Since "picking the star and taking off the hat", Haima Automobile's financial report and market performance have indeed developed for the better. On April 26, Haima Automobile released its 2021 annual report, which has a substantial year-on-year increase in operating income and net profit. Haima Automobile's operating income is 1.763 billion yuan, and the net profit attributable to the shareholders of listed companies is 112 million yuan.
Judging from the successful "star removal" in May last year and the growth of operating income and net profit in 2021, the overall development trend of Haima Automobile is being reversed. However, at present, the main business capacity of Haima Automobile has not improved much, and the growth of operating income is basically achieved by "becoming a seller". If there is no "home belongings to sell" in the future, how will Haima Automobile respond to the crisis?
Turning losses into profits, stumbling to save yourself
According to the financial report, Haima Automobile achieved operating income of 1.763 billion yuan in 2021, 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, turning losses into profits. Among them, the "non-recurring profit and loss" has made a significant contribution, including the disposal of non-current assets, government subsidies and debt restructuring, contributing 545 million yuan to the company.
If you don't count the "non-recurring profit and loss", in fact, Haima Automobile deducted a non-net profit loss of 432 million yuan. This also means that Haima Automobile still relies on "selling houses and selling assets" to achieve a turnaround, and only then does it have such beautiful operating income and net profit growth data.
This is not the first time that Haima Motors has "sold a house to save itself". Since 2017, affected by the cliff-like decline in sales, Haima Automobile began to lose money for two consecutive years, and in April 2019, it was "hatted" and its stock code was changed to "*ST Haima", facing the risk of delisting. In order to get rid of the delisting dilemma, Haima Automobile turned a profit in 2019 through operations such as selling real estate. In 2021, Haima Automobile repeated the same trick, not only selling the property but also transferring part of its equity, so that it achieved a turnaround at the reporting level, but the main business was not improved.
At present, Haima Automobile has a total of four models on sale, namely the plug-in hybrid model Haima 6P, the fuel model 7X and 8S, and the pure electric vehicle Aishang EV. Official data shows that its production in 2021 was 29,666 units, an increase of more than 75% year-on-year, and sales were 29,513 units, an increase of about 67% year-on-year. From the bright side, Haima Automobile seems to have grown significantly, but Haima Automobile's production and sales data also includes the data of its OEM Xiaopeng G3. Excluding Xiaopeng foundry vehicles, Haima Motors' monthly sales are less than 900. This also shows that the models sold by Haima are still not recognized by the market.
Xiaopeng foundry business expires
In fact, whether it is sales or operating income, Xiaopeng Automobile's help to Haima Automobile is quite obvious. In recent years, Haima Automobile has indeed obtained an additional income by OEM for Xiaopeng Automobile. It is also in cooperation with Xiaopeng Automobile that the basic operation of Haima Automobile has been maintained. However, the cooperation between the two companies has come to an end, and it is likely to be terminated in 2022.
In September 2017, Haima Automobile announced that it will cooperate with Xiaopeng Motors, which will authorize Haima Automobile to use its trademark and related technologies to produce the agreed products, and Haima Motors is responsible for the production of the agreed products. The production capacity of the agreed model is preliminarily determined to be 50,000 units per year, and the validity period of the agreement is from the date of signing to December 31, 2021.
Because Xiaopeng Automobile has been preparing to establish its own factory, and has built production bases in Zhaoqing, Guangzhou and Wuhan, Guangdong Province, Xiaopeng Automobile has obtained automobile production qualifications through the acquisition of Guangdong Fudi Automobile Co., Ltd. Xiaopeng has no willingness to continue to cooperate with Haima Automobile, and the FOUNDG business that is crucial to Haima Automobile will no longer exist.
At present, the transformation of Haima Automobile has not been completely completed, and there has been no explosive model in its subsidiary. Once the cooperation with Xiaopeng Automobile is terminated, Haima Automobile will be greatly affected in the short term, not only the sales data on the book will be more ugly, but also the loss of foundry costs, idle production capacity will be further intensified, which makes the financial situation of Haima Automobile, which has just escaped the danger of delisting, even worse.
Local support + new energy, new hope for the seahorse?
Haima Automobile has not developed smoothly in recent years, and it is not realistic to rely on traditional fuel vehicles to turn over, and we should focus on new energy intelligent vehicles. In particular, Haima Automobile is backed by Hainan Province, which may provide various support policies for Haima Automobile, which is not a good opportunity for Haima Automobile to turn around.
On July 20, 2021, Haima Automobile announced that its subsidiary FAW Haima will be transferred from FAW Group to Hainan Development Holding Co., Ltd. free of charge. In other words, Hainan Holdings will succeed FAW as the second largest shareholder of FAW Haima. The reason why the Hainan government wants to integrate Haima Motors, in fact, the answer is not complicated - new energy vehicles.
Hainan is the first province in China to introduce a timetable for the ban on the sale of fuel vehicles, and clearly regards the construction of clean energy islands as Hainan's future energy development strategy. The "Overall Plan for the Construction of Hainan Free Trade Port" clearly mentions that the advanced manufacturing industry represented by new energy vehicles and intelligent vehicles will be strengthened. As the only car company in Hainan Province, Haima Automobile is bound to receive strong local support, which also wins a glimmer of hope for Haima Automobile.
In fact, the layout of Haima Automobile's new energy vehicles is also very clear, focusing on the development of intelligent vehicles, electric vehicles, plug-in hybrid vehicles, and hydrogen energy vehicles, of which hydrogen energy is also regarded as the main driving force for its main business to return to the right track. However, from the current situation, Haima Automobile still needs to face many problems, such as shortage of funds, no key technical support, market reputation reshaping, etc., and whether Haima Automobile can turn over has yet to be verified.
It is an indisputable fact that the development of Haima Automobile in recent years has not been smooth, but if it relies too much on "sellers" to make its reports look beautiful, it is simply a drink to quench thirst. Therefore, Haima Automobile still needs to focus on the main business, especially to seize the big wind outlet of new energy vehicles, and then use the support of local governments to truly revitalize itself. As for whether it can be grasped, it also depends on the follow-up development of Haima Automobile.