On March 23, Geely Automobile announced its 2021 financial report, achieving revenue of RMB101.6 billion, an increase of 10.3% year-on-year, profit attributable to shareholders after deducting share payments of RMB6.06 billion, an increase of 9.4% year-on-year, profit attributable to shareholders of RMB4.85 billion, net profit of RMB4.35 billion, and total cash up 46% in 2021 to RMB28 billion. In addition, the Company proposes to pay a dividend of HK$0.21 per share, representing a dividend payout ratio of 35.3%, an increase of 5.8 percentage points over 2020.
It can be seen that in 2021, Geely Automobile's cash flow is still relatively stable.
Among them, we found several key points in the field of new energy:
First, the sales of new energy vehicles increased by 177.3% year-on-year, and export sales increased by 58.2% year-on-year
Second, 13 new energy vehicles will be launched in 2022
Third, Ruilan Automobile will launch two new power exchange products in 2022
Fourth, Extreme Krypton is facing shortcomings in delivery and software, and Extreme Kr 001 will push the performance version and list 6 products in 3 years
Fifth, in the next three years, it will carry more than 20 hybrid models of Lei Shen Zhi Qing
Sixth, upgrade the new energy sales network
Seventh, increase research and development in the field of electric power, the total investment in research and development accounts for about 5.5% of the revenue
It can be seen that 2022 is a big exporter of Geely's electric products. According to Gui Shengyue, CEO and executive director of Geely Automobile Holdings Co., Ltd., the 13 new energy vehicles that Geely will launch in 2022 include: five Raytheon super hybrid models, three Raytheon oil-electric hybrid models, one alcohol-electric hybrid model, a new luxury intelligent pure electric MPV of the Extreme Kr brand, two new SUVs of the Geely brand, and a new pure electric SUV.
Extreme Kr 001 will push the performance version, 3 years on the market 6 products
It is understood that the average order price of Extreme Kr 001 reached 335,000 yuan, and the cumulative delivery of more than 12,000 units in four months set a record for the fastest delivery speed of high-end intelligent electric vehicle companies. In August last year, Extreme Kr completed the Pre-A round of financing, with a valuation of $9 billion.
This year, Extreme Kr will launch two models, one is the new model of Extreme Kr 001 sports orientation, that is, the performance version of Extreme Kr 001, the other is the MPV model, and there will be 6 new products on the market in the next 3 years based on the Vast Architecture.
However, although Extreme Kr has achieved excellent results in 2021, An Conghui, chairman of Geely Automobile Group, executive director of Geely Automobile Holdings Co., Ltd., and CEO of Extreme Kr Intelligent Technology, still bluntly said that there are still two problems in Extreme Kr: one is the slow delivery of products, and the other is that the software needs to be improved.
In this regard, he also put forward countermeasures and methods from the user side, the product side and the financial end.
First of all, on the user side, it is necessary to realize the plan of delivering 70,000 units this year, and in addition, Extreme Krypton should quickly improve the network construction of experience centers, delivery centers, charging and after-sales service.
Secondly, on the product side, we must focus on creating explosive models, to create star models, and we will also pay attention to product upgrades, like Extreme Kr 001 There will be 5 large version of OTA upgrades in 2022.
Finally, on the financial side, Extreme Krypton should increase the number of software talents and the proportion of software talents in research and development personnel, and increase capital investment in intelligence. An Conghui said that in 2021, the cumulative delivery of Kr exceeded 6,000 units, and the gross profit margin was positive, in line with expectations. He believes that with the rapid growth of sales in 2022, the gross profit margin level will perform better.
An Conghui stressed: "The sales target of 650,000 yuan by 2025 proposed by Kr last year is unswerving. We will strive to rank among the top three in the world in the market share of the high-end electric vehicle automobile industry, and we are unswerving in this goal and this plan. ”
In the next three years, it will carry more than 20 models of Therasic Hybrid Models
Geely Automobile has achieved great success in the field of new energy, and technology is a very critical part, especially the "Ray God Intelligence" super mixing platform released on October 31, 2021. This platform has three technical index highlights: The Thor DHE hybrid engine, which achieves a thermal efficiency of 43.32%, has become the world's highest mass-produced supercharged engine certified by the Energy Efficiency Star; the Thor DHT hybrid special transmission is the world's first mass-produced three-speed dual-motor hybrid transmission; the vehicle equipped with Raytheon has achieved a fuel saving rate of more than 40%, and the fuel consumption of the 100 km fuel consumption of the Star Yue L Raytheon Hybrid Model is as low as 4.3L, the limit range is as high as 1300 kilometers, and the 100 highway acceleration is 7.9S.
Dai Qing, senior vice president and CFO of Geely Automobile Group, said that in 2022, Geely will launch more than 8 models of Thor Hi · X oil-electric hybrid and super electric hybrid products, among which the large-mileage PHEV star models led by Xingyue L and Lynk & Co 09 will be launched one after another this year, and the maximum price will exceed 400,000 yuan, achieving brand premium power and profitability.
It is reported that the main product launched by the platform realizes the series parallel oilable and electric mode, according to the user's different use scenarios, the pure electric mileage is about 100 kilometers, and there are also about 200 kilometers.
For the platform's three-year goal, Geely Automobile Group CEO Gan Jiayue said: "We plan to carry more than 20 Hybrid models of LeiShenzhiqing in the next three years to achieve the forefront of sales in the mainstream hybrid market segment."
In order to accelerate the transformation of new energy, Geely said that it will comprehensively empower and upgrade the sales network with new energy, open up Geely's main dealer resources, concentrate superior resources, strengthen and expand the Geely geometric pure electricity sales network, and increase pure electricity coverage. In addition, Thor Super Electric Hybrid will also fully empower Geely's main sales networks G network and L network.
Increase research and development in the field of electric power
Dai Qing said that in 2022, he will increase investment in research and development in the field of electrification. In fact, from Geely's financial report data, we can see that its R & D investment is still relatively large. Geely Automobile's total R&D investment in 2021 was RMB5.5 billion, an increase of 16% year-on-year, of which capitalization investment was 4.25 billion yuan and expenseization was 1.3 billion yuan.
For the increase in the amount of research and development, Dai Qing explained that it is mainly investment in Raytheon hybrid models and some investment in high-end intelligent electric vehicle models of Extreme Kr. At the same time, the proportion of investment in intelligence and new energy has been increased, and the results of these research and development investments will be put on the market this year and next year.
In 2022, Dai Qing said that it is still necessary to increase the promotion and application of the Thor hybrid system in various models, increase the development of geometric brand electric vehicle models, and increase investment in the research and development of high-end intelligent electric krypton brand electric vehicles. However, in the future, Geely Automobile will maintain a stable proportion of R&D investment in revenue, maintaining a horizontal line of about 5.5%.
It can be seen that while developing the traditional fuel vehicle industry in an orderly manner, Geely is also deeply cultivating the new energy layout, accelerating the process of intelligent and electrification transformation, and the excellent performance of new energy vehicles will help Geely impact the sales target of 1.65 million vehicles in 2022.