Text | Zhang Jiaru
"I've been riding the slide for half a year, and it's exciting." The person who said this sentence was a shareholder, who did not play the slide in some scenic spot for half a year, but bought the stock of Great Wall Motors.
On April 15, Great Wall Motor's stock price was 25.68 yuan, down 0.50%, with a total market value of 237.2 billion yuan. On a weekly basis, Great Wall Motors has fallen for 2 consecutive weeks, and in the last 23 weeks, Great Wall Motors has fallen for 22 weeks. On the monthly line, Great Wall Motors has fallen for 6 consecutive cycles, that is, it has fallen for half a year.
In October 2021, Great Wall Motors had a high price of 69.80 yuan, with a total market value of 644.6 billion yuan. Today, Great Wall Motor's stock price of 25.68 yuan is down 63% at a higher point, and the total market value has fallen by 407.5 billion yuan at a higher point.
Great Wall Motor's stock price fell, shareholders were very injured, and the wealth of Wei Jianjun, the actual controller and chairman, also shrank sharply. The total market value of Great Wall Motors fell by 407.5 billion yuan at a higher point, and Wei Jianjun held 34.53% of the shares, and the market value of the position shrank by 140 billion yuan.
In the past six months, Great Wall Motors has been the stock with the largest decline among the 19 auto concept stocks. Falling and falling, what happened to Great Wall Motors? On the interactive platform, in the past two months, some shareholders have asked questions related to stock prices, and the secretary of the board of directors of Great Wall Motors has not replied.
Big bull stocks change face, and new energy related?
Who is Great Wall Motors?
Founded on July 1, 1998, Great Wall Motor is one of the largest SUV and pickup truck manufacturers in China, mainly engaged in the research and development, production and sales of complete vehicles and major auto parts, and the well-known model is haval H6, which dominates the list of SUV sales for many years.
Since 2019, Great Wall Motor's stock price has risen from more than 4 yuan to nearly 70 yuan at the end of October 2021, an increase of more than ten times. At that time, Great Wall Motors stuck to multiple hot concepts such as the Ningde era and new energy vehicles, which were warmly welcomed by funds.
So, why did Great Wall Motors fall sharply?
The most important factor affecting stock prices is performance. In terms of performance, Great Wall Motors has no problems, and the double growth of revenue and net profit in the 2021 annual report achieved revenue of 136.4 billion yuan, an increase of 32.04% year-on-year; and achieved a net profit of 6.726 billion yuan, an increase of 25.43% year-on-year.
In the scale of Great Wall Motor's shareholder group, some shareholders believe that great wall motor stock price fell sharply, there are two reasons, "First, the early rise is too fierce, overdraft the increase." The second is the rhythm of new energy transformation, which should be the most important problem. Great Wall Motor fuel vehicle representative works, sales are considerable, new energy vehicles can only say a word of hehe."
Will the performance of new energy vehicles affect investors' judgment?
Also in A shares, BYD, which announced Stud New Energy Vehicles, fell 16.63% in the stock price in the past six months, a decline of much less than 60% of Great Wall Motors, while the price-earnings ratio was as high as 225.8, far higher than Great Wall Motors' 35.26.
From the perspective of price-earnings ratio, new energy vehicle companies are more popular in the secondary market.
Heavy warehouse new energy, the Great Wall shouted out the target of 600 billion
The data shows that new energy vehicles have become an important weight in the competition of car companies.
According to the data of the Association, the retail sales of new energy passenger cars reached 2.989 million units in 2021, an increase of 169.1% year-on-year. Sales of traditional fuel vehicles were 17.16 million units, down 6% year-on-year.
According to the latest data from the Association of Passenger Vehicles, domestic passenger car sales in March were 1.814 million units, down 1.6% year-on-year, of which new energy vehicle sales were 455,000 units, up 122.4% year-on-year. Moreover, the penetration rate of new models of new energy in China reached 25.1%, a record high.
Passenger cars include new energy vehicles and fuel vehicles, pay attention to this data, the total sales fell by 1.6% year-on-year, new energy vehicles rose by 122.4% year-on-year, it is not difficult to see that the sales of fuel vehicles are declining.
Whether it is policy or sales, oil to electricity is already the trend of the times, in addition to BYD Stud new energy vehicles, Mercedes-Benz, BMW and other traditional car giants, have listed new energy vehicles as the focus of development.
The advantage of Great Wall Motors is traditional fuel vehicles, and heavy warehouse new energy is undoubtedly a huge challenge.
Wei Jianjun is also aware of the importance of heavy warehouse new energy, he said in 2021, at present, new energy, intelligent vehicles are becoming a new engine for the development of the automobile industry, giving Chinese automobiles an important historical opportunity, but also bringing major development opportunities to Chinese car brands.
In the context of foreign brands began to accelerate the layout, Wei Jianjun believes that if Chinese auto brands want to achieve real transcendence, only in these three to five years, rapidly enlarge the advantages, it is possible to lead the new track of new energy and intelligence. Moreover, the opportunity for Chinese car brands is only once.
Because of this, Great Wall Motors released the 2025 strategy - that is, by 2025, the goal is to achieve global annual sales of 4 million vehicles, of which new energy vehicles account for 80%, and operating income exceeds 600 billion yuan.
The last person to shout the 600 billion target was Dong Mingzhu. In 2018, Dong Mingzhu shouted out the goal of 600 billion yuan for 5 years. In 2020, gree electric appliance revenue of 170 billion yuan, securities companies are expected to 2021-2023 company operating income is expected to be 198.8 billion yuan, 220.7 billion yuan and 237.2 billion yuan, respectively.
237.2 billion yuan in 2023 is obviously far from 600 billion yuan. But the time has not yet come, and anything is possible. For Gree, the goal of 600 billion yuan can be described as radical, and for Great Wall Motors, the challenge is also very large.
New energy vehicle sales accounted for 12%, the main brand exposed "reduced distribution door"
In 2021, Great Wall Motor's revenue will reach 136.4 billion yuan, which will reach 600 billion yuan in 4 years, and it will almost increase by at least 110 billion yuan per year. In terms of business proportion, the sales volume of new energy vehicles should increase significantly, and the proportion should be greatly increased.
Judging from the current data, this is a very imaginative goal.
In the 2021 annual report, Great Wall Motor sold a total of 1.28 million units, of which about 136,000 were new energy vehicles, accounting for less than 11%.
Recently, Great Wall Motor released the March production and sales report, with a total sales volume of 283,500 units in the first three months, of which 35,400 were new energy vehicles, accounting for 12.49%.
At present, the main force of New Energy of Great Wall Motors is the Euler brand, and the company said in the 2021 annual report that "the Euler brand positioning is "the car that loves women more", and the differentiation strategy quickly pries open a new track in the global new energy vehicle women's market, triggering a number of brands to follow the trend and imitate."
In the first three months, the Euler brand sold 33,754 units, accounting for 95.34% of the total sales of new energy vehicles. As the main model, Euler was exposed as a "reduced door".
At the beginning of November 2021, euler's "chip reduction" incident began to ferment, and a number of Euler good cat owners reflected that their car chip was shoddy and replaced the Qualcomm Snapdragon 8-core processor advertised by the manufacturer with Intel's 4-core processor.
The owner and Great Wall Motors staged a fierce tug-of-war, and after more than a month, it slowly cooled down. At the beginning of December 2021, Dong Yudong, general manager of the Euler brand, said that we apologize for the trouble caused by the problem of Euler's good cat chip to the majority of users, and sincerely apologize here. At the same time, the Euler brand also released a compensation plan.
Judging from the comment area, some netizens questioned, "The good cat abroad is 8155, and the domestic one is Intel's old quad-core, when the Chinese people are good at bullying?"
In addition to the Euler brand, the future salon brand will also focus on new energy models. At present, Great Wall Motors has formed six major brands of Haval, Weipai, Euler, Tank, Great Wall Pickup truck and Salon, and in 2022, it is expected that there will be new models such as Haval Kugou, Weipai Dream, Tank 700, King Kong Cannon, Salon Mecha Dragon, Euler Lightning Cat, and Ballet Cat on the market.
On November 19, 2021, the first "high-performance mecha battle run" mecha dragon under the Salon brand was unveiled at the Guangzhou Auto Show. Great Wall Motors said that the mecha dragon takes pure electric high-performance mecha battle run as its product positioning, focuses on China's luxury pure electric market, and outperforms the new category of mecha technology.
The shareholders were anxious, and the secretary of the board of directors did not reply
Great Wall Motors is heavily stocked with new energy, and the entire new energy vehicle track is becoming more and more crowded. Wei Jianjun's opponents are not only new and old car manufacturers, but also cross-border challengers such as Xiaomi.
From the current proportion of new energy vehicle sales, Wei Jianjun faces a lot of challenges, and from the current stock price, the pressure on Great Wall Motor shareholders is not small.
On the interactive platform of the Shanghai Stock Exchange, the latest time the secretary of the board of directors of Great Wall Motors answered investors was on February 15. Since then, investors have repeatedly asked questions about the stock price, and they are emotional.
For example, on March 2, someone asked that Great Wall Motors should take into account the problem that investors are potential customers! From the end of last year to the beginning of this year, it has been observed that your company has only arranged for personnel to answer investors' questions twice. As we all know, most of the investors are the company's customers, the company's stock price is bent in half in four months, and the sales of some models have declined. Will investors survive?
On March 11, some shareholders wanted to hear about the leadership's measures to stabilize the stock price, "Your company's stock price has fallen for five months, and it has reached more than 60% from the high point, so has the company's leadership not considered taking some measures?" ”
On March 15, shareholders expressed dissatisfaction with Great Wall Motors' failure to reply to questions: I asked a question on March 9, and the secretary of the board of directors has not replied so far, is it the dereliction of duty of the secretary of the board, or does the secretary of the board of directors look down on us investors?
On April 15, the stock price of Great Wall Motors was still depressed, and some shareholders complained: Hello! I am a shareholder who has supported Great Wall Motors for many years! The stock price is falling all the way! It brought us a lot of psychological trauma!
In the secondary market, The stock price of Great Wall Motor fell for 6 consecutive months, and the positions of shareholders shrank or lost seriously. On the interactive platform of the Shanghai Stock Exchange, the shareholders were very anxious, and the secretary of the board of directors did not reply.
How will Great Wall Motors' stock price perform in the future? How Wei Jianjun leads the transformation of Great Wall Motors and saves the stock price crisis, we will continue to pay attention to.