Horizontal comparison of the 2021 financial report of the three new car-making forces of "Wei Xiaoli", Xiaopeng Automobile (09868. HK;XPEV.US) was released at the latest, with sales first, losses and firsts, the most products, and the bottom of revenue.
On the evening of March 28, Xiaopeng Automobile released its financial report for the fourth quarter and full year of 2021. The company's total revenue in fiscal 2021 was 20.99 billion yuan, an increase of 259.1% year-on-year; a net loss of 4.86 billion yuan, an increase of 78% year-on-year; a gross profit margin of 12.5%, an increase of 7.9 percentage points year-on-year; and a total delivery volume of 98,000 units, an increase of 263% year-on-year.
March 1, 2022, Yichang, Hubei Province, Xiaopeng Automobile Specialty Store. Image according to IC photo
In the subsequent earnings call, He Xiaopeng, founder of Xiaopeng Motors, said that Xiaopeng Motors' medium- and long-term goal is to increase the company's overall gross profit margin to more than 25%. He also revealed that in 2023, high-speed and all-scenario intelligent assisted driving in the city will be realized, and two new model platforms and their first models will be launched.
Xiaopeng Automobile previously announced a price increase of 10,100-20,000 yuan due to the rise in raw material costs. He Xiaopeng said that he believes that there will be certain changes in material prices in about 1-3 quarters.
It is worth mentioning that on the night of the release of the financial report, there was a Fire incident of Xiaopeng G3. Xiaopeng Automobile responded: "On the evening of March 28, Mr. He's 2019 G3 was caught in a fire in a community in Longhua District, Shenzhen, and no one was injured. At present, the fire department has completed the disposal of the scene. We attach great importance to the rights and interests of users, and will fully cooperate with relevant departments to investigate the cause of the accident, continue to follow up the follow-up results, and assist customers in handling follow-up related matters. ”
The sales champion and loss king in "Wei Xiaoli"
R&D investment accounts for the first
For the whole year of 2021, the total revenue of Xiaopeng Automobile was 20.99 billion yuan, an increase of 259.1% year-on-year, of which automobile sales closed at 20.04 billion yuan, an increase of 261.3% year-on-year; the net loss was 4.86 billion yuan, an increase of 78% year-on-year.
Among them, Xiaopeng Automobile's fourth-quarter revenue was 8.56 billion yuan, an increase of 200.1% year-on-year, an increase of 49.6% month-on-month; a net loss of 1.29 billion yuan, an increase of 63.5% year-on-year, and a narrowing of 19.3% month-on-month.
Xiaopeng Automobile delivered 98,155 vehicles in the whole year, an increase of 360% year-on-year; of which 41,751 vehicles were delivered in the fourth quarter, an increase of 222% year-on-year and 63% month-on-month. Delivery guidelines for the first quarter of 2022 range from 33,500 to 34,000 units, and are expected to win the first consecutive quarter of delivery.
If the annual net loss is divided by the annual delivery volume, Xiaopeng Automobile will lose about 49,500 yuan for every car sold in 2021.
The gross profit margin of Xiaopeng Automobile for the whole year was 12.5%, compared with 4.6% in the previous year; of which the gross profit margin of the vehicle was 11.5% and 3.5% in the previous year. Xiaopeng Automobile's automotive gross margin for the fourth quarter of 2021 was 10.9%, compared to 6.8% for the same period in 2020.
Comparing the three "Wei Xiaoli" horizontally, Xiaopeng Automobile is the one with the highest sales volume, the most loss, the lowest revenue, the lowest gross profit of bicycles, the lowest cash flow, and the one with the highest proportion of R&D investment.
In 2021, NIO (09866. HK;NIO.US) and Ideal (02015.HK; LI.US) sold 91,000 and 90,000 units and Xiaopeng 98,000 units, respectively; NIO and Ideal's revenue was 36.14 billion yuan and 27.01 billion yuan, respectively, and Xiaopeng's net loss was 4.016 billion yuan and 320 million yuan, respectively, Andy's profit margin was 20.1% and 20.6%, and Xiaopeng's was 11.5% Nio and Ideal's cash flow was 55.4 billion yuan and 50.16 billion yuan respectively, and Xiaopeng's was 43.54 billion yuan.
In 2021, Xiaopeng Automobile's R&D investment was 4.11 billion yuan, an increase of 137.6% year-on-year; NIO and Ideal were 4.59 billion yuan and 3.29 billion yuan, respectively. From the perspective of the proportion of R&D investment in revenue, the R&D investment ratio of Xiaopeng Automobile is 19.6%, higher than Weilai's 12.7% and the ideal 12.2%.
The medium- to long-term goal is to improve the overall gross profit margin to more than 25%.
Next, Xiaopeng Automobile will increase gross profit margin as an important goal. He Xiaopeng said that Xiaopeng Automobile's medium- and long-term goal is to increase the company's overall gross profit margin to more than 25%.
On March 26, He Xiaopeng said in an interview with the media at the 8th China Electric Vehicle 100 Forum, "At present, it seems that (price increases) have not affected our sales." He said that the current price increase is more suitable for Xiaopeng Motors, and there may be some new ways for car companies with small increases to cover costs, and this year Xiaopeng Motors will gradually put the main production capacity on models with higher gross profits.
It is reported that the G9 medium and large SUV launched by Xiaopeng Automobile in the third quarter of this year will enter a higher price range. In 2023, Xiaopeng Automobile will also launch two new model platforms and two models based on this, which will help the company obtain stronger cost control capabilities and cover a wider range of user groups in the mid-to-high-end market with huge growth potential.
He Xiaopeng revealed that the PT production prototype has been rolled off the production line from the factory and will be listed in the third quarter of 2022. Benefiting from the high gross profit margin of new models and other models, the company's overall gross profit margin will be structurally improved in the future, and with the help of scale effects and operating leverage, the expense ratio will continue to decline.
The tight battery supply is not expected to ease until next year
In terms of Xiaopeng Automobile's most concerned autonomous driving technology, He Xiaopeng introduced that the research and development of Xpilot3.5's core function city NGP (Intelligent Navigation Assisted Driving) is progressing smoothly, and after obtaining the approval of relevant authorities, it is planned to be launched in the first batch of cities in the second quarter of this year.
Xiaopeng Motors plans to officially launch the intelligent assistance system Xpilot 4.0 in 2023 to achieve intelligent assisted driving at high speed and in all scenarios in the city, and it is expected that the penetration rate of Xpilot 4.0 in the future will exceed 50% in the sales model. It is expected that by 2023, at least 4 Xiaopeng models will support the system, and the intelligent assisted driving hardware and software platform of Xiaopeng Motors' new models will be gradually unified.
For the supply chain issue, He Xiaopeng said that Xiaopeng Automobile had done hundreds of alternatives last year to ensure stable supply. At the same time, he mentioned that in terms of battery supply, the multi-supplier model reflects a very large value in terms of supply and cost. He Xiaopeng believes that car companies are still facing supply chain challenges this year, but in the medium and long term, this will be a temporary problem.
Previously, there were media reports that some P5 users defended their rights due to the delay in the delivery of vehicles. The relevant person in charge of Xiaopeng Automobile responded that users who have postponed delivery can choose to unsubscribe, reassign or continue to wait, and there is currently no compensation plan.
In order to alleviate the tension in the battery supply chain, in addition to the Ningde era (300750. In addition to SZ), Xiaopeng Automobile has selected a number of battery suppliers, and it was previously reported that suppliers include China New China New Airlines, Sunwoda (300207. SZ), but not officially recognized.
For the battery supply, He Xiaopeng said that last year, many models sold well but the delivery speed was very slow, mainly due to insufficient battery supply. In particular, the models of lithium iron phosphate batteries should have a larger proportion, but they accounted for only a very small proportion of last year's deliveries.
He Xiaopeng said that this year's battery supply will still have greater challenges, and there will be a greater relief in the second or third quarter of next year. From this year onwards, Xiaopeng will join hands with suppliers to enhance the prevention and control capabilities of battery shortages.
It is worth mentioning that Xiaopeng Automobile has not yet completed the battery price negotiation with suppliers. The previous round of price increases was a tactical pricing that judged in advance that the cost of raw materials and batteries would increase, in order to basically cover the potential cost increase of component costs.
As of the close of U.S. stocks on March 28, Xiaopeng Automobile rose slightly by 0.31% to close at $27.14. On March 29, Xiaopeng Automobile's Hong Kong stock rose 1.64% to close at HK$105.5.
Red Star News reporter Wu Danruo
Responsible editor Ren Zhijiang
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