After the listing of "Wei Xiaoli", the fourth IPO of the new car-making force finally came.
Recently, Zero Run submitted a listing application to the Hong Kong Stock Exchange, and the co-sponsors are CICC, Citi, JPMorgan Chase and CCB International.
As the first member of the second echelon IPO, Zero Run is reasonable and unexpected. The news that the three car companies are going to go public has been spread for a long time, and I did not expect that the first to apply for listing was not Nezha or Weima, who had high sales.
Positioning in the middle and high-end, but relying on the low-end price to move
According to the zero-running prospectus, about 43,900 electric vehicles will be sold in 2021, ranking fifth among the world's pure electric vehicle companies and fourth among China's pure electric vehicle companies in terms of sales volume.
In this way, zero running is indeed the leading enterprise in the industry. In fact, this leaves aside the ideal range extender car company.
According to last year's delivery, in the ranking of new domestic forces, zero running can only rank sixth. Compared with the sales of nearly 100,000 such as Xiaopeng and Weilai, the 40,000 vehicles with zero running seem to be insufficient.
It is worth mentioning that the sales volume of the zero run year is mainly based on the T03 model, with a total of 39149 vehicles delivered, which basically supports the annual sales.
T03 is a smart electric mini car that zero-run started delivery in May 2020, and the price after subsidies is 69,000-85,000, relying on the low-end market volume.
The car looks like this:
However, in fact, the positioning of zero run is to focus on China's high-end mainstream new energy vehicle market with prices ranging from RMB150,000 to RMB300,000.
In addition, another major model medium-sizeD SUV C11, after subsidies, the price is 159,000-19.9 million yuan. As of last year, the total number of orders was 22,500 units, and less than 4,000 units were delivered. Because the price is lower than that of its peers, the Zero Run C11 is also known as the "Price Butcher".
In the competition of the mid-to-high-end market, zero running does not seem to have sufficient experience at present.
R&D investment is low and the number of people is small
In the case of selling cars is not very good at, there is no bright spot in zero running?
Yes. Zero run is the only car company with a layout of "global self-research", and the new car-making forces in the current market are mainly doing "full-stack self-research".
The so-called "global self-research" is to do everything by itself, the hardware structure starts from the resistance, and the software starts from the code; and the "full-stack self-research" is that the hardware relies more on third parties, mainly for applications and algorithms.
Zero run chooses global self-research, which may be related to its founder Zhu Jiangming.
Zhu Jiangming is a technology master, founded by him Dahua shares, has been the world's second largest enterprise in the field of security monitoring industry.
There are reports that the predecessor of Zero Run Auto is the new business department of Dahua Automotive Electronics, and even some people say that many technical members and managers of Zero Run Car have IT technical employment experience.
It seems to have technical advantages, but choosing to start from scratch undoubtedly increases the research and development costs and difficulty of building cars with zero runs.
According to the prospectus, the R&D expenses of zero-run in 2019-2021 are 358 million yuan, 289 million yuan and 740 million yuan respectively, and the cumulative R&D investment in 3 years is 1.387 billion yuan.
However, compared with the three car companies in the first echelon, the R& D investment of zero-run is much lower than that of peers. In the first three quarters of 2021 alone, the R&D investment of Xiaopeng, Ideal and NIO reached 2.663 billion yuan, 2.057 billion yuan and 2.073 billion yuan respectively.
In the same period, the revenue of zero running was 117 million yuan, 615 million yuan and 3.059 billion yuan. R&D investment accounted for 306.4%, 45.8% and 23.6% of total revenue, respectively, and also showed a trend of contraction.
Not only that, in terms of the number of research and development, zero running is not as good as "Wei Xiaoli".
As of the end of last year, the number of zero-run R&D personnel was 1,082, accounting for 33.9% of the full-time staff.
As of the end of last year, the number of ideal automobile research and development reached more than 5,000, accounting for nearly 50% of the total staff size. Ideal Car also has 4809 R&D personnel.
As of the middle of last year, Xiaopeng's R&D personnel have reached 3,091, accounting for 39% of the total staff.
While they are not as good as them in many places, Zero Run is losing money just like them.
From 2019 to 2021, the operating loss of zero running was 901 million yuan, 1.1 billion yuan and 2.846 billion yuan respectively, and it is expected that net loss will continue to be generated in 2022.
For zero-run, which pursues global self-research, building a car is not a general burning of money.
According to Tianyan, as of now, Zero Run has completed 7 rounds of financing, and the total disclosed financing is 12.06 billion yuan. Last year, it also completed two financings of more than 4 billion yuan.
Source: Sky Eye Check APP
However, according to the prospectus, as of the end of last year, there were 4.3 billion yuan in cash and cash equivalents, and according to the annual firing method of 2.8 billion yuan, it could not even persist for two years.
In 2025, the company will achieve annual sales of 800,000 units
However, for the sales of zero running, Zhu Jiangming is very confident, and even put a "big satellite":
That is, the "Zero Run 2.0 Era Strategy" will achieve annual sales of 800,000 vehicles in 2025. In order to achieve this goal, Zero Run plans to launch eight models by the end of 2025, covering the price range of less than 350,000 yuan, and enter the overseas market in 2022. At the same time, in the field of intelligence, it surpassed Tesla in three years.
What is the concept of 800,000 vehicles?
If there is no subsidy, according to the calculation of 100,000 yuan, the annual sales of 800,000 vehicles will reach 80 billion yuan of revenue. At that time, Zero Run will dominate the entire market.
As mentioned earlier, Xiaopeng's sales last year were only nearly 100,000, and 800,000 should be a big volume.
This satellite can be said to be second only to Xu Jiayin, after all, Boss Xu's plan is to produce and sell 1 million vehicles by 2025 and 5 million vehicles in 2035. However, it is still much higher than the amount that Weilai promised to Hefei.
According to the China Automobile Association, by 2025, the sales volume of new energy vehicles in the mainland is expected to exceed 6 million. If zero run wants to win 13% market share in 2025, it is undoubtedly very difficult in today's competitive environment.
Zhu Jiangming, as a radio professional worker, actually built such a large satellite. And the last Boss Xu who thought so, his China Evergrande, Evergrande Automobile, and Evergrande Property have all been suspended.
Now, in the first two months of this year, the delivery volume of zero-run is ranked fifth among the new domestic car-making forces. In January, Zero Run delivered 8,085 units, a record high. In February, it delivered only 3,435 vehicles.
Although it is said that due to the impact of the Spring Festival holiday, the delivery volume of major car companies has declined a lot month-on-month, but the delivery volume of Zero Run in February is only half of the fourth place. Even in January, there was a difference of nearly 1600 vehicles.
Previously, Zero Run, Weima and Aichi all sent out signals to land on the Science and Technology Innovation Board.
However, due to regulatory reasons, they were ultimately unable to go public, so they turned to the Hong Kong stock market.
This time, Zero Run took the lead in impacting the Hong Kong Stock Exchange, if it is not successful, how should this "big satellite" put by Boss Zhu be round?
END
Author 丨FFH
For reference only, the content of the above reproduced article does not represent the views and positions of this public account.
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