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投華四年,問界賣爆,賽力斯血虧 100 億

投華四年,問界賣爆,賽力斯血虧 100 億

以下文章來源于壹汽車,作者壹汽車

來源 | 壹汽車

在新能源汽車領域,恐怕沒有哪家公司能比華為和

賽力斯

的合作,能在産業和資本上都産生了巨大影響。

昨日,賽力斯公布 2023 年的業績預測,估計去年淨利潤在負 21 到負 27 億元之間。

與此同時,賽力斯和華為合作的問界汽車則頻頻傳來捷報:問界 M7 上市四個月訂單突破 13 萬台,問界 M9 則是訂單破 5.4 萬。

更讓人振奮的是,這兩款車的均價都不低。

而市場似乎也認為賽力斯的虧損問題不大,昨日釋出虧損預測後,賽力斯收盤股價上漲,報 62.02 元/股,今天則繼續漲到 65 元/股。

在大衆的認知裡,隻要問界賣得好,華為鴻蒙

智行

的起死回生便是賽力斯的起死回生,甚至可以支撐賽力斯扭虧為盈。

賽力斯如何在 4 年虧掉 100 億

2023 虧 20 多億确實不算什麼。

跟前幾年相比,賽力斯分别在 2020、2021、2022 年虧掉 17.29 億、18.24 億和 38.32 億元,加上 2023 年,累計虧損在 94.85-100.85 億左右。

巧的是,2020 到 2023 這四年,剛好是賽力斯(前身東風小康)和華為合作的四年。

2019 年,賽力斯與華為簽署戰略合作協定,2021 年雙方決定深度合作,并推出首款合作車型賽力斯

華為智選

 SF5——也是第一輛入駐華為銷售網絡的電動車。

投華四年,問界賣爆,賽力斯血虧 100 億

在和華為合作之前,賽力斯連續九年是盈利的, 那麼這 100 億的虧損,來自何處?

造車行業的初始成本巨大,雷軍為小米汽車準備了 100 億元,轉型新能源對賽力斯的業績造成巨大的壓力,而這種壓力一直持續到現在。

對于 2023 年的業績預虧,賽力斯在公告中指出三個原因:

1、高端化智能電動汽車核心技術和産品的研發投入較高,導緻研發費用和人工成本增加,影響當期業績;

2、前三季度銷售低迷,固定費用及相關費用較高,影響當期業績;

3、為了四季度上銷量,上半年加大市場促銷力度,以及上半年原材料成本居高,影響當期業績。

其中可以看出,賽力斯主要的支出是研發和銷售。

因為和華為鴻蒙智行合作,賽力斯的銷售費用占比遠高于一衆造車新勢力,而研發費用則占比較小。

據媒體報道,在華為智選模式下,華為和賽力斯的分成比例為 1:9。

以售價 29.48 萬元的問界 M5 四驅性能版為例,華為大概能拿近 2.9 萬元。

相當于每賣一台問界汽車,就有有 10% 的錢進華為口袋。

投華四年,問界賣爆,賽力斯血虧 100 億

而在給華為 10%

的分成中,8% 用于華為管道

的營銷費用,2% 為技術授權費用。

賽力斯方面也曾說過,賽力斯會按照傳遞量向相關方結算費用,營銷費用涉及門店建設、場地投入、人員教育訓練、售前售後服務等。

2023 年前三季度,賽力斯銷售費用為 26.7 億元,大部分為廣宣、形象店建設及服務費。

由此可見,華為賺的是邊際效應更高的錢,主要來源于資源複用,包括一次性研發帶來的長期收益,以及現有管道的複用。

而當新問界 M7 大賣時,這潑天的富貴對賽力斯來說則是快速産能更新,招更多勞工、給更多工資、買更多機器、建更多生産線。

是以,賽力斯付出的,比代工廠更多,收獲的是和華為共同研發帶來的技術、品牌提升,以及股價的翻倍向上。

一場豪賭

是以,哪怕是四年虧掉 100 億,賽力斯仍然會和華為合作。

如果不和華為合作,這個品牌可能早就消失了。

這家在重慶的公司成立以來,多次轉型,可見上司人的果斷。

此前,賽力斯共經曆 2 次大的轉型,第一次是從彈簧加工轉型到機車,第二次是和東風汽車合資,進軍微型車市場,并在 2016 年上市。

2017 年,該公司取得新能源生産資質,正式開啟新能源轉型。

為了做新能源汽車,掌握電動車領域核心的三電技術,賽力斯的實際控制人張興海甚至派兒子

張正萍

到美國,先花 3000 萬美元成立 SF Motors,又用 1.1 億美元收購 AMG 的工廠,再花 3300 萬美元收購電池系統研發設計公司 InEVit。

但是,當其首款新能源汽車

賽力斯 SF5 釋出之後,小康股份便遭到了重擊。

由于傳遞時間推遲,賽力斯 SF5 在 2020 年隻賣出了 1000 輛左右。

而 2020 年是全球新能源市場徹底爆發的一年,那一年全年電動汽車銷量首次突破 300 萬輛。

而此時的賽力斯,研發投入超過 100 億,車隻賣了 1000 輛,再不想辦法,早晚是要被淘汰。

于是華為來了。

投華四年,問界賣爆,賽力斯血虧 100 億

當時的小康股份,擁有成熟的三電技術及增程技術,且具備整車研發制造能力,而華為則擁有 ICT 技術、知名度、以及小康所急需的銷售管道。

賽力斯選擇借助華為,這是一把雙刃劍,如果一切順利,賽力斯自然是可以一邊和華為合作,一邊獨立造車、做研發,希望走出獨立造血能力。

而目前看來,賽力斯隻長出了一條腿,問界汽車銷量占去賽力斯銷量的 88.45%,而賽力斯的股價沉浮往往也與問界銷量相關。

在賽力斯和華為的合作目标中,餘承東要讓華為汽車産業在 2025 年盈利,問界要在 2026 年實作銷量 100 萬輛,考慮到賽力斯的毛利率,這百萬銷量的潑天富貴真不知如何承受得了。

從商業角度來看,賽力斯和華為的合作,真抵得上一場豪賭了。

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#191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root,body:not(.pages_skin_pc) body{--appmsgExtra-BG: #F7F7F7}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--appmsgExtra-BG: #121212}}@media screen and (min-width:1024px){body:not(.pages_skin_pc)body:not(.pages_skin_pc){background:#191919;background:var(--weui-BG-2)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care]:not([data-weui-theme=light]),body:not(.pages_skin_pc) body[data-weui-mode=care]:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) 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