A few days ago, Haima Automobile announced the company's 2021 annual report, and to put it bluntly, if only from the perspective of haima automobile revenue and net profit, haima automobile should hold a celebration meeting at this time. After all, in addition to the sharp rise in revenue and net profit, this is also the second time in the past 5 years that Haima Automobile has turned a loss and achieved a small goal of making money, of course, from the perspective of amount, it is indeed a "small goal".
But if you look closely at this excellent annual report, you will find that in fact, Haima Automobile achieved profitability in 2021, and to a certain extent, it also used the means of turning around losses in 2019, through the sale of some assets including equity, etc., so that the data in the net profit column became better.
Of course, Haima Automobile has not been white mixed in recent years, and it has not only found a suitable development path for itself, but also improved its brand status by the way, and the price of bicycles has increased a lot, which is a good harvest. However, the reduction in R&D personnel and R&D investment is really worrying, and this car company running on the road of new technology is really worrying.
Revenue and profit soared Four years ago, the magic trick was used again
According to the annual report, in 2021, Haima Automobile achieved operating income of 1.763 billion yuan, an increase of 28.18% year-on-year; net profit attributable to shareholders of listed companies was 112 million yuan, an increase of 108.36% year-on-year, which is also another profitable financial report since 2019. And whether it is revenue or net profit, the growth rate of Haima Automobile is not low, and even if Haima Automobile holds a celebration for it, it is not surprising.
But in fact, Haima Automobile can not hold a celebration meeting, as for the reason: behind the revenue and net profit is that Haima Automobile has used the magic trick of four years ago again. As we all know, in 2019, Haima sold houses to save itself and became famous, when Haima Automobile sold 344 houses of property, with receivables of 168 million yuan and 142 million yuan of collections, and it is precisely because of this that it obtained a net profit of 0.85 billion yuan in 2019, thus laying the groundwork for its "picking the star and removing the hat".
In a sense, Haima Motors once again used this trick in 2021. According to the annual report data, haima motor's net profit attributable to shareholders of listed companies in 2021, net of non-recurring gains and losses, is about -433 million yuan. What is called non-recurring profit and loss, in simple terms, is a car-making company, but through buying stocks, selling houses and other channels to make some money.
Haima Automobile's annual report also disclosed that Haima Automobile increased its net profit attributable to the mother by selling 100% of the equity of Jinpan Industry and 95% of the equity of Zhengzhou Lanma Industrial Co., Ltd. in 2021. Then combined with the non-net profit of Haima Automobile and the net profit attributable to the mother, it is self-evident how Haima Automobile turned around the loss.
Of course, the sale of the equity of the subsidiary can be seen as a measure for Haima Automobile to optimize the allocation of resources and revitalize existing assets, but it also makes Haima Automobile's assets shrink, as of December 31, 2021, Haima Automobile's total assets were 8.207 billion yuan, down 10.87% year-on-year, and in 2018, when there was no large-scale sale of houses, the total assets column figure was still 11.343 billion yuan. It can be seen that although the seahorse has found a way that can be called self-help, in a sense, it also has the meaning of drinking and quenching thirst.
Years without a white toss, but the research and development aspect is worrying
According to official data, in 2021, Haima Automobile produced 29,666 vehicles, an increase of more than 75% year-on-year, and sold 29,513 vehicles, an increase of about 67% year-on-year. Yes, with revenue and profit in general, the growth rate is indeed gratifying, but if you only look at the base, this is actually the monthly sales of a popular car and SUV in a good month.
Of course, we can not look down on Haima Automobile, in the annual report, the price range of Haima Automobile's domestic products has increased from about 60,000 yuan to about 150,000 yuan in the past. Moreover, it has found a development idea that seems to be good. Haima Automobile's annual report mentioned that in recent years, relying on the policy advantages of Hainan Free Trade Port and the industrial advantages of the central plains hinterland, the company has actively transformed into new energy vehicles and intelligent vehicles, upgraded to green manufacturing and intelligent manufacturing, and implemented the national "three vertical and three horizontal" new energy vehicle development strategy into "priority intelligent vehicles, cooperative electric vehicles, dead bump hybrid vehicles, and deep ploughing hydrogen energy vehicles".
In fact, "priority intelligent cars, cooperative electric vehicles, dead bumps into mixed cars, deep ploughing hydrogen energy vehicles" this sentence has become the label of Haima Automobile to some extent, and Haima Automobile is indeed working in this direction, the annual report mentioned that hydrogen energy vehicles, vehicle research and development steadily advanced, completed the body, chassis, on-board hydrogen system, power system data design, prototype car trial production completed, the mileage of 800km. In terms of vehicle controller, the development of a new generation of vehicle control completed the power system solution, underlying software, system architecture, vehicle domain controller hardware optimization, function definition, electronic architecture design and system integration testing.
In addition, judging from the recent announcements, Haima Automobile is also laying out the energy replenishment system through cooperation and investment with other companies, which can be described as a heavy bet on the direction of new energy vehicles. However, what is worrying is that Haima Automobile, which takes "new energy vehicles", which is relatively "new" in terms of technology and concept, as its development goal, is not optimistic.
According to Haima Automobile's annual report, in 2021, Haima Automobile's R&D investment was about 150 million yuan, down 36.08% year-on-year, and since 2019, Haima Automobile has been significantly reducing its R&D investment. Of course, for Haima Automobile, which has no high revenue and profit, in 2021, it has tightened its belt by spending 150 million yuan on research and development. But compared with other car companies, this number is really not much. It is worth mentioning that while the R & D investment is reduced, the R & D personnel of Haima Automobile is also greatly reduced, in 2021, the number of R & D personnel of Haima Automobile is 309, a sharp decrease of 42.13% year-on-year, and this figure is still 1413 people in 2018 before Haima Automobile sold its house to save itself.
The data shows that Haima Automobile is really not optimistic in terms of research and development, of course, it may also be because Haima Automobile's technical achievements are already top-notch enough, so there is no need to invest in too much research and development, but how big is this possibility?