a lot, the loss is still expanding

In the second quarter, Xiaopeng's total revenue was 7.436 billion yuan. From the account figures, it was not small. However, such a large revenue not only could not fill the pit of losses, but its losses also showed a tendency to expand.

The financial report shows that Xiaopeng Automobile's operating loss in the second quarter was 2.091 billion yuan, compared with 1.443 billion yuan in the same period last year and 1.92 billion yuan in the first quarter of this year.

In the second quarter, a net loss was 2.701 billion yuan, a significant expansion of the year -on -year period.

If the loss will be accumulated, as of June 30, 2022, Xiaopeng has accumulated a total of 20.593 billion yuan.

In contrast, the loss of ideal cars released in the second quarter of the second quarter of financial reports was narrowing significantly. The quarterly operating loss was 978.5 million yuan, and the net loss was 641 billion yuan.

Why is Xiaopeng here? For the reason, Xiaopeng was still trapped in the low -haired rate of criticism.

For a long time, Weilai and the ideal gross profit margin have been above 20%, while Xiaopeng's gross profit margin hovers at about 10%.

Let's look at the data. In the second quarter, Xiaopeng Automobile's gross profit margin was 10.9%, which was not only lower than 11.9%of the same period (2021 in the second quarter of 2021), but also below 12.2%of the first quarter of this year.

In contrast, the annual gross profit margin in the second quarter was 21.5%, and the gross profit margin in the second quarter of 2021 and the first quarter of 2022 was 18.9%and 22.6%, respectively. The gap between Xiaopeng was obvious.

Xiaopeng's gross profit margin is relatively low. In addition to the low price of models in models, the high sales cost is one of the main reasons.

In the second quarter, the sales cost of Xiaopeng Automobile was 6.627 billion yuan, an increase of 100.0%from the 3.313 billion yuan in the same period in 2021, and 1.3%from 6.544 billion yuan in the first quarter of 2022. At the moment of selling cars, Xiaopeng has no more profitable points.

According to the Xiaopeng plan, this year will launch XPILOT 3.5, which will realize the city's NGP. The latest progress is that Xiaopeng has completed the development and testing of the first mass production version of the city in the second quarter. The second growth curve, so as to increase revenue and gross profit margin to change the current status of losses, it is difficult to achieve in the short term.

03 Although G9 is about to be available, it is difficult to change the status quo

Xiaopeng's problem has always existed, but the high -speed growth some time ago will cover up the problem. Once the growth rate is slowed down, Xiaopeng has to face it again. As far as the current situation is concerned, all the variables of Xiaopeng break the game are concentrated in He Xiaopeng. "The best SUV within 500,000" -G9.

Although G9 blindly ordering data is good, starting the blind order for 24 hours to harvest 22819 orders, but three of them are uncertain:

First, whether the order volume of official announcements is water;

The second is that blind fixed deposit can be refunded at any time. When the price is officially listed at the end of September, if the price is not as expected as the market, there will be a customer withdrawing;

Third, according to Xiaopeng's plan, G9 may enter the price range of 400,000 to inherit the heavy responsibility of increasing Xiaopeng's gross profit. However, this price range is also entangled with Weilai ES7, ES8, ideal L9 and other friends. Whether it is a explosive product like P7 is still a question mark.

Earlier this year, Xiaopeng announced the sales target of 2022: to ensure 250,000 units and hit 300,000 units.

Among them, the task to G9 is 14%of the total sales, which is expected to be 35,000 units. If the G9 has been delivered from October, it also means that the average monthly delivery is over 11,000 units. Essence

Another dimension, G9 lived up to expectations, and it really became an explosion. But Xiaopeng was pushing a super -charged pile in order to establish a closed loop of his own car experience.

At present, Xiaopeng's self -operated charging station has reached 1,000, including 799 supercharge stations, and 201 201. It is expected that by 2025, Xiaopeng plans to build another 2,000 super fast charging stations.

The construction of a supercharge station is like a huge pit. The gross profit margin that has been raised by the vehicle sales is difficult to fill in this pit.

04 conclusion

Finally, in the short term, Xiaopeng's current situation is difficult to change. In the long run, insisting on the intelligent direction will eventually make a difference.

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