Is Selis's "burning" 20 billion well -off money for 6 years?

Economic Observation Network reporter Pu Zhenyu from the construction of a new factory to the release of a new brand, and then launched two new models. After the cooperation with Huawei, Selis has been singing all the way since 2021. Behind this situation of "good years" is the desperate "load forward" of the well -off shares (601127.SH).

On July 15th, Xiaokang Co., Ltd. completed the A -share market with the largest smart electric vehicle financing project to date. The total amount of non -public issuance funds of the non -public offering of Xiaokang shares are 7.1 billion yuan. This is a "charcoal in the snow" for a well -off shares.

According to statistics from the Economic Observation Network, since the listing of Xiaokang's listing in 2016, it has been issued 4 times, including 3 successfuls, 1 failure, and the actual net fundraising net funding is 13.573 billion yuan. These funds are mainly invested in the field of new energy vehicles. Counting other financing investment, Xiaokang's investment in new energy vehicles is at least 20 billion yuan, including over 6 billion yuan of equity investment, nearly 10 billion yuan of R & D expenses, and nearly 4 billion yuan in capacity investment.

Major investment has long maintained a long -term high position. As of the end of the first quarter of this year, the well -off asset -liability ratio rate was as high as 80.2%, far exceeding the average level of A shares. For reference, the top domestic performance A -share listed car companies SAIC Group, Great Wall Motor, BYD, GAC Group, and Changan Automobile have not exceeded 70%in the past five years.

Xiaokang is currently facing a severe situation of the double -line loss of electric vehicle business and fuel vehicle business. It cannot feed the electric vehicle business through the fuel vehicle business as other traditional car companies, but it is a key Treasure Selis brand. Under Huawei's empowerment, although Selis has improved, it is far from the extent that he can make blood and blood. Xiaokang's shares will continue to bundle themselves on Huawei's chariot.

The previous car that was crushed by high debt was learned, and Lifan, who was also a private car company in Chongqing, was also a double -line loss of electric vehicle business and fuel vehicle business before going to the bankruptcy and reorganization in 2020. close. The only difference is that Lifan's shares did not tell a "story" that made investors sought after.

"Burning money" ability does not lose Xiaopeng, ideal

As a new energy vehicle sector of Well -off, Jinkang New Energy was renamed Selis Automobile Co., Ltd. in May this year. As a result, Selis was officially upgraded by the name of the new energy vehicle brand of Jinkang New Energy to the name of the new energy vehicle company, which basically became synonymous with the new energy passenger car sector of Xiaokang.

Tianyancha information shows that there are thousands of employees in Selis Automobile Co., Ltd., and it owns Chongqing Selis New Electric Vehicle Sales Co., Ltd., Chongqing Jinkang Selis New Energy Automobile Design Co., Ltd., Chongqing Jinkang Power New Energy Limited company, Chongqing Jinkang Saisi Automobile Co., Ltd. and other subsidiaries cover the full chain of new energy vehicle design, R & D, production, and sales.

Sels can develop to the current scale, without the injecting funds of well -off shares. In 2017, Xiaokang increased the capital to Jinkang New Energy of 700 million yuan, and increased its capital of 404 million yuan in SF Motors, a new energy subsidiary established in the United States; in 2018, Xiaokang's shares increased to Jinkang New Energy 3 billion yuan and increased capital to SF Motors by 908 million yuan. , And invested 530 million yuan to set up Chongqing Jinkang Power New Energy Co., Ltd.; in 2019, Xiaokang Co., Ltd. increased its capital to Jinkang New Energy 500 million yuan.

Based on this estimation, in just three years from 2017 to 2019, the equity investment related to new energy vehicles related to new energy vehicles exceeded 6 billion yuan, of which more than two-thirds were directly voted for Jinkang New Energy.

Not only is equity investment, Xiaokang also spends huge spending on electric vehicle research and development and manufacturing projects. Although the AITO question world series uses some Huawei's intelligent technology, other parts of technology still need to be developed by Xiaokang shares. DE-I) from well-off shares.

At the launch conference of M7 a few days ago, Zhang Xinghai, chairman of Xiaokang, said in an interview with the media that "the extension is the most competitive core technology of Selisk's car. 10%, in the past 6 years, our core technology investment in new energy intelligent vehicles has been increasing, with a total of nearly 10 billion yuan in research and development. "

Different from some of Huawei's technologies that can be used directly, the manufacturing link of the interrogation series models is completely responsible for Xiaokang shares. From 2017-2021, Xiaokang shares the cumulative investment of 2.105 billion yuan from Jinkang New Energy Pure Electric Passenger Car Construction Project (Liangjiang Smart Factory), and invested 367 million yuan to high-performance automobile power battery projects. In addition to the completion of the Liangjiang Smart Factory, the Phoenix Smart Factory, which is currently under construction, has also invested 1.348 billion yuan.

Based on this calculation, as of the end of 2021, Xiaokang has invested nearly 4 billion yuan for electric vehicle -related production capacity construction, including two entire vehicle factories with a total capacity of 150,000 vehicles, and a battery base.

If the equity investment, production capacity investment and R & D expenses are added together, Xiaokang shares have spent at least 20 billion yuan in the past six years. This speed is not too much compared to the new forces known for "burning more money".

As a comparison, Xiaopeng Automobile, established in 2014, said when submitting an IPO application in 2020 that there are still a lot of cumulative financing of nearly 20 billion yuan in six years; when the ideal car established in 2015, when IPO submitted an IPO application in 2020, the IPO application in 2020. In the past five years, the cumulative financing of 14 billion yuan was far from finishing. 7.1 billion new financing emergency "thirst"

Judging from the asset scale of Xiaokang, 20 billion yuan is a large amount of funds. Although it has been working hard in the automotive industry for decades, Xiaokang shares are not rich compared to the state -owned large -scale automotive groups with asset size hundreds of billions of yuan.

According to the financial report, at the end of 2017, the total assets and net assets of Xiaokang shares were only 23.713 billion yuan and 4.724 billion yuan, respectively. Until the end of 2021, the two numbers also reached 320.023 billion yuan and 7.959 billion yuan. From 2017 to 2021, the annual revenue scale of Xiaokang also maintained at the level of 20 billion yuan, and it was more backward among A stock car companies.

As a weak car company at the bottom of the family, Xiaokang's investment in new energy transformation is a gambling of its "change of destiny". In the past two years, Xiaokang shares have sold their assets twice in order to raise funds.

In 2021, for the purpose of optimizing the asset structure, Xiaokang transferred 33%of its Chongqing New Energy Vehicle Financing Co., Ltd. to the parent company Xiaokang Holdings, with a transfer price of 67.427 million yuan; in 2021, SF Motors, a subsidiary of Xiaokang Co., Ltd. The Evap factory in North America was sold with a trading consideration of US $ 145 million. However, because ELMS announced bankruptcy halfway, Xiaokang's shares received only $ 107 million (approximately RMB 722 million) for transfer as of June 15 this year.

The cumulative sale of assets has only returned less than 800 million yuan in total. These funds are only a lot of money in the development of Selis's business. In this context, lending out and from external financing has become an important means for promoting new energy development in a well -off shares.

According to a message from the relevant person from Xiaokang Co., Ltd. to the Economic Observation Network reporter, Jinkang New Energy at the end of 2021 with Chongqing Jingyun Chuangfu Enterprise Management Co., Ltd. and Chongqing New Private Equity Investment Fund Partnership (Limited Partnership) joint venture with the background of the local government Chongqing Selis Electric Vehicle Co., Ltd. was established. Among them, Jinkang New Energy contributed 900 million yuan, and the other 1.1 billion yuan was borne by the joint venture partner.

In terms of development model, the Selis promoted by Xiaokang shares in the market was obscured in the market in the two years after the establishment of 2019, but after encountering Huawei, he achieved "change". During the Shanghai Auto Show in April 2021, Selis and Huawei jointly released the SF5 SF5. The effect of cooperating with Huawei is immediate. Within April 2021, the shares of Xiaokang opened 22.5 yuan and closed at 48.46 yuan, an increase of 108.43%.

After the stock price pushing and the gradual volume of Selis's brand, Xiaokang has more opportunities to financing from the capital market. In March of this year, Xiaokang Co., Ltd. completed a new round of fixed -increase revised version plan. On July 15th, the issue price of 7.1 billion yuan in well -off shares was 51.98 yuan/share. From the perspective of the stock price, the price of 51.98 yuan is not high. In the second half of 2021, Xiaokang's stock price once exceeded 80 yuan. However, the closing on July 15th, the well -off shares reported 73.94 yuan/share, which was still 42.25%higher than the issuance price.

One of the reasons for well -off shares to be eager to financing is that the corporate debt ratio is high. In the amendment of the fixed increase plan released in March this year, Xiaokang stated that as of September 30, 2021, the company's consolidated statement of the asset -liability ratio was 74.75%, which was at a high level in the industry. It is necessary for the company to supplement funds through equity financing, optimize the capital structure, reduce the asset -liability ratio, and enhance the ability of anti -risk.

According to official data, as of the end of the first quarter of this year, the total liabilities of Xiaokang shares reached 26.945 billion yuan, of which the short -term loan was 2.325 billion yuan, compared with the total liabilities of 17.889 billion yuan in the end of 2017, the total amount increased by about 9 billion yuan.

According to reporters, the asset-liability ratio of well-off shares decreased to about 73%in 2018-2019, and at the end of 2020, it increased significantly to 78.61%. At the end of the first quarter of this year, it was 80.2%. It is generally believed that the corporate asset-liability ratio in 40%-60%is a reasonable range. In the automotive industry, the asset -liability ratio of over 70%is high, and the situation of over 80%is rare.

In response to the new financing of 7.1 billion yuan obtained this time, Xiaokang plans to use 4.31 billion yuan for the development of electric model development and product platform technology upgrade project. 210 million yuan is used for user center construction projects, and 2 billion yuan is used to supplement mobile funds.

It is worth mentioning that in December 2016, Xiaokang, who had just been launched, had lost a fixed increase plan, and planned to raise 3.96 billion yuan to build new energy vehicles. Due to changes in regulatory requirements, this fixed increase is planned to be folded in March 2017.

"Bleeding" is early

According to the announcement issued by Xiaokang on July 14, the company is expected to achieve a net profit loss of net profit attributable to the owner of the parent company in the semi -annual 2022 year, 1.6 billion yuan to 1.76 billion yuan, and the loss of 481 million yuan in the same period last year.

Regarding the cause of losses, Xiaokang shares explained that due to the continuous investment in the research and development of Selis's new energy vehicle products, and the large investment in fixed assets in the early stage, the production and sales are still in the climbing stage, and the depreciation and amortization costs increased; as Sai Li Li Li Li Li Li Li Li Li Li Li Li Li Li Li Li Li Li Li Li Li Li Li Li Li's Sai Li's La Li Li Li Li Li Li Li Li Li Li Li Li Li Li Li Li; with Saili, he Li Li; The marketing costs and labor costs of Sri Lang energy vehicle products have increased. The above factors affect the net profit of the parent company about -14.39 billion yuan. In fact, new energy vehicle projects will face certain loss pressure in the early days of development. This is a common phenomenon in the industry, and Selis is no exception. According to the financial report of Xiaokang, Jinkang New Energy (Selis) has lost four years. When can Selis "hematopoietic" has become a key point for measuring the benefits of continuous investment in Xiaokang's shares.

Official data show that from January to September 2021, the gross profit margin of the new energy passenger vehicle of Xiaokang shares was -27.7%. As a comparison, when Weilai, Xiaopeng, and the ideal first model were launched, the gross profit margin was -15.32%,-24.05%, and-0.03%. From the launch of the first model to the first time of gross profit margin, Weilai spent 2 years, and Xiaopeng and ideal spent about 1 year.

In other words, if the gross profit margin of Xiaokang's new energy passenger car sector (Selis) is expected to turn right before the end of this year. However, compared with other new car manufacturers, Xiaokang still faces another tricky challenge. In addition to investing in Selis, the funds obtained by Xiaokang shares must also be used to make up for the "blood loss" of the fuel vehicle business.

The fuel vehicle business owned by Xiaokang Co., Ltd. includes Dongfeng Well -off micro passenger cars, trucks and Dongfeng Scenery passenger cars. Dongfeng well -off and Dongfeng scenery both sold brilliant. Dongfeng well -off in 2009 ranked among the top three in the Chinese miniature vehicle industry in 2009. With the help of Dongfeng Scenery 580 in 2017, the annual sales volume exceeded 400,000 units. In the past two years, the sales volume of Xiaokang has begun to decline. In 2018, 347,600 vehicles were sold, a year -on -year decrease of 13.98%. In 2019, the sales of well -off shares fell to 325,300 units. From 2020 to 2021, the fuel models of well-off shares were 253,300 and 225,100, respectively.

The decline in the sales of fuel vehicle business has affected Dongfeng well -off. According to the financial report, Dongfeng well -off in 2017 and 2018 net profit was 756 million yuan and 804 million yuan, and in 2019, it fell sharply to 273 million yuan. In 2020, a net loss of 652 million yuan appeared. In 2021, the net loss further expanded to 903 million. Yuan.

From the perspective of business lines, Xiaokang shares are in a state of difficulty in "blood loss" and electric vehicles. In 2020 and 2021, the net losses attributable to shareholders of listed companies were as high as 3.5 billion yuan. From 2013 to 2019, the cumulative net profit attributable to shareholders of listed companies during the seven years of Xiaokang shares were only about 2.4 billion yuan. In 2021, the cash flow generated by the operating activities of Xiaokang Co., Ltd. also turned from positive.

On July 11, Xiaokang shares issued an announcement that it plans to change the company name to "Selis Group Co., Ltd.", and the company's securities abbreviated referred to as "Xiaokang shares" to "Selis". This is interpreted by the industry as the image of Xiaokang's shares to weaken the image of low -end fuel vehicles in the past, and reshape the signal of the image of the new high -end new energy vehicle.

In the view of Bai Yiyang, manager of the China Recruitment and International Research Department and analyst of the automotive industry, the next step of Xiaokang shares to strip off the fuel vehicle business or a better choice. Well -off the shares subjectively hope to dilute the color of the fuel vehicle business, but the problem is that this "burden" is not a problem of fuel and new energy alone, and it cannot be easily lost.

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