In the early morning of March 25, NIO announced its 2021 financial report. According to the data, in the fourth quarter of 2021, Weilai Automobile achieved revenue of 9.9 billion yuan, an increase of 49.1% year-on-year. In 2021, the cumulative revenue reached 36.14 billion yuan, an increase of 122.3% year-on-year, and the net loss was 4.02 billion yuan, narrowing by 24.3% year-on-year. In terms of automotive gross margin, the gross vehicle gross margin for the fourth quarter was 20.9%, and the gross vehicle gross margin for the full year of 2021 was 20.1%.
Weilai Automobile said that the increase in gross profit margin mainly benefited from the increase in single-car sales revenue and the cost optimization brought about by the 75-degree ternary iron lithium battery pack. In terms of cash flow, NIO's cash flow reserves have reached 55.4 billion yuan in 2021.
Although WEILAI is still in a loss, the loss has narrowed and the gross profit margin of the whole vehicle has increased significantly. Judging from several key data in the financial report, it is not difficult to find that Weilai's financial ability is improving step by step.
So, what are the highlights of Weilai Automobile's 2021 financial report data? Standing on the basis of the new energy vehicle market, how much gold is its value?
The gross profit margin of the whole vehicle reached a new high, surpassing the traditional luxury brand
As a key indicator to measure the earning power of Weilai, the gross profit margin of Weilai Automobile reached 20.1% in 2021, which not only hit a record high for Weilai Automobile, but also knew that the gross profit margin of Weilai Automobile for the whole year in 2020 was only 12.7%.
And the gross profit margin data of more than 20% also far exceeds international giants such as Toyota Motor and Volkswagen, and even surpasses ultra-luxury brands such as Porsche and Ferrari.
The reason for its sharp rise has a large relationship with the further increase in production and sales of Weilai Automobile in 2021. According to the data, in 2021, the cumulative delivery volume of WEILAI Automobile exceeded 90,000 units in the whole year, an increase of 109.1% over the previous year.
It is worth mentioning that in 2021, due to the repeated epidemics, chip shortages, rising raw material costs, and capacity expansion, the production and sales of WEILAI Automobile in the third quarter of 2021 have also been greatly affected.
In 2022, with the gradual easing of the objective environment and the further improvement of NIO's production capacity, NIO is expected to further increase its gross profit margin with the help of bicycle revenue.
According to Li Bin at the financial report meeting, the current production line upgrade of JAC WEILAI advanced manufacturing base is accelerating, and it is expected that around the middle of the year, the production capacity of JAC Weilai production quarter will be increased to 60JPH.
In addition, the construction and equipment installation of the second production base located in hefei Xinqiao Intelligent Electric Vehicle Industrial Park have also been basically completed, and the planned production capacity in the second production quarter is also 60JPH, and the factory will be officially put into operation in the third quarter of this year.
It should be known that in the current new energy vehicle market, new energy companies generally lack production capacity, resulting in a long terminal delivery cycle, which has always been a major concern for consumers to buy new energy vehicles. With the increase in production capacity, WEILAI is expected to usher in further growth.
Cash flow reserves reached 55.4 billion yuan, and the ability to resist risks in the face of the future was enhanced
Compared with the darkest moment a few years ago, today's Weilai can also be called out of the trough. According to the financial report, at the end of 2021, THE CASH FLOW RESERVE OF WEILAI AUTOMOBILE HAS REACHED 55.4 BILLION YUAN, which means that WEILAI Automobile's future-oriented anti-risk ability is also gradually increasing.
In March this year, NIO also officially returned to Hong Kong stocks, and now it has been listed on the Hong Kong stock market.
"Listing in Hong Kong and giving us the opportunity to serve more investors is another important milestone for NIO." As Li Bin said, in the context of sufficient cash flow reserves and growing investors, for Weilai Automobile, it is not only conducive to accelerating its layout, but also bringing greater confidence and confidence in the environment where uncertainties continue to affect the automobile market.
According to WEILAI's planning, on the basis of the existing service network and charging and replacing network, WEILAI Automobile will add no less than 100 sales outlets this year, adding more than 50 WEILAI service centers and authorized service centers. At the same time, WEILAI Automobile will also add 30 power up Plan destination power-up routes this year, and the Chinese market will have built more than 1,300 substations, 6,000 supercharged piles, and 10,000 destination charging piles. We will continue to lay out in the charging and replacing network to further enhance the user's power-up experience.
It is worth noting that since the beginning of this year, the cost of raw materials in the new energy automobile industry has also risen wildly, and weilai automobile has no price increase plan at present. Under such circumstances, sufficient cash flow reserves have also brought weilai automobile a strong ability to resist pressure and risk.
Three new cars were delivered this year, and the new brand products entered a key research and development phase
In the tide of multiple rounds of new energy vehicle price increases brought about by the decline in subsidies and the rise in raw material costs, Weilai Automobile is one of the few car companies that have not followed the trend of price increases. However, it should be noted that the pricing of Weilai Automobile's product matrix is basically above 300,000 yuan. Therefore, after the price increase of popular models such as Tesla Model Y and Model 3, the value competitiveness of Weilai Automobile, which has not yet raised its price, has also been further sharpened.
For NIO, although there is pressure on cost downward pressure, it also helps NIO to buffer the pressure by increasing deliveries. According to Li Bin, weilai automobile will deliver three new models this year, of which ET7 will start delivery on March 28, and ET5 is scheduled to start delivery in September.
In addition, the first SUV, Weilai ES7, built based on the second-generation technology platform NT2, will also start delivery in the third quarter of this year, and the new car is positioned in the medium and large high-end five-seat SUV, benchmarking BMW X5L.
The most worth mentioning is that in the 2021 earnings conference call, Li Bin also revealed the progress of the new brand built by WEILAI for the mass market, and the core team of the new brand has been completed, and the strategic direction and development plan have been clarified, and the first batch of products has entered the key research and development stage.
It is speculated that in the past two years, the new brands and new products that Weilai Automobile has sunk into the mass market will soon meet with us.
Undoubtedly, with the launch of models with more affordable prices, THE TERMINAL delivery volume of Nio Motors is expected to increase significantly and the layout will be more perfect. Li Bin said that in the next few years, it will continue to increase investment in research and development of key technologies, especially in key areas related to full-stack autonomous driving technology and power batteries, and in 2022, WEILAI's R&D investment is expected to increase by more than 1 times compared with 2021.
"Investing in research and development in core technologies can not only enhance the sustainable competitiveness of our technologies and products, but also improve the level of gross profit margin and profitability in the long run." Li Bin said so.
Red dot observation:
Judging from the financial report data for the whole year, WEILAI Automobile has also made significant progress in 2021. In 2022, while increasing investment in research and development, it is also a year of "harvest" for Weilai Automobile, and the successive delivery of three new models is expected to create another new situation for Weilai Automobile.