When will the "tragedy" of Beiqi Blue Valley's three consecutive years of sales decline be suspended? When will consecutive huge losses be reversed? To match Huawei, at least itself must be hardened.
After the market hours on October 27, Beiqi Blue Valley released three quarterly reports. The next day, Beiqi Blue Valley rose and fell, but in the following working days, its stock price declined to varying degrees, and as of the close of november 10, the stock closed at 11.98 yuan / share, a high of 19.87 yuan / share from the highest of 52 weeks, a drop of about 40%. On the one hand, Huawei's aura is looming from time to time; on the other hand, its own performance is really difficult to compliment the capital market.
According to the financial report, Beiqi Blue Valley's operating income in the third quarter was 3.661 billion yuan, up 352.19% year-on-year; the net profit attributable to shareholders of listed companies was a loss of 831 million yuan, narrowing by 18.63 percentage points from the same period last year.
Data source: Beiqi Blue Valley third quarterly report
Thanks to the pull of the third quarter, Beiqi Blue Valley's revenue in the first three quarters rose by 55.49% year-on-year to 6.098 billion yuan.
In the first half of this year, Beiqi Blue Valley's revenue also showed a downward state, down 21.69% from the same period last year to 2.437 billion yuan; the net profit attributable to the shareholders of the listed company was still a loss of 2.644 billion yuan, but it improved, with a loss of 3.109 billion yuan in the same period last year.
From the financial report, the main reason for the surge in beiqi blue valley revenue is due to the sales of complete vehicles and the increase in points revenue year-on-year.
According to the sales data released by Beiqi Blue Valley, its sales in the third quarter of this year rose by 56.83% year-on-year to about 10,000 vehicles, nearly 7,000 vehicles higher than its cumulative sales in the first half of the year.
However, in the first three quarters of this year, the cumulative sales of Beiqi Blue Valley was about 17,000 vehicles, and there was still a year-on-year decline of 19.5%, with an average monthly sales of less than 2,000 vehicles, which was nearly 7 times the difference between the average monthly sales of more than 10,000 vehicles, which was inevitably regrettable.
Source: Listed company announcements
In contrast, the net loss of Bicycles in the first three quarters of this year was as high as 155,800 yuan, which was even more shocking, but expected.
After all, there are not many businesses in Beiqi Blue Valley that make money now, and there are many places to spend money.
For example, the impact of subsidy decline on its revenue, the decline in sales led to the decline in revenue... At the same time, research and development, operation, etc. everywhere to spend money, coupled with the beiqi blue valley newly launched high-end brand pole fox, is in the period of burning money, brand building, marketing and channels, where are the place to spend silver, Beiqi blue valley financial situation is good, it is indeed not easy.
According to the data, in the first three quarters of this year, the total operating cost of Beiqi Blue Valley reached 8.996 billion yuan, which was much higher than the total revenue. Among them, the largest expenditure was sales expenses, up to 1.022 billion yuan, an increase of 72.53% year-on-year.
However, judging from the current sales performance of the Jihu brand, it seems that it is difficult to have obvious results in the short term.
According to the data of the Association of Automobiles, from January to September this year, the cumulative sales of Jihu Automobile was only 3296 vehicles, which was far from the likes of Weilai, Ideal and Xiaopeng. People casually pull out a month's sales, and they will directly dump you a few streets.
It is worth mentioning that Jihu Automobile currently has two high-end pure electric passenger cars, Alpha T and Alpha S, while ideal cars have only one model ideal ONE, but sales are close to 10,000.
In addition to sales expenses, beiqi blue valley spends the most is research and development expenses. In the first three quarters of this year, the research and development expenses of Beiqi Blue Valley reached 652 million yuan, up 54.42% year-on-year. However, this number is far from the same whether it is a large number of traditional automobile companies or new car-making forces.
For example, BYD's research and development expenses in the first half of the year reached 5.234 billion yuan, nearly 9 times that of Beiqi Blue Valley.
Although the market performance and performance of Beiqi Blue Valley are somewhat poor, its financial situation is relatively healthy.
In the first three quarters of this year, the total assets of Beiqi Blue Valley were 41.903 billion yuan, down 15.95% year-on-year; the total liabilities were 27.71 billion yuan, down 20.56% year-on-year; the asset-liability ratio was 66.13%, down 3.83 percentage points from the same period last year, at a normal level of health.
Among them, current assets were 26.946 billion yuan, down 24.77% year-on-year, and current liabilities were 16.281 billion yuan, down 25.22% year-on-year; as of September 30 this year, the monetary funds of Beiqi Blue Valley reached 6.373 billion yuan, down 2.99% year-on-year, while short-term borrowings reached 4.39 billion yuan, down 48.7% year-on-year.
Judging from the data, Beiqi Blue Valley does not have much debt repayment pressure, which also makes the author breathe a sigh of relief for this not-so-good performance. What's more, Beiqi Blue Valley has raised billions of funds before, and it can also hold out for a while.
However, because of debt repayment pressure and its own operating conditions, the encounters of Brilliance China and Zotye Automobile are still vividly remembered, and Evergrande Group has also suffered a crisis because of debt.
Although Beiqi Blue Valley has no debt pressure in the short term, it does not mean that its situation is optimistic. As far as the current production and marketing scale of Beiqi Blue Valley is concerned, there is obviously no advantage in the face of the current rising raw material prices and the shortage of core components resources. This raises concerns about how it will compete with foreign brands, other Chinese brands and new car-making forces for resources.
In the face of many difficulties, perhaps only the news of cooperation with Huawei can cheer investors up.
At the end of September, BAIC BJEV, a subsidiary of BAIC Blue Valley, and Huawei signed the "Comprehensive Business Deepening Cooperation Agreement", in which the two sides will further strengthen the development of co-brand products for all cooperative models, strengthen cooperation in the field of intelligent and connected vehicle business, jointly explore and carry out joint development, testing and verification, and implement co-brand marketing.
It is worth mentioning that the two sides will jointly create "ARCFOX" and "HI" co-brands based on the jointly developed HBT project products, and sell them in Huawei's online and offline channels.
However, how much sales assistance Can Huawei channels bring to Jihu remains to be verified by the market. As far as the sales performance of the Xilix SF5, which has entered Huawei's sales channels, it has not brought too many surprises.
According to the data of the Association, in the first nine months of this year, the cumulative sales of Xilis were 3421 vehicles.
In addition, after the blood change of the beiqi blue valley leadership team, it is worth looking forward to whether it can lead the beiqi blue valley to glow the second spring.
On October 21, BAIC Blue Valley once again announced personnel adjustments, and will transfer Fan Jingtao, deputy general manager of Beijing Hyundai, as the executive deputy general manager of BAIC BJEV, which is also another major personnel adjustment after Dai Kangwei was promoted to general manager of BAIC BJEV this year.
It is worth mentioning that the term of office of the ninth board of directors of Beiqi Blue Valley will expire, so the election of the board of directors is underway.
In fact, in order to get rid of the performance dilemma, in the past two years, Beiqi Blue Valley has not changed its management, but there has been no obvious improvement, including the replacement of the company's chairman.
However, in general, Beiqi Blue Valley is willing to toss and has been tossing, proving that it has the idea of doing a good job in new energy vehicles, however, good medicine is difficult to find.
Therefore, whether it is the establishment of a new leadership team, the launch of a high-end brand Polar Fox, or the launch of product expansion channels by Huawei, whether it can change the "tragedy" of Beiqi Blue Valley's sales decline for three consecutive years, achieve a turnaround in profits, and achieve a rise in stock prices and market value, but also draw a question mark.
It should be noted that the time left for Beiqi Blue Valley may not be much. Especially in the case of local enterprises Geely and BYD making efforts to make high-end efforts, new forces to open the product year in 2022, foreign brands Volkswagen, Toyota, Honda are eyeing the tiger, and have or intend to enter the situation.
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