Abstract: The historical baggage is a bit heavy (welcome to pay attention to the leverage game)
Written by | Zhang Yinyin & Editor| was pleased
These days, a number of friends said to write about the Polar Fox Car.
The reason is that they watched the first video line concert on the night of April 15, 2022, the company's exclusive title Cui Jian.
Chart source | Network (thanks)
It's been a few days since I didn't want to write, but today a friend said, "Write-write-write-thank you."
Well, promise to come down.
In particular, it should be stated that Jihu Automobile is not produced by a copycat company, but by a large factory. When watching Cui Jian's video concert, I saw someone say fire, what is this bird brand,
Jihu Automobile is a high-end new energy brand of Beiqi Blue Valley, a new energy vehicle enterprise under BAIC Group.
By the way, not only the regular army, but also Beiqi Blue Valley is the first listed new energy vehicle enterprise in the mainland.
The automotive industry is the sankei field that leverage games have long liked and paid attention to, so much so that every week I put on a column called "Leverage Car Viewing".
Since I also watched the first video line concert of Cui Jian, the exclusive title of BAIC Jihu, and many friends shouted and wrote, I can't watch people's sponsored performances in vain, so let's talk about this company today.
It also happens to be the earnings season, and Lever Game has launched the corporate financial report dismantling as usual this year - the "Yearbook" column. The two columns continue to kill two birds with one stone and join together.
Pole friends have a special desire to see the company's annual report, especially welcome to leave a message to tell me.
1, Beiqi Blue Valley or Jihu Automobile, sales are not good, profit indicators are very bad
Beiqi Blue Valley mainly has 2 brands of new energy vehicles, one is the Jihu Automobile (ARCFOX brand) that shined this time, and the other is BAIC New Energy (BEIJING brand).
Jihu Automobile was born in a relatively high posture, cooperating with Huawei, and a very high-end look.
The earliest leverage games saw its advertising, and it was also a very powerful feeling. Sales in 2021 don't seem to be ideal, though.
Beiqi Blue Valley's 2021 annual report does not seem to disclose in detail the specific figures of the sales volume of its two brands.
But if we look at the following figure, Beiqi Blue Valley has produced a total of 6369 vehicles in 2021, and 13224 vehicles in 2020, a decline of 51.84%.
At the same time, 26,127 vehicles were sold in 2021 and 25,914 in 2020, an increase of 0.82% year-on-year.
Here, we can imagine the performance of the Extreme Fox car.
Some channels and media also disclose the detailed data of Jihu Automobile, and the leverage game is not much to say, and rod friends should understand.
The three main plants under Beiqi Blue Valley, as shown in the following figure, have a design capacity of 320,000, 50,000 and 150,000 vehicles respectively, totaling 520,000 vehicles.
The actual capacity utilization rate will be 0.08%, 0% and 8.32% in 2021, respectively.
Yes, yes, the utilization rate is so low.
In fact, after reading the above, you should understand the situation of capacity utilization.
The financial report disclosed that in 2021, Beiqi Blue Valley achieved revenue of 8.697 billion yuan, an increase of 64.95% year-on-year, and this indicator alone seems to be good.
After deducting business income unrelated to the main business and income without commercial substance, there is also a small 5 billion yuan, and the growth is more than 60%, which seems to be good.
We then look at the net profit attributable to the mother - 5.244 billion yuan. Of course, in 2021, it will lose more than 6 billion yuan, which is also considered to be progress.
If you look at the deduction of non-net profit, the loss of more than 5.5 billion yuan, but also a little more.
Not badly, the net cash flow from operating activities was 4.985 billion yuan, an increase of 175% over the previous year.
If you look at indicators such as earnings per share and return on assets, you can imagine it.
As shown above, the leverage game is not much to say.
In a word, in 2021, Beiqi Blue Valley is good, Jihu Automobile is not good, sales are not good, and profit indicators are very bad.
2, the historical baggage is a bit heavy
Auto companies, technology companies, and new energy vehicles always have some other income.
For example, Beiqi Blue Valley, the non-recurring profit and loss items and amount statement in 2021 disclosed that the profit and loss on the disposal of non-current assets was more than 18 million yuan.
Then the government subsidies that are included in the profit and loss of the current period (but are closely related to the normal operation of the company's business, except for the government subsidies that meet the provisions of national policies and continue to enjoy in accordance with certain standards and are fixed or quantitative), 131 million yuan, which is also more than 100 million yuan in 2020, and more than 1 billion yuan in 2019.
Non-recurring profit and loss items and amounts also disclosed that, in addition to the effective hedging business related to the company's normal business operations, the fair value change gains and losses arising from the holding of trading financial assets, derivative financial assets, trading financial liabilities, and derivative financial liabilities, as well as the investment income obtained from the disposal of trading financial assets, derivative financial assets, trading financial liabilities, derivative financial liabilities and other debt investments, sorry, in 2021 is -15.1063 million yuan.
The performance in 2021 is not very good, and the increase in selling expenses is obvious.
In 2020, it was in the early 1 billion yuan, and in 2021, it increased by 65.83% to 1.672 billion yuan.
Nor do you deny that revenue has grown very well, although profit indicators are still very bad.
Then the leverage game will talk about the accounts receivable indicator of Beiqi Blue Valley.
First of all, we see that it is as high as nearly 13.7 billion yuan.
Secondly, the total accounts receivable in 2-4 years reached more than 10 billion yuan.
There is no denying that there are historical reasons for this.
However, this is really a big problem.
Then we look at the accrual, the total amount is as follows, not low.
The most worth mentioning is that there are several customers, especially the number of customer 1, is not too amazing.
The back part of the annual report actually discloses more customer details, and the leverage game is here.
Those who understand, naturally understand.
As shown in the figure above, the data for some years is not very interesting, and the leverage game is not much to say.
Then, the big ones are still to come, and the bad debts are prepared for the relevant indicators.
Take a closer look, and some of the numbers are not low.
After reading the above relevant figures, what do rod friends think?
In this regard, the leverage game actually has only one sentence, and this historical burden is a bit heavy.
However, no matter whether there are ten thousand reasons, a thousand excuses, what you have promised, with tears.
3. Can Jihu Automobile or Beiqi Blue Valley break out of the siege?
Beiqi Blue Valley is still very confident in its own car and company.
The annual report says:
The company has built and formed a systematic research, procurement, production, sales and service value chain system in terms of new energy passenger vehicles, and independently mastered advanced electrification and intelligent technology, and is an innovative technology company with new energy vehicles as commodities. During the reporting period, the company continued to improve its capabilities in the research and development, manufacturing, sales and service of new energy vehicles and core components......
Specifically, including very powerful new energy vehicles, and then claiming to be, relying on the first-mover advantage and long-term accumulation in the field of pure electric vehicles, they continue to lead in the performance and safety of the whole vehicle.
For example, the excellent performance of arcfox (Polar Fox) brand in crash testing, endurance competition and other aspects has received widespread attention, and has successively won the highest level of CN95 healthy cockpit certification issued by China Automobile Research Institute of fresh air cockpit (Class A) certification, the "Top Ten Body" and "Best Material" awards issued by the China Automotive Safety Conference and Body Conference, and the platinum grade certificate of the first batch of vehicle corrosion resistance evaluation by the China Consumer Goods Quality and Safety Promotion Association. China Consumer Daily released a number of certifications and awards such as the low-temperature mileage test of its own brand.
It also said that it has three core technologies, intelligent networking, and assisted driving technology, and has in-depth cooperation with Huawei, Baidu and other enterprises.
But Huawei, Baidu and many others are also cooperating.
The cooperation with Xiaokang Xilis seems to be more in-depth, and the delivery volume in March is beginning to bear fruit. And Beiqi Blue Valley, we look at the March production and sales express, production seems to be very low.
The source of the chart | the Beiqi Blue Valley Announcement
Not only that, if we look at the sales revenue and cost indicators of commercial vehicles in Beiqi Blue Valley, we will find that the cost is much higher than the expenditure.
In other words, every car sold is a loss.
The more you sell, the more you lose.
Of course, after reaching a certain level, we can change this trend and move towards profitability.
For Beiqi Blue Valley, the high-end Polar Fox brand is an important turnaround card. The unit price is high, if the sales volume goes up, the industry status and operating conditions will surely take a leap.
This is the good wish of the leverage game, and Beiqi Blue Valley itself thinks the same. On April 19, 2022, it was stated on the Investor Interactive Platform:
The company has arranged a series of brand promotion activities for the promotion of the Jihu brand this year to continue to increase the construction of the Jihu brand power, including the current launch of the "Green Energy Charging" plan of the Jihu Automobile united Nations Ann Football Club, the exclusive title Cui Jian's first video line concert, and the invitation of a number of stars to start broadcasting in the Douyin Auto Express, and other activities will be carried out successively, and the ecosystem of Jihu Automobile will continue to expand, further enhancing the brand power and influence of Jihu Automobile.
We are working closely with Huawei to accelerate the delivery of the HI version, and will select an appropriate time to announce the relevant information such as research and development, technology, and products.
Many people, because of Cui Jian's concert, remembered the Extreme Fox Car.
This marketing campaign, Leveraged Games thought was really successful. How to transform into real sales is the most urgent thing in front of Beiqi Blue Valley.
Many years later, when we look back at today, did Cui Jian save Beiqi Blue Valley and save Jihu Automobile?
All unsubscribed financial charts in this article are derived from the 2021 annual report of Beiqi Blue Valley, which is hereby explained and acknowledged
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