The big brother of the two-wheeled electric car, Yadi, has not decreased. According to the latest performance forecast, Yadi achieved rapid growth in two years, and profits soared by 40%. As of now, the company's market value has reached 30 billion.
However, Yadi's prospects are not entirely optimistic. At the 315 party, Yadi and other electric vehicle brands were named by CCTV and did not assume responsibility for speed limit decoding; Its wholly-owned subsidiary, Da monkey e-commerce, was fined for falsely promoting Yadi batteries.
Mavericks, Emma and other brands are surrounded by competition, and the high-end, overseas, charging and replacing markets targeted are still full of uncertainty. Facing the industry outbreak period in the next two years, as an industry leader, Yadi electric vehicles exert much potential energy and control themselves.
01. Dividend: Double the revenue and dominate
In 2001, Dong Jinggui, a native of Anhui Province, and his wife Qian Jinghong together established Wuxi Dong's Automobile Industry Co., Ltd. Prior to that, both were employees of a locomotive factory. Wuxi Dong's car industry is the predecessor of Jiangsu Yadi, which was mainly engaged in motorcycle business at that time.
At the beginning of the 21st century, the "ban on motorcycles" began to be implemented in various places, and the motorcycle business was not easy to do. Three years after starting a business, Dong Jinggui gradually shut down the motorcycle business and transformed into a two-wheeled electric vehicle industry.
In the next 20 years, Yadi developed rapidly. In May 2016, Yadi Group Holdings Limited was listed on the main board of the Hong Kong Stock Exchange, becoming the first two-wheeled electric vehicle listed enterprise in China. In the ranking of "China's Top Ten Enterprises in light industry electric vehicle industry", it also ranked first for 11 consecutive years.
The domestic two-wheeled electric vehicle market demand is extremely large and is still growing. According to the data of the global electric vehicle network, the domestic two-wheeled electric vehicle sales in 2020 will be about 47.6 million, an increase of 23% year-on-year.
Synchronized with the industry, in the past three years, Yadi's total operating income and net profit have also achieved rapid growth. The data shows that from 2018 to 2020, the total operating income was 9.917, 119.68 and 19.36 billion yuan respectively, an increase of 26.32%, 20.69% and 61.76% year-on-year. Net profit increased by 6.51%, 17.12% and 89.64% year-on-year.
On March 1, 2022, Yadi Holdings announced that as of December 31, 2021, the Group's expected net profit in 2021 will increase by no less than about 40% compared with the same period last year.
The momentum of Yadi's surge in recent years is inseparable from the impact of the epidemic and policies. Under the new national standard for electric vehicles, the industry's production standards and process technology requirements continue to improve, the survival of the fittest within the industry, and small and medium-sized enterprises are forced out.
According to China Merchants Securities Research Report, from 2018 to 2020, the market share of industry CR4 (Yadi, Emma, Tailing, Xinri) increased from 47.4% to 57.9%. In the future, the replacement demand brought by the "new national standard" is expected to drive a new round of growth in the industry, and it is expected to generate a total of 110 million replacement demand in 2021-2025.
02. Dilemma: The "speed limit" puzzle
The market is very good, but the two-wheeled electric vehicle brands are lined up and the competition is fierce, and the fierce competition cannot be ignored.
Before Emma was listed on the Shanghai Stock Exchange, the value rose sharply, and after there were mainly intelligent calves harvesting young consumers, Yadi wanted to maintain the status of "boss" and did not allow the possibility of making mistakes.
But recently, Yadi has been embroiled in two consecutive scandals.
At the "315 Party" on March 15, CCTV talked about the speeding of electric bicycles, naming a number of electric bicycle brands, including Yadi, in addition to Yadi, there are also Hello, Mavericks, Luyuan, and New Day.
The so-called "speeding" refers to the new national standard requirements, the maximum speed of electric bicycles is not more than 25km/h, and an alarm is required to drive more than 15km/h. However, many consumers believe that the speed limit of 25km/h or even 15km/h is too harsh, and they have privately modified it after buying a new national standard electric vehicle.
Modifications vary. The reporter's previous investigation found that some electric vehicle shops can help modify as long as they buy a car, in addition, the e-commerce platform can also easily buy goods such as "decoders", and there are "tutorials" on video websites that can be referenced.
According to the new national standard, the software and hardware of electric bicycles should have a tamper-proof design to prevent unauthorized modification or modification of the maximum speed, power, voltage, and pedal riding ability. But obviously, brands such as Yadi have not fulfilled their obligations, and the "tamper-proof design" is useless.
Since then, Yadi said at the industry symposium held in Wuxi that the company strictly follows the new national standard production, and hopes to strengthen product supervision, standardize product supply, increase the crackdown on illegal modification, and maintain a good market order. In addition, we will also strengthen publicity to guide consumers to actively choose safe and compliant electric bicycles, so as to create a safe and healthy travel environment.
Whether the undecipherable electric vehicle can be recognized by consumers still needs time to test. But the safe national standard car is always the future development direction. Speed limit decoding can be called the general pain of the industry under the new national standard. But another recent negative news from Yadi is also worth noting.
Recently, Jiangsu Monkey E-commerce Co., Ltd., a wholly-owned subsidiary of Yadi, advertised that the graphene battery is a lead-acid battery because of the battery of the electric motorcycle sold in the "Yadi Electric Vehicle Official Flagship Store" opened on the online shopping platform, and the actual shipment is lithium battery. Suspected of false publicity, he was fined 20,000 yuan by the Wuxi Xishan District Market Supervision and Administration Bureau.
Prior to this, the big monkey e-commerce has been punished many times, the main reasons include violations of advertising content management regulations, the manufacture and sale of goods that do not meet quality standards, on the black cat complaint and other platforms, there are many complaints about Yadi, and the problems are concentrated in its after-sales service.
In July 2020, Yadi also recalled 11,273 electric vehicles. The announcement said that there was a safety hazard in the vehicle, which was a problem of reversing foot pedal reversal.
03. Future: high-end, overseas, charging and replacing
Yadi entered the high-end market in 2014, went to sea in 2017, and came out in 2021 with the advent of "changing electric beasts", bringing more possibilities to the industry.
Keeping the quality pass is the most important thing that Yadi must do well at the moment. Looking to the future, whether Yadi can continue to sit firmly in the boss position is closely related to the several development routes it has chosen now.
The first route is the high-end market. Around 2015, Yadi began to enter the high-end market. At that year's national dealer conference, Yadi announced that it would "stay away from the price war and concentrate on making more high-end electric vehicles."
The slogan "more high-end electric vehicles" is still used today. In July last year, Yadi released the high-end sub-brand VFLY, with the highest price reaching 19,800 yuan.
But high price does not equal high end. Founder Securities Research Report believes that the high-end upgrading of two-wheeled electric vehicles is an inevitable trend. After the new national standard, it has changed from the previous disorderly low-price competition to the high-quality competition for product quality. In the future, the competition in the high-end market will also be more intense. Under the siege of new forces such as Mavericks and No. 9, whether Yadi can win the market by relying on high-end has yet to be tested by practice.
Overseas markets are Yadi's second direction. As early as 2007, Yadi established an import and export company. In November 2019, the Bac Giang production base in Vietnam was officially put into operation, and the sales channels covered 88 countries and regions around the world
It is worth mentioning that Yadi's Southeast Asian market may provide it with broad growth space in the future. After the mainland introduced the "ban on motorcycles" policy in 2001, the penetration rate of electric bicycles increased rapidly, from 4.5% in 2001 to 40.59% in 2005.
In recent years, many countries in Southeast Asia have also begun to "ban motorcycles". For example, the Vietnamese government announced that it will soon implement a "ban on motorcycles" in the country, of which Ho Chi Minh City will completely ban motorcycles from 2021. Referring to the impact of the "ban on motorcycles" on the electrification of two-wheelers in the mainland, there is huge room for growth in electric two-wheeler sales in Southeast Asia.
At the 2021 Yadi Technology Global Multiplier Strategy Summit, Yadi officially proposed the global doubling strategy. Dong Jinggui did not hesitate to say: "In the future, Yadi will occupy at least 35% of the market, and there is one of the three worlds." ”
In addition, charging has always been a pain point for electric bicycles, especially in the recent electric vehicle charging accidents. Yadi also began to lay out the aftermarket for two-wheeled electric vehicles. On May 19 last year, Yadi announced that ItaiChang Energy (Shanghai) Co., Ltd., which was jointly established with the Great Yangtze River Group, provides power exchange services for electric motorcycles, electric light motorcycles and electric bicycles, "creating a new intelligent power exchange ecosystem to solve the pain points of slow charging and inconvenient charging of electric vehicles".
In addition, the "power exchange version" electric vehicle Yadi electric beast 01 and 02 have also been unveiled. However, the power exchange is still aimed at groups such as takeaway riders, and whether it can open the C-end market still needs to be tested by the market. In addition, problems such as high construction costs, poor experience, and safety need to be further solved.
Due to the different implementation times of local policies and the fact that the new national standard has not been fully landed, the dividend period of "exchange" for two-wheeled electric vehicles will continue for a period of time. In 2019, Yadi proposed that the goal of "output value reached 100 billion yuan and output of 25 million units in the next three years" can be completed, all depends on its own play.