Flower Finance Original
New energy vehicles are bustling, but they are also extremely cruel.
Since the beginning of the spring, with the major listed car companies successively announcing corporate financial reports, in the face of naked numbers, the last fig leaf of the company has been unveiled.
Recently, the former new energy vehicle brother Beiqi Blue Valley (BAIC New Energy) released the 2021 annual report showing that the annual operating income was 8.697 billion yuan, an increase of 64.95% over the same period of the previous year, but the net profit attributable to the mother was 5.244 billion yuan. If you add the net profit loss attributable to the mother in 2020 of 6.482 billion yuan, the two-year loss of Beiqi Blue Valley has reached 11.726 billion yuan.
What is this concept?
The analysis found that the owner's equity of Beiqi Blue Valley in 2021 was only 11.685 billion yuan. In other words, the two-year loss of Beiqi Blue Valley is close to the company's net assets. So, what does Beiqi Blue Valley rely on to maintain continuous operation?
It has been observed that struggling to borrow debt and raising additional funds are the keys to beiqi blue valley's continuous operation. However, today, Beiqi Blue Valley, which has no profit and no sales volume, now there seems to be only a huge amount of accounts receivable.
A glorious record that disappeared
With the acceleration of the electrification transformation of the global automotive industry, the market position of new energy vehicles is becoming increasingly prominent.
According to the statistics of the Association of Automobile Manufacturers, the wholesale sales of new energy vehicles in China will reach 3.507 million units in 2021, an increase of 165.10% year-on-year. Among them, the production and sales of pure electric passenger cars were 2.76 million units and 2.73 million units, respectively, an increase of 179% and 174% year-on-year.
However, at the moment when the development of the new energy automobile industry is rapid, Beiqi Blue Valley, which is in an absolute king position in the early stage of the development of new energy vehicles, has a cumulative sales volume of only 26,100 vehicles in 2021, an increase of only 0.82% year-on-year.
It is worth noting that before 2020, the company's new energy vehicle sales are still far ahead. In the field of pure electric vehicles, since 2013, the company has maintained the first sales volume of new energy pure electric passenger cars in China for seven consecutive years, with annual sales of up to 150,000 units.
However, by 2020, Beiqi Blue Valley began to go downhill, and there was no proud record of eight consecutive championships in the annual report. In 2020, the company's automobile sales were only 25,900 units, down 82.79% year-on-year.
Sales are not good, and the profitability of Beiqi Blue Valley is naturally not good.
From 2017 to 2019, the operating income of Beiqi Blue Valley was 11.493 billion yuan, 18.091 billion yuan and 23.589 billion yuan, an increase of 612.13%, 43.02% and 30.39% year-on-year, and the net profit was 59.4013 million yuan, 73.2899 million yuan and 92.0101 million yuan, an increase of 277.84%, 23.38% and 25.54% year-on-year.
However, by 2020, the operating income of Beiqi Blue Valley was only 5.272 billion yuan, down 77.65% year-on-year; the net profit loss was 6.482 billion yuan, down 7145.36% year-on-year. By 2021, Beiqi Blue Valley will achieve operating income of 8.697 billion yuan, and net profit will once again lose 5.244 billion yuan.
Beiqi Blue Valley said that due to the impact of the new crown pneumonia epidemic and the supply of raw materials, the company's production and sales did not meet expectations, and the existing gross profit could not cover the inherent costs and expenses, and the impact on the company's performance was about 2-2.5 billion yuan.
In addition, in order to achieve the transformation of products to high-end, and fully promote the brand promotion and channel construction of ARCFOX, the company has increased its brand communication efforts, and the sales expenses such as advertising and operation have increased, which has an impact on the company's performance of about 1.7 billion yuan.
The gap between ideals and reality is huge
In order to reverse the decline, Beiqi Blue Valley established a new brand ARCFOX (Polar Fox).
It is understood that the Jihu brand is a high-end intelligent new energy vehicle brand created by the company, and two high-end pure electric passenger cars have been listed at present.
In order to promote the cooperation with Huawei, Beiqi Blue Valley also specially set up the Jihu Alpha S Huawei HI Edition (pre-priced from 388,900 yuan) car, which is the first full-stack car equipped with Huawei's intelligent car solution, and the first mass-produced model equipped with Huawei's Hongmeng OS system and Huawei's high-end automatic driving ADS system.
However, the sales volume of the Polar Fox after its launch was not as good as expected. Previously, Liu Yu, chairman of Beiqi Blue Valley, had set a target of breaking 12,000 vehicles in 2021, but in 2021, Jihu actually sold only 4993 vehicles.
But this does not prevent Beiqi Blue Valley from setting higher sales targets for Jihu. Entering the new year, Zhang Xiyong, general manager of BAIC Group, said: "BAIC BJEV's sales target for 2022 is 100,000 vehicles, including 40,000 Jihu vehicles, and strive to impact 300,000 vehicles in the future."
However, by the first two months of this year, BAIC BJEV sold 3385 vehicles, of which the Jihu Alpha T sold 588 vehicles and the Jihu Alpha S sold 789 vehicles. At present, the sales volume of the polar fox is obviously a huge distance from the expected target.
At the same time, it will not be easy to achieve the overall sales target of 100,000 vehicles. The carding found that the cumulative sales of BAIC in 2021 was 26,100 vehicles, but the cumulative output this year was only 6,369 vehicles; in addition, the cumulative sales volume in 2020 was 25,900 vehicles, but the cumulative output in the same year was only 13,200 vehicles.
Seeing that the sales volume of that year was much greater than the output, this means that the inventory cars sold by BAIC in the past two years may be, which further illustrates the decline of BAIC's sales end. In terms of inventory, even though the amount of BAIC inventory has shown a downward trend in recent years, by the end of 2021, the company's book inventory amount is still as high as 1.244 billion yuan.
In order to reverse this situation, BAIC intends to break the situation by increasing investment in research and development. From 2019 to 2021, BAIC's R&D expenses were 408 million yuan, 652 million yuan and 1.208 billion yuan, respectively, an increase of 55.94%, 54.42% and 24.14% year-on-year.
However, the money has been invested a lot, but the sales of the high-end brand Jihu, which has been pinned on high hopes, are still not optimistic, which shows that baic's money does not seem to be worth too much, which also reflects the difficulties of BAIC from the side.
Accounts receivable is a prominent problem
Under the dilemma, BAIC's cash flow problem is more prominent.
As of the end of 2021, the company's total assets are 39.081 billion yuan, the total liabilities are 27.396 billion yuan, and the asset-liability ratio is as high as 70.10%. Among them, the total current liabilities were 19.069 billion yuan, and the total current assets were 24.918 billion yuan.
On the surface, the company's current assets are sufficient to cover the current liabilities, but further analysis found that the accounts receivable in the company's current assets account for a relatively high proportion and the aging period is relatively long.
In 2021, the total accounts receivable of Beiqi Blue Valley were 13.685 billion yuan, and according to the age disclosure, the ending book balance within 1 year was only 784 million yuan, while the ending book balance of 1 to 2 years, 2 to 3 years, 3 to 4 years, and 4 to 5 years was as high as 1.499 billion yuan, 5.766 billion yuan, 5.180 billion yuan, 331 million yuan and 125 million yuan, respectively.
It is not difficult to see that the receivables recovery cycle of Beiqi Blue Valley is long. If the impact of accounts receivable of 13.685 billion yuan on current assets is excluded, the company only has 11.233 billion yuan of current assets left, and it cannot fully cover the current liabilities of up to 19.069 billion yuan in the current period.
In May 2021, Beiqi Blue Valley issued the "Announcement of The Results of the Non-public Offering of Shares and the Change of Share Capital", which announced that the final price of the offering was determined to be 6.93 yuan per share, and the total amount of funds raised reached 5.450 billion yuan. The completion of the fixed increase can be described as a charcoal in the snow for Beiqi Blue Valley, which does not have sufficient cash flow.
However, due to the high dependence on debt management, the interest pressure of Beiqi Blue Valley is self-evident. In 2021, the interest expense of Beiqi Blue Valley was 731 million yuan. It is worth noting that since the release of the financial report data, the annual profit earned by Beiqi Blue Valley has not reached a small target of 100 million.
If there is no profit for profit, and there is no sales volume, then what is left of BAIC BJEV?
Combing found that it is the accounts receivable that have not been recovered for as many as several years. From 2018 to 2021, the bills receivable and accounts receivable of Beiqi Blue Valley were 23.830 billion yuan, 21.660 billion yuan, 18.812 billion yuan and 14.026 billion yuan respectively, accounting for 144.97%, 91.82%, 356.81% and 161.28% of the company's sales, respectively.
That is to say, even if beiqi blue valley has sales, it is more likely to be achieved by credit sales, and no actual cash collection has been received. Since the beginning of 2019, the number of days of accounts receivable turnover of Beiqi Blue Valley has also shown a surge. From 2019 to 2021, the turnover days of accounts receivable of Beiqi Blue Valley were 347.12 days, 1381.70 days and 679.67 days, respectively.
From an excellent start, to gradually falling behind, falling to this point, Beiqi Blue Valley has obviously lost the king's style of the year.