One step ahead, one step ahead, especially the new car-making forces. On January 25, Ideal Auto released the fourth quarter and full year of 2021 financial reports for the first time before Weilai and Xiaopeng, but Ideal Auto is difficult to say "ideal".
According to the financial report, the total revenue of Ideal Automobile in the fourth quarter was 10.62 billion yuan, an increase of 156.1% year-on-year, which was the first time that the quarterly revenue of Ideal Automobile exceeded 10 billion; the net profit was 295.5 million yuan, an increase of 174.88% year-on-year, and quarterly profit was achieved again, and 35221 new cars were delivered in the fourth quarter.
Ideal Automobile's total revenue in 2021 was 27.01 billion yuan, an increase of 185.6% year-on-year; of which vehicle sales revenue was 26.13 billion yuan, an increase of 181.5% year-on-year. Ideal Auto delivered 90,491 units in the whole year, an increase of 177.4% year-on-year, and the sales growth promoted the increase in ideal revenue, while the ideal sales of bicycles has approached the 100,000 mark.
However, although sales growth has led to rising revenue, the rapid expansion has also led to an increase in costs and expenses, and sales, general and administrative expenses and research and development expenses have increased, resulting in the ideal of 2021 is still in a state of loss. In 2021, the net loss of Ideal Automobile was 321.5 million yuan, an increase of 111.9% year-on-year, and the loss surface has a trend of expansion, so it is difficult to say "ideal" such performance.
According to the financial report, ideal's sales and management expenses in 2021 were 3.49 billion yuan, an increase of 212.1% year-on-year. This was primarily due to an increase in employee compensation due to an increase in employees and an increase in marketing and promotional activities and rental expenses as the Company's sales network expanded.
On the other hand, R&D spending has also shown an upward trend. The R&D expenses of the ideal car in 2021 were 3.29 billion yuan, an increase of 198.8% year-on-year. The increase in R&D expenses was mainly due to the increase in R&D personnel and the increase in the Company's research and development activities for new models.
On the whole, the increase in various expenses has also led to an increase in the operating loss of the ideal in 2021, but the gross profit has improved significantly. In 2021, gross profit increased by 271.9% year-on-year to 5.76 billion yuan, automotive gross margin reached 20.6%, and overall gross profit margin reached 21.3%. Under the influence of the epidemic and the shortage of key components such as chips, cost expenditure has increased, and gross profit has decreased. For example, Euler black cat white cat, the sale of a car loss of ten thousand yuan.
It is worth mentioning that in 2021, the other sales and service revenue of Ideal Automobile reached 881.3 million yuan, an increase of 406.8% year-on-year, mainly due to the increase in sales of charging piles, accessories and services, as well as the sales of new energy vehicle points also ushered in an increase in 2021. As of December 31, 2021, Ideal Auto has 206 retail centers in the country, covering 102 cities, and 278 after-sales maintenance centers and authorized sheet metal spray centers, covering 204 cities.
According to the "2020 China Passenger Car Enterprise Average Fuel Consumption and New Energy Vehicle Credits Accounting Table", the ideal car will achieve 230,000 points, according to each point of 3,000 yuan is a lot of income. In 2021, there will be more than 90,000 ideal cars, and the points will be more, and the income of ideal cars will be more diversified.
Ideal Auto was the first to announce its 2021 financial report, and although sales showed an overall upward trend, it still did not achieve profitability for the whole year. In the past, it was generally believed that the reason why the new car-making forces could not make a profit was "insufficient sales scale", in the past 2021, Xiaopeng Automobile, Weilai Automobile, and Ideal Automobile achieved the delivery of 98,155 vehicles, 91,429 vehicles, and 90,491 vehicles respectively, which were approaching the 100,000 mark.
Therefore, the realization of profitability in 2022 will be officially placed in front of the "Wei Xiaoli" stage. How to balance the relationship between income and expenditure, so that R&D expenditure and expense expenditure and revenue reach a balance point. At present, ideal car has achieved dual listing, and has reserved sufficient "grain and grass" for research and development investment.
At the same time, Ideal is expected to end the situation of "one model to hit the world", in the second quarter of 2022, Ideal will release X01 models based on the full new range platform, which will add more functions on the basis of Ideal ONE, some of which are not currently available in all electric vehicles on the market.
Ideal Car is planned to sell 1.6 million units in 2025, and insufficient production capacity is a major heart disease of Ideal. At present, the Changzhou factory production capacity of only 100,000 vehicles, after expansion will reach a production capacity of 200,000 vehicles, after taking over the Beijing Hyundai first factory, the ideal Beijing Shunyi production base has begun construction, will be put into operation in 2023, the first phase will achieve an annual output of 100,000 pure electric vehicles production capacity.
Even so, it will not be able to meet the needs of 500,000 production capacity in 2023, which is far from 1.6 million production capacity. Since entering February, the news that Ideal will build a new factory in Chongqing has been widely spread. Towards the ideal, the ideal car to achieve the target of 1.6 million vehicles, not only to increase investment in research and development, continue to run the horse, expand production capacity is also imperative.
At the same time, Ideal also has an expectation for the first quarter of 2022, vehicle deliveries of 30,000 to 32,000 units, an increase of 138.5% to 154.4% over the first quarter of 2021, which means that the average monthly sales will exceed 10,000, of which 12,268 vehicles have been delivered in January, an increase of 128.1% year-on-year, and Ideal ONE has achieved deliveries of more than 10,000 for 3 consecutive months. Total revenue for the first quarter is expected to be $8.84 billion to $9.43 billion, up 147.2% to 163.7% from the first quarter of 2021.
Compared with the domestic market, the ideal is not interested in exporting overseas. Weilai, Xiaopeng and other new car-making brands have exported to Europe, although Ideal has said that it will establish a production base in Europe as a cornerstone for entering the global market, but there has been no clear action so far.