The small secrets in Weilai Financial report: Single -quarter revenue is new, the power replacement mode will be blogged in the future

On September 7, Weilai released the second quarter of 2022. In terms of performance, the revenue in the second quarter reached 10.29 billion yuan, an increase of 21.8%year -on -year, creating a new quarter high; the gross profit margin of the vehicle was 16.7%; the research and development expenditure was 2.15 billion yuan, a year -on -year increase of 143.2%. Consistent.

In terms of the delivery of new cars, the cumulative delivery volume of Weilai in the second quarter of 2022 reached 25,059 units, an increase of 14.4%compared with the second quarter of 2021, and a decrease of 2.8%compared with the first quarter of 2022. Among them, Weilai ES8 is delivered to 3,681; Weilai ES6 is delivered 9,914 vehicles; Weilai EC6 is delivered to 4,715 vehicles, and the Weilai ET7, which is recently opened, delivered 6,749 units. The support is strong.

Sales steady growth

In 2018, the new forces of the car building were sold 11,400, ranking top, and in contrast, the second and third Yundu and Wima sales were only about 4,000, and the limelight was the same. Beginning in 2019, Weilai has continued to build operations around high -end brand ecology and accelerated the promotion of models. ES6 and ES8 have been recognized by the market. By 2020, the launch of Weilai's new models has further accelerated, and ET5, ET7, EC6, ES7 have also been launched one after another, and it is no longer limited to SUV models. Energy vehicles are very effective in the stage where there are not many models. In 2019, sales increased by 80%year -on -year and exceeded 20,000 units to 20,565 units. In 2020, sales further increased to 112%year -on -year. The sales volume exceeded 4,3728 units (monthly sales after September that year stabilized 5,000 vehicles after 5,000 vehicles. The above), the sales in 2021 have doubled to 91,000 vehicles. Although there have been many fluctuations in the fourth quarter of 2021, it still maintains a steady trend of more than 10,000 shipments.

It is restricted to the development of Weilai and new energy vehicle companies. If the capacity can keep up, Weilai's performance will be better. As soon as I wanted to sleep, the pillow was delivered. At the second quarter of the 2022 financial report, Li Bin said that by October, whether it is the production capacity of ET7 or ES7, the supply of chain capacity will be greatly alleviated. In addition, the Weilai F2 plant in the NEOPARK Xinqiao Smart Electric Vehicle Industry Park was officially put into production in September, and the entire Weilai Second Advanced Manufacturing Base is stepping up the production of ET5. The delivery will climb month by month in the 11th and December. It is expected that the ET5 bicycle model will exceed 10,000 in a single month in December.

Looking forward to the fourth quarter, Weilai seems to have fully prepared in all aspects in the third quarter, and Weilai also accelerates the production and delivery of vehicles in the fast horse. This is no wonder that in the second half of the year's delivery pressure, at the second quarter financial report, Li Bin will shout out the confidence of the "record" delivery.

As for the market recognition, I think the stock price is the best proof.

Is the chip problem worth worrying about?

Regarding this question, the future phone meeting has also been answered. Li Bin said frankly that the chip problem in the short term will not have a substantial impact on Weilai’s operation, because in general, it does not involve car use in this car. chip. However, Weilai has formed computing power to support the training needs of AD algorithms at the next stage of the chip of some training purposes in AI.

At the same time, Weilai also established cooperation with Nvidia. Not only that, according to the financial report data, in Q2 of 2022, Weilai R & D investment was 2.15 billion yuan, accounting for 20.9%of the revenue, which was comparable to Huawei's R & D proportion. Based on the increase in the proportion of R & D, the goal of the full stack of self -research may be just a matter of time.

Is it feasible for a huge power replacement mode?

Judging from the financial report in the second quarter, the net loss attributable to the shareholders of Weilai ordinary shareholders was RMB 2.745 billion. As for the reasons for the increase in the loss of Weilai, the gross profit margin decreased. It's right.

In terms of power replacement mode: Renault CEO Ghosn, he was so angry that the power exchange mode would only be a dead end, and Renault Motors will completely abandon the power replacement mode. Musk said: "The use rate of electricity replacement services is as low as me, and most car owners are still willing to choose a wider distributed super charging station."

Weilai should know very well that the power replacement mode was tried, and the results were not successful. Why is Weilai spending such a large price is a power replacement mode? Can the power change mode go through? Which one is the future development path of electric vehicles?

It is undeniable that the charging speed is indeed a pain point. If the power replacement mode can be connected, it can be replenished by electric vehicles in a few minutes. I think this is what every electric car owner likes to see.

There are several problems with the power exchange mode: First, the cost problem, the cost of the power station, the cost of a power station, the cost of the power station exceeds 3 million yuan, and the subsequent operations need to be continuously invested, which is much more expensive than the charging station. There is also the cost of battery. In the mode of power replacement, an average of 1.2-1.3 batteries is required, and the cost is naturally higher. The second is users. At present, the number of Weilai users can not support the huge user network. If the power replacement mode is charged like Renault and Tesla, will Weilai users pay for it? The third is that the power station can only serve specific brands. Whether it can be popularized is a problem. In response to the above problems, these problems are slowly solved. According to Weilai, electricity changing is a service, not a business that is used to make a profit. The rights that Weilai provides by the owner is: the user who retains the home charging pile user Power replacement 4 times a month, and users who abandon home charging piles 6 times a month 6 times a month. The amount of free power replacement can almost meet the daily commuting of users. Judging from the user experience, this is a service that every Weilai user clapped.

The power change mode did not do anything in Renault and Tesla, but in Weilai, it was not necessarily unreasonable. As soon as the power change mode came out, it was welcomed by infrastructure departments such as the power grid. The Power Power Grid also personally supported the power exchange mode.

Because the charging station has increased the requirements for the circuit grid, the load of the power grid is increased, and even the grid and transformer around the fast charging station need to be upgraded to meet the needs. In the power replacement mode, each power station is equivalent to a small energy storage station. The power replacement mode is undoubtedly better than the new energy power generation mode such as wind power and photovoltaic.

Not only that, it also gives a great support in terms of subsidies. Only cars with a price of less than 300,000 yuan can accept subsidies, but electric vehicles in the power replacement mode are not subject to this restriction.

In September 2021, relevant national departments jointly drafted the document "Specifications for the Construction of Electric Passenger Vehicles Sharing Power for Power Construction".

The plan clearly stated that it is necessary to strengthen the cross -industry collaboration of all parties in the power exchange industry, promote the formation of uniform universal standards in the field of power exchange, and improve the security, reliability and economy of the power exchange model.

The power change mode has been continuously supported, and many leading companies have begun to lay out. Like Ningde Times and Southern Power Grid cooperation power replacement model, auto manufacturer Beijing Automobile Group and the State Grid have reached strategic cooperation. Although the charging model is now the mainstream, as the mainstream is the mainstream, it is the mainstream. The development of new energy vehicles and technology has become more and more popular. The power replacement mode is regarded as the moat of Weilai. I think this moat will become higher and higher.

According to Weilai forecast, profitability began in 2024. On the basis of the continuous maturity of Weilai business model, sales have grown steadily, and it is only a matter of time.

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