22/03/23
Lead
In addition to revenue and profit, the new car plan disclosed for the first time is also quite interesting.
Author 丨 Du Yuxin
Responsible editor 丨 Cui Liwen
Edit 丨 Chic
On March 23, Geely Automobile Holdings Limited (0175. HK) released its 2021 financial report, and the data shows that it achieved revenue of 101.6 billion yuan in that year, an increase of 10.3% year-on-year, which is the second time that Geely Automobile's revenue reached 106.595 billion yuan in 2018.
Compared with the two years, although the sales difference is about 200,000 vehicles, the revenue level has reached the same level, which is enough to prove that Geely has achieved phased results after two years of high-quality development and transformation.
In addition to revenue exceeding 100 billion, profit attributable to shareholders was RMB4.85 billion and net profit was RMB4.35 billion, which fell by -12.4% and -21.91% respectively, which is also the third consecutive year of decline in Geely's net profit since 2018. However, in the context of strategic adjustment, the impact of the epidemic, the tight supply of chips, the fierce competition in the automobile market, and the decline in industry revenue and profit to varying degrees, the decline in profits is not a bad thing. However, another good news indicator is that the profit attributable to shareholders after excluding share payments was 6.06 billion yuan, an increase of 9.4%.
If the profit is "gain", then from the data of the annual report, it can be seen that Geely is more of a "giveaway". In fact, Geely Holdings is the only car company in the TOP10 of China's R&D investment in 2021, with a cumulative R&D investment of more than 140 billion yuan in the past decade, more than 20,000 design and R&D personnel, and 26,000 innovative patents.
According to the 2021 annual report, Geely Automobile's R&D investment totaled 5.5 billion yuan (including expense and capitalization) that year, an increase of 16.1% year-on-year, which has completely exceeded Geely's net profit that year, and the total R&D investment of Geely Automobile in the past 5 years totaled 25.6 billion yuan, and more profits will be "sacrificed" to the R& D system, and there will be more "gains" in the future, which is also the case.
In 2021, Geely's total annual sales volume was 1.328 million units, unchanged from the previous year, in addition to winning the annual sales championship of Chinese brand passenger cars for 5 consecutive years, Geely also improved profitability through product structure optimization, and the average revenue of bicycles reached 87,000 yuan (including Lynk & Co, due to the emergence of more high-end products in 09, the average selling price of Lynk & Co bicycles increased from 127,000 to 130,000 yuan), an increase of 9% year-on-year. In particular, CMA's high-end series "China Star" achieved a sales breakthrough of 200,000 vehicles last year, accounting for 18.3% of Geely's brand sales, and geely's goal is to increase this proportion to about 30%, and continuously improve the average selling price of the brand, and the value of the Geely brand.
The product market guidance price distribution chart can better illustrate this point. For example, the proportion of products below 100,000 yuan decreased from 64% in 2020 to 34%, the proportion of products with 100,000-150,000 yuan rose from 25% in the previous year to 44%, and the proportion of products above 150,000 yuan increased from 11% to 22%, which is the most direct example of Geely Automobile's brand value, and also directly promotes Geely Automobile's gross profit margin from 16% in 2020 to 17.1% in 2021.
Of course, from the annual report, it can be seen that the revenue of the joint venture company Lynk & Co reached 30.1 billion yuan, compared with 23.7 billion yuan in the same period, and the net profit increased from 510 million yuan in 2020 to 700 million yuan, an increase of 36.9% year-on-year, and there is no doubt that Lynk & Co Automobile has stabilized in the mainstream joint venture brand market. It is worth mentioning that the high-end SUV Lynk & Co 09 has further enhanced the brand value of Lynk & Co, and at present, Lynk & Co's 09 intends to order more than 50,000, and the order for Large Orders exceeds 15,000 units, of which PHEV models account for more than 65%.
What is surprising is that the revenue of Extreme Kr Automobile in the year of its establishment reached 2.682 billion yuan, and if it is calculated with the delivery of 6,000 vehicles, the revenue of Extreme Krypton bicycles is as high as 440,000 yuan. However, this calculation is not accurate, because the officially disclosed average bicycle price is 335,000 yuan, and the only possible situation is that there is a benefit of technical output, because the currently known news is that by the end of 2021, the SEA Haohan architecture has achieved output to 7 brands of Extreme Kr, Geely, Smart, Volvo, Polestar, Lotus, and Jidu.
At the annual report press conference, Li Donghui, CEO of Geely Holding Group, vice chairman and executive director of Geely Automobile Holdings Co., Ltd., said that in 2021, Geely Automobile's technical licensing and R&D services have achieved 4.5 billion yuan in revenue, an increase of 245% over 2020. Among them, the technology licensing revenue was 1.275 billion, an increase of 125% year-on-year, becoming a new profit growth point for the company, which just became another proof of the revenue of Extreme Kr Automobile.
Another financial indicator is cash flow, as of the end of 2021, Geely's total cash level reached 28 billion yuan, a record high, net cash reached 20.8 billion yuan, these cash flows will be geely's next development in new business, which is enough to see the difference between traditional cars and new forces to build cars, the latter bankruptcy at every turn, which is called surplus food, the heart is not panicked.
At the beginning of this year, Geely has not yet released a detailed plan for 2022, and this plan is finally late in this annual report conference, especially the new car planning, which basically depicts the general action and trend of Geely Automobile this year.
In the 2022 outlook, Geely mentioned that it will accelerate the efficiency of full-scale architecture car manufacturing in the geely 4.0 era of technology, and the modular architecture models will be increased to 70%, which means that the products of CMA, BMA, SPA and SEA architecture will be gradually enriched. In particular, Thor hybrid products will usher in a new outbreak in 2022.
It is understood that Geely will launch 4 new products and 5 facelift products in 2022. Among them, 4 new products are the pure electric MPV of Extreme Kr, the geometric new pure electric SUV Geometry E, and the Geely brand of two new SUV products, the first two products have been reported to the outside world, the extreme Kr MPV model will be listed and delivered in the fourth quarter of 2022 (in addition, Extreme Kr 001 will add a sport-oriented car this year).
However, geely brand two new SUV products have not yet been exposed, one of which is a compact SUV product under China Star, and will be equipped with Geely's self-developed 7nm SOC chip for the first time and will be displayed for the first time at the Beijing Auto Show, while the other new SUV product may be a new medium and large SUV product of Geely, even if it is to be unveiled, the listing will be postponed to 2023.
2022 will be the year of the launch of the Geely Thor Hybrid, and there will be more than 8 Thor Hi · X oil-electric hybrid and super electric hybrid products, will open the era of Geely Raytheon hybrid, including 5 Raytheon super hybrid models, 3 Raytheon oil-electric hybrid models, the current Star-Etsu L and Emgrand L's Raytheon oil-electric hybrid version has been unveiled, the key technology beyond the Japanese brand (the only VOLTA upgradeable hybrid system, up to 20 intelligent driving modes; the first mass-produced 3-speed hybrid transmission; engine thermal efficiency of 43.32%, fuel saving rate of more than 40%, a tank of fuel range of more than 1300 kilometers).
At the same time, the PHEV version of the super electromissible system will also be released within the year, accelerating the transformation and upgrading of the new energy strategy and opening a new pattern of new energy travel. In the next three years, the number of models equipped with The Hybrid will reach more than 20 models, achieving the first sales volume of the mainstream market segment of the Hybrid, realizing the first comprehensive experience of "performance, intelligence and new energy", and allowing users to completely fall in love with the "Thunder God Engine".
Ruilan Automobile, a joint venture with Lifan Technology, will launch two new power exchange products in 2022 to further enter the travel market; Geely will also launch a alcohol-electric hybrid model to continue to make the methanol field advocated by Geely bigger and stronger.
In addition, Lynk & Co 09 will also launch a super electric hybrid model, which will have different versions of pure electric range of 100 kilometers and 200 kilometers, and the price will exceed 400,000 yuan, further breaking the price ceiling of Chinese brands and achieving brand premium and profitability.
Affected by the recent epidemic in many places, some car companies have also experienced a brief shutdown, in the face of future uncertainty, Geely said that it still adheres to the goal of 1.65 million vehicles (including 70,000 extreme krypton) for the whole year. As for the lack of cores, Geely expects a big improvement in the second quarter.
Du Yuxin
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