current position:Home>The well-off shares have lost again, and it is difficult to live near Huawei

The well-off shares have lost again, and it is difficult to live near Huawei

2022-05-07 20:53:5336kr

The market value once crushed the big mac Changan automobile , Capital is optimistic about Well off shares (601127.SH) Hand in your homework .

4 month 29 Japan , Xiaokang shares issued 2021 Annual report . From the annual report , Relying on the cooperation with Huawei, Xiaokang shares has not got out of the quagmire . Annual report , Xiaokang shares achieved operating income throughout the year 167.18 One hundred million yuan , Year-on-year growth 16.89%, Net profit and loss attributable to shareholders of the listed company 18.24 One hundred million yuan , a 2020 Year of -17.29 The loss of 100 million yuan further expanded .

This is Xiaokang shares last year 4 The first annual report card released after the announcement of cooperation with Huawei in June . In announcement , Xiaokang shares did not specify the reasons for the performance loss .

however ,《 Rim visibility 》 be aware , In the financial data sheet of major controlling and participating companies , Thales's new energy vehicle business segment suffered the most serious losses .

The market has long predicted the loss of well-off shares . In recent months , After the market value of well-off shares fell below 100 billion , All the way down . By 5 month 6 Closed yesterday , The market value of Xiaokang shares has fallen back to 500 More than one hundred million yuan .

Under continuous losses , The well-off shares led by Young Marshal Zhang Zhengping can “ Bo future ” Do you ?

01  Lack of research and development

When the annual report is published , Zhang Zhengping also sent an internal letter . generally speaking , This so-called internal letter is often to encourage employees , It is not limited to the internal knowledge of the enterprise . This kind of internal letter , Professor Heng Dashu played perfectly .

In this internal letter that has been publicly circulated , Zhang Zhengping said ,“ Transforming new energy , Build a smart car ecosystem , Xiaokang is serious .” In the whole letter , There is no direct mention of losses , Show more high morale .

However ,2021 The financial report in is really a little skinny . There has been a 36 A well-off stock with a history of years , Is in 2016 Annual listing . The year of listing , Its total revenue reached 161.92 One hundred million yuan , Net profit attributable to the parent 5.14 One hundred million yuan , Once pulled out 18 A harden board .

However , The good times are not always in , Good flowers don't bloom very often .2020 year , Xiaokang shares fell into a loss .

In terms of revenue ,2017 year ~2020 The total operating revenue of the company in was 219.34 One hundred million yuan 、202.40 One hundred million yuan 、181.32 One hundred million yuan 、143.02 One hundred million yuan , The net profit attributable to the parent in the same period is respectively 7.25 One hundred million yuan 、1.06 One hundred million yuan 、6672.15 Ten thousand yuan 、-17.29 One hundred million yuan .

obviously , The highlight moment of Xiaokang shares is fixed at 2017 Years and 2018 year , Since then, the performance has declined all the way .

China's automobile industry is quite popular 2021 year , Xiaokang shares also failed to get rid of the dilemma .

Results show that , company 2021 Annual revenue compared to 2020 Although there was a rebound in , But the net profit loss continues to expand .

In terms of cash flow ,2021 year , The company's operating cash flow consists of 10.88 Billion yuan down to -9.87 One hundred million yuan , Year-on-year decline in 190.8%; By 2022 End of the first quarter of , The net cash flow from operating activities of the company is -1.54 One hundred million yuan , Year-on-year decline in 41.06%, fell 22.05%.

And here it is 2020 First quarter of 2009 , Well off shares continue “ bleeding ”, The net profit attributable to the parent company is a loss 8.39 One hundred million yuan , The loss in the same period last year was 5.33 One hundred million yuan ; Net of non net profit and loss 7.57 One hundred million yuan , Loss in the same period of last year 5.75 One hundred million yuan .

Under the pressure of huge losses , Xiaokang shares raise money everywhere . Earlier this year, , The company's announcement is to be made in A The non-public offering of shares in the stock market shall not raise more than 71.3 One hundred million yuan , The raised funds will be invested in the development of electric vehicles 、 Projects such as factory intelligent upgrading and user center construction , Among them is 20 Billion yuan is used to supplement working capital .

In the last year 6 month , Xiaokang shares has already carried out a round of 25.93 Fixed increase of 100 million yuan , It is also used to upgrade the vehicle development platform and supplement working capital . Frequent fundraising , It can be seen how tight its working capital is .

The shortage of funds has also been transmitted to the crucial R & D investment of automobile enterprises .2021 year , The R & D investment of Xiaokang shares is 19.48 One hundred million yuan , The proportion of R & D investment in revenue is 11.66%.

And in the 2020 year , Although R & D investment is only 18.2 One hundred million yuan , The proportion is as high as 12.73%. Go back to 2019 year , Its R & D investment is as high as 22 One hundred million yuan , Accounted for as 12.16%.

By contrast , Similar new energy vehicle enterprises , R & D investment is to increase .2021 year , Weilai's R & D expenses increased year-on-year 84.6% to 45.9 One hundred million yuan ; The ideal R & D cost is 32.9 One hundred million yuan , Year-on-year increase 198.8%; Xiao peng car The R & D cost is 41.1 One hundred million yuan , Year-on-year growth 138.4%.

Transforming new energy “ Very serious ” Well off shares , It doesn't just need to be announced in an internal letter , Maybe we have to add a few more fires to the research and development .

02  The bleeding is hard to stop

New energy vehicle track , It's very expensive . The wealth of traditional car enterprises such as Xiaokang shares is not rich , To break through on this track , As Zhang Zhengping said :“ No strong man has broken his arm 、 The determination to scratch and heal , A well-off society cannot truly complete the transformation .”

In the previously released performance forecast , Xiaokang shares mentioned , although 2021 In, the sales volume of Thales new energy vehicles increased compared with the same period of last year , But sales are still climbing , Fixed assets 、 The amortization of intangible assets increases , R&d spending 、 Labor cost 、 Marketing channel expenses continue to increase , As a result, the company's net profit loss after this sector is returned to the parent company 14 One hundred million yuan . And in the annual report , Xiaokang also mentioned that the rising cost of raw materials has put pressure on enterprises .

according to the understanding of , Cyrus was founded in 2016 year , The predecessor is a new energy company registered and established by Xiaokang group in Silicon Valley SFMotors. The biggest value of this company is that it has acquired InEVit company , The latter is co-founder of Tesla Martin Eberhard found , The main direction of attack is the battery of electric vehicles Box power R & D and design of the system .

In limine , Among the new forces making cars , Cyrus is not impressive , Until last year 4 month , Xiaokang Co., Ltd. cooperated with Huawei to launch the first model “ Cyrus Huawei smart choice SF5”, Since then, the popularity has increased greatly , The share price of Xiaokang shares also rose , From the lowest share 10 At one time, the price of yuan rose to more than 80 element , At its peak, the market value even exceeded 1000 RMB one hundred million yuan .

But under Huawei's aura , The sales volume of Thalys doesn't seem to match the rise of the stock price . The data of the ride show ,2021 year 4 Month to 12 month , Sailux SF5 The sales volume is 129 car 、204 car 、1097 car 、507 car 、715 car 、1117 car 、1926 car 、1385 car 、1089 car , total 8169 car . In the meantime , Thalis has also been involved in the storm of shutdown and rights protection .

The first quarter of this year , Xiaokang shares separately disclosed the production and sales of Thalis for the first time , The cumulative production and sales in the first quarter were 6808 Vehicles and 5044 car . however , What needs to be noted here is , last year 12 month 23 Japan , Huawei and Thalis jointly launched a new brand ——AITO, At the same time, it released the first intelligent car to ask the world M5.3 At the beginning of , Ask boundary M5 stay 36 Cities 、100 More than one user center opened the first batch of delivery .

in other words , In the first quarter of this year, the sales volume of Thales included AITO Ask boundary M5 The sales of , And the big probability is more from the question boundary M5. Because according to the data released by the passenger Federation , This year, 3 Lunar boundary M5 The sales volume of is 3045 car , Enter new energy for the first time SUV Sales list , Ranking the first 12 position , And Cyrus SF5 Less than a year after listing, it was ignored .

According to the data disclosed in the first quarterly report of this year , Although Xiaokang shares have improved in the sales of new energy , But it costs more money .

When new energy burns money , Two acquisitions of Xiaokang shares also exposed problems .

2018 year , Xiaokang shares announced , Xiaokang power, a wholly-owned subsidiary, plans to take about 6.4 Billion yuan to acquire Luzhou Rongda vehicle transmission Co., Ltd. held by the controlling shareholder Xiaokang holding 86.37% Shares of .

At the time , Xiaokang holding made a contribution to Luzhou Rongda 2018 year ~2020 The total annual net profit shall not be less than 2.6 Performance commitment of 100 million yuan ,2018 year 、2019 year 、2020 The annual net profit shall not be less than 2000 Ten thousand yuan 、9000 Ten thousand yuan 、1.5 One hundred million yuan .

2019 year , Xiaokang shares announced that , The company set a price for 38.5 100 million yuan to buy Dongfeng Xiaokang automobile group held by Dongfeng Motor Group 50% equity . The acquisition also made performance commitments , The company's controlling shareholder Xiaokang holding promises , Dongfeng Xiaokang's consolidated statements in the commitment period are audited to the parent company's net profit , Will be no less than 2 One hundred million yuan 、4 One hundred million yuan, 5 One hundred million yuan .

Three or four years passed away , The reality is that , The above two acquisitions failed to complete the bet . Luzhou Rongda 2018 Annual losses 7.52 Ten thousand yuan ,2019 Annual net profit 46 Ten thousand yuan ,2020 Annual net profit 0.18 One hundred million yuan . Dongfeng Xiaokang 2019 Annual net profit 2.73 One hundred million yuan , In the following two years, they lost money respectively 6.52 One hundred million yuan 、9.03 One hundred million yuan .

4 month 29 Friday night , Xiaokang shares announced , The company and its wholly-owned subsidiary Xiaokang power have received the cash performance compensation paid by the controlling shareholder Xiaokang holding , The total amount is 13.6 One hundred million yuan .

03  The goal failed

Release and ask the world M5 when , Huawei's intelligent car solution BU CEO Yu Chengdong once said ,“ By asking the world M5 Extended version 、 Ask boundary M5 Pure electric version and medium and large-scale products released during the year SUV Ask boundary M7 Three models , We plan to use... By the end of this year 1000 A shop to sell cars . Suppose every store can sell 30 car , Monthly sales will reach 3 Thousands of cars . This year Huawei will challenge 30 Sales target of 10000 vehicles , In this way, the annual sales of cooperative car enterprises reach 1000 One hundred million yuan , Next year, help our partners challenge the sales of millions of vehicles .”

If this goal can be achieved , Even if Xiaokang shares is just “ Supporting rule ”, Can also take a share . however , For now , Ask boundary M5 Our market performance is still far from the target .

not long ago , Yu Chengdong said frankly , before 30 The goal of 10000 vehicles is “ brag ” 了 ,“ In the case of global car core shortage , You can't do it 30 Thousands of cars , In the first year 10 ten thousand ~20 Ten thousand is already a miracle ”.

When it comes to cooperation with Huawei , The most frequently asked question about Xiaokang shares is :“ What is the cooperation mode between the company and Huawei , Is it Huawei's OEM ?”

last year 12 month 23 Japan , Huawei and Thalis jointly launched a new brand AITO, The signal released at that time was , This cooperation with Thales SF5 Different , Huawei will be fully involved in the planning of new brands 、 Design 、 marketing 、 sales 、 Service and other core links .

later AITO The first model asked the world M5“ born ” after , In the Huawei experience store, there is also a special display of the question circle M5. And Cyrus SF5 Then withdraw from offline stores , And all stores are changed to AITO Brand user center , And online channels have been renamed .

therefore , It is generally believed that , Compared with Thalis SF5, Ask boundary M5 The blood of Huawei is more pure , But Xiaokang shares are AITO Lack of initiative and voice in the brand , More play the role of Huawei's OEM .

Another issue of concern is , In the field of automobiles , Xiaokang shares is not the only partner of Huawei , At present, BAIC also cooperates with Huawei 、 GAC 、 changan 、 The Great Wall 、 Geely, etc .

Huawei's intelligent car solution BU Chief operating officer Wang Jun revealed at the end of last year , Over the past year , Huawei has developed about in the field of intelligent vehicles 300 Partners .

As Huawei further increases its investment in automotive Ecology , Its relationship with the future of Xiaokang shares is more full of uncertainty .

however , At the latest investor relations event , Shen Wei, the Board Secretary of Xiaokang shares, made it clear that :“ We are definitely not a foundry , The sales revenue of cars is of Xiaokang shares . The cooperation between the company and Huawei has created a complete vehicle enterprise and ICT The pioneer of cross-border cooperation among enterprises . Huawei's stores in the core area of the mainstream business circle , Through cooperation , Our products are sold in their channels , It will greatly reduce the investment of early sales expenses . Every car sold , They withdraw the corresponding sales and service fees .”

Shen Wei also stressed , Xiaokang shares can't decide which car companies Huawei will cooperate with , But now the cooperation between the two sides has been very in-depth . Xiaokang Co., Ltd. is a modern private enterprise , Efficient and flexible mechanism is the advantage , It is difficult for other manufacturers to reproduce in a short time .

Having a strong partner is the traffic password of Thales , But it's hard to make iron , How far we can go depends on our own strength . The next year or two , Or a critical period to test its quality .

For now , The heat brought by Huawei is slowly fading . The total market value of Xiaokang shares has broken through the 100 billion mark , By 5 month 6 Closed yesterday , Its market value has fallen back to 516 One hundred million yuan , Compared with the high point, the share price is halved .

The performance of share price and market value , For Zhang Yuping, maybe it's nothing . He still said impassively :“ Let's work together , Charge for the future !”

This article is from WeChat official account. “ Rim visibility pro”(ID:gh_913d35603e7b), author : Moon Citron , edit : Kerr ,36 Krypton authorized release .

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