Since the beginning of this year, the new energy vehicle market has entered a period of rapid growth. With the continuous improvement of the penetration rate of new energy vehicles, the reference role of product quality and intelligent attributes in consumers' purchase of vehicles has become more and more significant.
As one of the earliest companies to lay out new energy vehicles, Beiqi Blue Valley (600733, SH) is rising in a new wave of electric vehicle development. On December 8, BAIC Blue Valley released its subsidiary BAIC BJEV's November production and sales express. According to the data, BAIC BJEV sold 2471 vehicles in November 2021, an increase of 40.88% year-on-year. From January to November, BAIC BJEV's cumulative sales volume was about 21,900 units.
On the one hand, Beiqi Blue Valley has cooperated with technology companies such as Huawei to accelerate the layout of the high-end market, while the public business has gradually recovered. On the other hand, after a series of reforms such as structural adjustment, Beiqi Blue Valley has lightly loaded up and accelerated the pace of progress. Previously, the financial report released by Beiqi Blue Valley showed that in the third quarter of this year, Beiqi Blue Valley achieved revenue of 3.66 billion yuan, an increase of 352.19% year-on-year; net profit attributable to shareholders of listed companies was -830 million yuan, and the year-on-year loss margin narrowed.
Financial indicators continue to improve
As an early enterprise in the Chinese market to transform into new energy, Beiqi Blue Valley has sold more than 540,000 pure electric vehicles in the past 11 years.
However, with the market shifting from B-end users to C-end expansion, Beiqi Blue Valley is also facing new challenges. In order to better meet the market demand, Beiqi Blue Valley has opened a new round of adjustment. In terms of organizational structure, it has changed from an administrative organization to a business organization in the past, and at the same time allocated resources according to the business chain, focusing on the "new four modernizations" technology fields such as intelligence and network connection. In terms of business structure, Beiqi Blue Valley strives to build a high-end new energy vehicle brand ARCFOX Polar Fox, exerts efforts in the high-end market, and focuses resources on research and development.
At present, a series of transformations have begun to bear fruit. The previously released third quarterly report showed that Beiqi Blue Valley's revenue increased significantly in the third quarter, the loss continued to narrow, and the gross profit margin rose to within -1%, reaching the best level in the past five quarters.
Beiqi Blue Valley said that in the third quarter, the company's operating cash flow improved significantly, which was mainly due to the improvement of the operating situation, the year-on-year increase in the number of vehicles received in the current period, and the year-on-year decrease in payment to futures. At the end of the first half of this year, the cash flow from operating activities turned from negative to positive, reaching 975 million yuan, reaching 3.05 billion yuan at the end of the third quarter, and the trend of operation becoming more and more obvious.
According to the analysis of Tianfeng Securities Research Report, Beiqi Blue Valley is one of the pioneers of the domestic new energy automobile industry, and in recent years, it has cooperated with many advantageous enterprises in the fields of "three electric systems" and automobile intelligence, and its car-making strength has been continuously enhanced. It is estimated that the company's revenue from 2021 to 2023 will be 7.39 billion yuan, 19.56 billion yuan and 65.00 billion yuan, respectively. Due to the company's large R & D investment, while in the climbing period of sales, the related expenses are more, it is expected that the company's net profit attributable to the mother from 2021 to 2023 will be -3.47 billion yuan, -2.12 billion yuan and 0.9 billion yuan, respectively.
The core technology reserve advantage is obvious
Since the beginning of this year, the new energy vehicle segment has become a bright color in the context of the "lack of core" in the automobile market. According to data from the China Automobile Association, from January to November, the cumulative sales of new energy vehicles in China were 2.99 million units, an increase of 1.7 times year-on-year, and the penetration rate increased to 12.7%, an increase of more than 1 times compared with 2020.
Some analysts believe that the gradual increase in penetration rate means that more consumers begin to accept new energy models, at this time, the core technology of product "three electricity" (battery, electric drive, electronic control) and technology in the field of intelligent interconnection may become an important reference element for consumers to make car purchase decisions.
And this is precisely the advantage of Beiqi Blue Valley. In terms of battery technology, Beiqi Blue Valley cooperated with CATL to establish a 1800-volt laboratory, took the lead in mass production of moduleless batteries, created 1.2 million kilometers of ultra-long life cycle batteries, and jointly developed solid-state battery technology and 1000 kilometers of ultra-long endurance technology.
In terms of electric drive technology, the high-performance integrated intelligent electric drive system independently developed by Beiqi Blue Valley has overcome the mechanical, electromagnetic, thermal, EMC and NVH integration design problems faced by the complex integration of high voltage, high current, high speed and high torque modules.
In terms of electronic control technology, Beiqi Blue Valley products have been equipped with the third generation of super electronic control system with completely independent intellectual property rights, which has the characteristics of high safety, high integration, high performance and intelligence.
At the same time, Beiqi Blue Valley also carries out extensive cooperation with science and technology enterprises. In September this year, BAIC Blue Valley announced that BAIC BJEV and Huawei signed a comprehensive business deepening cooperation agreement, the two sides will improve the cooperation management mechanism, strengthen product research and development cooperation, implement joint brand marketing, jointly create "ARCFOX (Polar Fox)" and "HI" joint brands, realize the sales of all co-brand cooperation products on Huawei's online and offline channels, and plan to achieve online and offline channel sales cooperation of the Polar Fox Alpha S HI version by the end of this year.
Not only that, in June this year, Jihu also joined hands with Baidu to jointly launch a new generation of mass-produced shared unmanned vehicle Apollo Moon. It is reported that Apollo Moon is based on the Polar Fox Alpha T, equipped with Baidu's latest generation of shared unmanned vehicle technology.
It is worth mentioning that the first high-end autonomous driving mass production car jointly built by Jihu and Huawei, the Polar Fox Alpha S Huawei HI version, will be delivered in small batches. At that time, the new model may visualize the comparative advantages of Beiqi Blue Valley in core technology and scientific and technological attributes. Wen/Wu Xiangbin
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