Author | Alice Mumi
Edited by | Xiaohan
Xiaopeng, Weilai, and Ideal who sell well? What are the differences in the development ideas of each family, and where will they go next? Just look at the earnings report. Just last night, Ideal Auto announced its 2021 Q3 financial report and held a conference call, and there were many highlights in the performance: 1. Delivered 25,000 units in the third quarter, an increase of 42.9% month-on-month, and calculated an average monthly sales of 8,300 units. For a domestic car of 330,000, the performance is quite eye-catching. The company expects to deliver between 30,000 and 32,000 units in the fourth quarter, averaging more than 10,000 units per month.
▲Ideal Car delivery volume from January to October 2020 to 2021
2. Sales growth led to a 54% increase in revenue from the previous quarter to 7.78 billion yuan, one step closer to the revenue of 10 billion. Its gross profit margin for the whole vehicle rose to 21.1%, and the company's overall gross profit margin was 23.3%, making money stronger. However, due to the increase in marketing, administrative management and R & D investment, Ideal still lost 20 million yuan. 3. On the conference call, Ideal CEO Li Xiang revealed that a series of new models will be launched next year, including a new extended range SUV - X01 and pure electric SUV. It is reported that the X01 will be officially unveiled in the second quarter of next year, while the pure electric model will be launched in 2023, and with the ideal 4C battery pack. After the release of the ideal financial report, the financial reports of the top three new cars have been announced. In order to understand the differences in the playing style and operating performance of the three companies, Che dong has summarized and sorted out the key financial data of the three companies since their listing and produced 8 charts, so that you can systematically see the differences between the three companies from many aspects such as delivery volume, revenue, cost, marketing and R&D expenditure scale.
01.Q3 Delivery of more than 25,000 units The average monthly sales in the next quarter exceeded 10,000
1. Deliveries In the third quarter of this year, the delivery volume of the ideal ONE model in July, August and September this year was 8589, 9433 and 7094 units, respectively. In terms of deliveries, Ideal Cars sold well in the third quarter of 2021, delivering a total of 25,116 vehicles, an increase of 42.9% month-on-month and a year-on-year increase of 190%. In response to the obvious decline in September, Shen Yanan, co-founder and president of Ideal Auto, said that due to the long-term shortage of chip supply, the delivery volume of Ideal ONE in September slowed down compared with the previous month.
▲ Ideal Car 2021 Q3 car delivery data
At the beginning of November, the official website of Ideal Auto released the October delivery data, and the delivery volume of Ideal ONE was 7649 units, an increase of 107.2% year-on-year. As of October 31, 2021, ideal ONE's deliveries and cumulative deliveries from January to October this year were 62,919 units and 96,516 units, respectively. In the fourth quarter, ideal car deliveries are expected to be between 30,000 and 32,000 units, with an average of more than 10,000 units per month. So how many of the ideal delivery results should be ranked first in the first camp of new car manufacturing? Che Dongxi counted the monthly delivery data of the three car companies in Wei Xiaoli from July last year to October this year, as shown in the following figure, which more intuitively shows the delivery results of these three car companies in the past year or so.
▲Delivery trend of WEILAI, Ideal and Xiaopeng (July 2020 to October 2021)
Judging from the delivery trend chart of the three car companies, on the whole, the delivery volume of the three car companies has shown a significant upward trend. Among them, before June this year, the total delivery volume of Weilai has been more than Xiaopeng and Ideal, after June, Weilai's delivery volume declined, and was successively surpassed by Xiaopeng and Ideal, but this situation did not last long, from August to September, Weilai delivery volume increased significantly, September delivery volume climbed to 10628 vehicles, after September by factory transformation and other impacts of delivery volume suffered a big decline. In addition, from the trend chart, Xiaopeng and the ideal delivery volume before April this year, almost the same, may the ideal delivery volume has a slight decline, but the delivery volume in June and then surpassed the Xiaopeng Automobile, has since maintained an upward trend, in August reached the highest delivery volume, after which the delivery volume began to decline.
▲Comparison chart of the delivery volume of the three ace models of Weilai, Ideal and Xiaopeng (The delivery data of Xiaopeng P7 in August 2020 is missing)
From the perspective of the delivery volume of a single model of the three car companies, the ideal ONE is far ahead, and has won the single model delivery champion in the ace models of the three car companies. The performance of NIO ES6 is also relatively stable, breaking through the 5,000-vehicle mark in September this year, but in October it was affected by factory renovations, and deliveries temporarily declined. The xiaopeng P7's rally is fiercer, and after surpassing the WEILAI ES8 in April this year, the delivery volume continued to rise, and once surpassed the ideal ONE in September.
2. Production capacity In October this year, the Beijing manufacturing base of Ideal Automobile officially started construction and will be put into operation in 2023, and the annual production capacity of the next phase after production will reach 100,000 units. In the future, the base will become an important luxury electric vehicle manufacturing base for ideal cars.
▲Ideal ONE
At present, Ideal Automobile has only one Changzhou plant, and Ideal has previously disclosed that it is building a new workshop in Changzhou, and the annual production capacity of the Changzhou plant will be increased to 200,000 units after completion. In the conference call, ideal management said that the current production capacity of the ideal Changzhou factory is about 14,000 units, and the production capacity is expected to reach about 15,000 units after the Spring Festival. 3, the new car situation is ideal will be launched in 2022 a new "X" platform, while a new full-size luxury intelligent range extender electric SUV - X01 will be released. In addition, in 2023, Ideal Car will begin to lay out pure electric models, and new cars will be developed based on Whale and Shark platforms. The new model will also use the ideal 4C battery pack, which is fast charged for 10 minutes and can last up to 400 kilometers.
02.Revenue exceeded 7.7 billion Yuan, vehicle gross profit margin exceeded 20%
The growth of Ideal ONE sales has brought great returns to Ideal Cars. 1. Revenue In the third quarter of this year, the total revenue of Ideal Automobile was 7.78 billion yuan, an increase of 209.7% compared with 2.51 billion yuan in the same period of 2020, and an increase of 54.3% compared with 5.04 billion yuan in the second quarter of this year.
▲Ideal Auto's 2021 Q3 revenue
In the total revenue in the third quarter of this year, the ideal vehicle sales revenue was 7.39 billion yuan, compared with the second quarter of this year's automobile business revenue of 4.9 billion yuan, an increase of 50.6% month-on-month, compared with the third quarter of last year's 2.46 billion yuan of automobile business revenue, an increase of 199.7%. In addition, Ideal also generated revenue of RMB389.4 million through sales of software, spare parts, services, etc., an increase of 745.1% over the same period in 2020 and an increase of 187.0% from the second quarter of this year. Ideal Auto said the increase in services and other business revenue in the quarter was mainly due to the sales of new energy vehicle credits and the increase in sales of charging piles, accessories and services due to the increase in cumulative sales of vehicles.
2. Profit situation The ideal vehicle gross profit margin in the third quarter of this year reached 21.1%, compared with the 18.7% vehicle gross profit margin in the second quarter of this year, an increase of 2.4 percentage points from the previous quarter, compared with the 19.8% vehicle gross profit margin in the third quarter of last year, an increase of 1.3 percentage points year-on-year. The improvement in vehicle gross margin in the third quarter was mainly due to the increase in the average selling price of the 2021 Ideal ONE - the selling price of the 2021 Ideal ONE increased by 10,000 yuan compared with the 2020 model. The increase in both delivery volume and vehicle gross margin is also reflected in the company's overall profit. The ideal gross profit in the third quarter of this year was 1.81 billion yuan, and the company's total gross profit margin reached 23.3%. Compared with the second quarter of this year, the overall gross profit increased by 90.2% month-on-month, and the overall gross profit margin increased by 4.4 percentage points; compared with the third quarter of last year, the gross profit increased by 264.8% year-on-year, and the overall gross profit margin increased by 3.5 percentage points. The overall increase in gross margin was primarily due to an increase in vehicle gross margin.
▲Ideal Auto's 2021 Q3 gross profit and gross profit margin
In addition, as of September 30, 2021, Ideal Auto's cash and cash equivalents, restricted cash, time deposits and short-term investments totaled RMB48.83 billion.
▲Ideal Auto's 2021 Q3 profit and assets
3. R&D expenses are ideal for R&D expenses in the third quarter of this year of 885 million yuan, an increase of 165.6% over the same period in 2020 and a 36.0% increase from the second quarter of this year. Ideal Motors said that there are two reasons for the sharp increase in R&D expenses, one of which is that employee compensation has increased due to the increase in R&D personnel. The second is that the company's research and development of new models has led to an increase in related expenses. 4. Marketing and administrative expenses Ideal Automobile's marketing and administrative expenses in the third quarter of this year were 1.02 billion yuan, of which it increased by 198.5% compared with the same period last year, and increased by 22.3% compared with the second quarter of this year. Ideal Auto's earnings report shows that the increase in expenses in this regard is due to an increase in marketing and promotional activities and an increase in the company's sales and service network, as well as an increase in the number of employees and rental expenses.
▲Ideal Car 2021 Q3 cost and expenses
Due to the overall increase in expenses, ideal auto's net profit for the quarter was still in a state of loss, with a net loss of 21.5 million yuan.
03. The ideal door to weilai local tycoon Xiaopeng is poor and generous
In terms of operational data, the operating data and changing trends of Wei Xiaoli Sanjia are shown in the following figure.
1, revenue data Overall, the revenue of the three car companies is constantly climbing, of which the revenue of Weilai in the third quarter of this year has been very close to the scale of tens of billions. Compared with the three companies, Weilai's revenue has been far behind the other two, and the revenue gap between Xiaopeng and The ideal is relatively small. In the case of little difference in sales volume, the revenue difference is mainly caused by the difference in the average selling price of vehicles. Weilai has said that the average price of the vehicle is 430,000, while the price of the ideal ONE is 330,000, the price of Xiaopeng's main model P7 is more than 200,000, and the G3 series is within 200,000.
▲Comparison of total revenue of WEILAI, Ideal and Xiaopeng (Q3 2020 to Q3 2021)
2, service and other revenue situation in this sector, basically consistent with the total revenue trend, have shown a relatively good growth trend. In particular, Weilai has gained more momentum in its service revenue in the third quarter of this year, directly breaking through the 1 billion mark. The growth of Xiaopeng in this business is obviously a bit behind, and the third quarter of this year was surpassed by the ideal and bottomed out.
▲Comparison of THE three services of WEILAI, Ideal and Xiaopeng and other revenues (Q3 2020 to Q3 2021)
3. Overall, the gross profit margin situation, although there is still a certain gap between Xiaopeng and the ideal and Weilai in terms of gross profit, the gap has been narrowing. The gross profit situation of Weilai and the ideal two families is comparable, and the whole is in a state of glue. Although the gross profit margin here is the gross profit margin of the company as a whole, because the vast majority of the revenue of the three companies comes from automobile sales, the overall gross profit margin level is about equal to the gross profit margin of its automobile business. Similar to revenue, NIO and Ideal have higher gross margins and significantly exceed Xiaopeng' profit margins, mainly due to the higher prices of their vehicles. It should be noted that the ideal gross profit margin surpassed that of WEILAI in Q3. Considering that its car price is about 100,000 lower than Weilai, it can be seen that the ideal cost control ability is stronger. In addition, although NIO's business outside of automobiles has high revenue, it certainly has corresponding costs. In particular, businesses such as substation replacement and door-to-door service have always been considered to be high-cost operations, and the cost of these businesses will also reduce the overall gross profit margin level of Weilai Automobile to a certain extent.
▲Comparison of gross profit margins of WEILAI, Ideal and Xiaopeng (Q3 2020 to Q3 2021)
4, the net profit situation is more interesting is that only the ideal of the three in the fourth quarter of last year briefly achieved a positive net profit. Overall, Xiaopeng's net loss is larger, and the ideal is more prominent in controlling losses. Especially in the third quarter of this year, the gap between Xiaopeng's net loss and the ideal net loss reached the maximum in a year.
▲Comparison of net profits of WEILAI, Ideal and Xiaopeng (Q3 2020 to Q3 2021)
Losses and cost control are inseparable. From the cost expenditure of the three companies, we can also find the reason behind the gap in their respective net profits.
5, marketing and administrative management expenditure in this regard is ideal in this regard of the expenditure is the smallest of the three car companies, but has been in an upward trend, and Xiaopeng Automobile in the third quarter of last year is the highest marketing and administrative management expenditure of the three car companies, but in the third quarter of last year, it retreated to the second place and was surpassed by Weilai. Since the fourth quarter of last year, NIO's marketing and administrative expenses have been ahead of Xiaopeng Motors and Ideal.
▲Comparison of marketing and administrative expenditure of WEILAI, Ideal and Xiaopeng (Q3 2020 to Q3 2021)
6, R & D expenditure of the three car companies capital investment has shown an upward trend, the ideal car R & D expenditure has been continuously improving, Weilai and Xiaopeng R & D expenditure fluctuated slightly. Among them, Weilai's R & D expenditure in the first quarter of this year has decreased, from the third quarter of last year to the second quarter of this year, WEILAI has been the largest R & D expenditure among the three car companies, but from the third quarter of this year, the R & D expenditure ranked slightly behind Xiaopeng, ranking second. Xiaopeng Automobile's R&D expenditure in the fourth quarter of last year and the third quarter of this year also decreased compared with the third quarter of last year, and in the third quarter of this year, Xiaopeng Automobile's R&D expenditure increased significantly, surpassing Weilai and rising to the first. To sum up, ideal because there is only one product, so its research and development investment in recent quarters has been the lowest of the three. In addition, there is an interesting phenomenon, Because the average price of the whole vehicle is the lowest, Xiaopeng Automobile's revenue scale and gross profit margin are the smallest of the three, but its research and development investment has obviously exceeded the ideal, and even in the third quarter, it is close to Weilai. To sum up, Xiaopeng is the poorest, but he is most willing to spend money on research and development. What does this mean? According to this year's Q3, the three companies are developing new cars, and the difference in model size is not large. Xiaopeng's R & D expenditure has increased significantly, and considering that it has formed an autonomous driving and intelligent R & D team, it can be seen that its investment in this area is increasing.
▲Comparison of R&D expenditure of WEILAI, Ideal and Xiaopeng (Q3 2020 to Q3 2021)
04. Conclusion: New cars are booming
After comparing the financial reports of the three companies, although we can find their different ways of playing, it comes down to one sentence, that is, the three companies are growing rapidly, sales are rising, revenue is rising, and gross profit margins are also rising. With good revenue growth, companies can invest more money in the research and development of new models and new technologies, so as to launch more competitive products and technologies, so as to continue to expand market share and continue to become the vanguard leading the development of China's intelligent electric vehicle market.