Weilai: Need a new story

On June 9th, Weilai announced the financial report of the first quarter of 2022. At this point, the first quarter report of the three silly electric silly has been on the ground. What is the specific gold content? What is the comparison with the ideal and Xiaopeng. Let ’s take a look.

1. Overall performance: General situation

· The total revenue recorded in Q1 in 2022 was 9.911 billion yuan (the unit of RMB, the same below), an increase of 0.1%from Q4 in 2021. The same period last year was 7.982 billion yuan, an increase of 24.2%year -on -year;

· The net profit of Q1 in 2022 was -1.783 billion, a decrease of 16.8%from Q4 in 2021. The same period last year was -451 million, a year-on-year increase of 295.3%;

After reading Weilai's first quarterly report, it can be seen that the three silly electric silly can be said to have its own Qianqiu, which is exactly the same as:

· In terms of revenue, Weilai is the highest (actually only 350 million higher than the second place in the second place), and the only thing to achieve a month -on -month growth;

· In terms of sales, Xiaopeng is out of stock. Of course, this is directly related to Xiaopeng's price and model;

· In terms of net profit, the electric three silver still has not yet achieved profit, but the ideal net loss is the least. Q2 is very likely to achieve profitability, but Xiaopeng and Weilai still have a high loss, and the loss is increasing;

· In terms of gross profit margin, the ideal performance is still excellent, the gross profit margin is the highest, and the year -on -month and year -on -year trend is positively. In contrast, its gross profit margin shows a downward trend. In the future, Xiaopeng's overall price is relatively cheap. The gross profit margin is at the bottom of the electric three silly.

2. Delivery quantity: hit a new high

Data show that Weilai delivered a total of 25,768 units in the first quarter. It was 20060 in the same period last year, a year -on -year increase of 28.45%, a record high. It is worth mentioning that 5074 and 7024 vehicles were delivered in April and May, respectively, and the cumulative number of delivery has exceeded 205,000 units, becoming the first of the first electric silly silly to exceed 200,000 vehicles.

In terms of vehicle delivery, from Q1 to Q1 from Q1 2020 to 2022, cumulative 9 quarters, Weilai, Xiaopeng and the ideal compound quarterly growth rates were 26.87 %, 40.54 %, and 34.88 %. It can be seen that the growth rate of the number of delivery in Weilai in the quarter is significantly lower than Xiaopeng and ideal.

In the nine quarters of the author's statistics, from Q1 in Q1 2020 to Q2 of 2021, for 6 consecutive quarters, the number of delivery in Weilai ranked first, but since the Q3 of 2021, Xiaopeng has been overtaken by Xiaopeng ideal. After that, he has been at the bottom.

At present, the price of Weilai models in the sales model exceeds 400,000, and the ideal model is sold at 300,000 yuan, while Xiaopeng's civilian route. Therefore, in terms of delivery, it is not fair for Weilai to compare with Xiaopeng and ideals from Xiaopeng and ideals.

Although the epidemic in the first half of this year is unprecedented, Weilai's supply chain system is unprecedented, but in May, it reached a record high of new orders in May, which at least shows that Weilai's competitiveness in the high -end market cannot be underestimated. According to the guidelines, Weilai is expected to deliver the number of vehicles from 23,000 to 25,000 vehicles. When I look forward to Q2, Weilai can bring us new surprises.

3. gross profit margin: not to be optimistic

Although Weilai Automobile has a high price, the gross profit margin is not reflected. According to the quarterly report, the gross profit margin of Weilai is 18.1%, and the company's gross profit margin is 14.6%.

Among the electric three silly, the ideal entire vehicle gross profit margin is growing for five consecutive quarters. From 2021 Q1 is only 16.9%, but by 2022 Q1 has reached 22.4%, becoming the highest gross profit margin of the electric three silver, the highest gross profit margin of the three silver, the highest gross profit margin of the electric three silly, Car companies. And Weilai's performance in this regard is indeed unsatisfactory. In 2021, the gross profit margin of Q1 was as high as 21.2%, and it never reached it again. Xiaopeng's gross profit margin is the lowest, which is actually expected. After all, Xiaopeng's models have a lot of low -end, and the gross profit margin is naturally not high.

The decline in the gross profit margin of Weilai vehicle in the first quarter of this year is mainly due to the changes in the company's product portfolio ratio, which led to a decline in the average selling price. In addition, the increase in price increases such as raw materials, and the increase in bicycle battery products caused the gross profit margin of the entire vehicle. In order to alleviate the pressure of rising costs, on May 13, Weilai Automobile announced the adjustment of its product prices, but the price -adjustment products are expected to be delivered in the third quarter. Essence

Fourth, research and development: heavy money, there must be fruit

· NOP+enhanced pilot assistance: It is expected that in the third quarter, the NOP+enhanced pilot assistance function was launched. This system is a self -developed high -precision map based on Weilai based on partners. If this system is turned on, the driver can hand over more authority to the vehicle as needed to achieve higher -level autonomous driving. According to Weilai, this should be the only system after Tesla that can achieve automatic driving functions according to the navigation path, but how effective it is, it is necessary to see how the actual application after the system is landed.

· Battery: At present, Weilai has a battery research and development team of more than 400+. In the long run, Weilai has created the independent supply chain system through the "independent research and development+external mining" two -way battery manufacturing strategy, which is easier to control from cost and performance, and of course it is very helpful to improve the gross profit margin of the vehicle. In fact, Weilai has launched a layout in the field of battery. For example, it released a 75 -degree ternary iron battery last year, becoming the first ternary iron battery package brand to apply CTP technology to mass production. · Charging piles: As of now, there have been 829 supercharge stations and 4,580 supercharges in the future, 716 destination charging piles, 4,140 destination charging piles, and 500,000+ roots of third -party charging piles. Among them, Weilai built 122 supercharge stations in the first quarter of 2022 and 55 destination charging stations.

· Power exchange station: Weilai has built 949 power stations, of which 107 power stations were completed in the first quarter of 2022. According to the planning in 2022, Weilai will be added to deploy 30 Power Up Plan destination routes, and the Chinese market will build a total of over 1,300 power stations.

Fifth, hope: ET5, ES7, ET7

According to Weilai official information, ES7, ET7, and ET5 will be launched this year. Among them, ET7 has been delivered on March 28; ES7 will be launched tonight (June 15), and it is expected to start delivery at the end of August; ET5 is expected to be delivered in September.

The expansion of the new model will inevitably boost Weilai's revenue. Among them, the price of ET5 is between 300,000 and 400,000. The right customer group has also expanded.

At the same time, the Weilai brand Gemini (Gemini, Gemini) is also under planning, selling between 15-300,000. From the price, we can see Weilai's ambitions. By launching the sub -brand, Weilai's market audience is not only a high -end customer, but the customer group has further expanded to achieve a complementary situation.

6. Summary

It is true that although Weilai's first quarterly report is remarkable, we seem to have higher expectations for Weilai. As one of the earliest layout of electric vehicles, Weilai is much more complicated than before in the face of challenges. Not only new forces of car manufacturing, Xiaopeng, ideal, and of course powerful competitors such as Tesla, and there are powerful competitors such as Tesla. The rising star of Wima and Zero Run, of course, has the comprehensive march. Whether Weilai can kill the siege and continue to lead new energy, we will wait and see!

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