Fouquet Summary: In the first quarter of this year, the company's revenue increased by 108.42% year-on-year, but operating cash flow deteriorated sharply, down more than 90% year-on-year.
The author | Owen
After losing 11.7 billion yuan in 2020 and 2021, the loss situation of Beiqi Blue Valley has not been improved.
On the evening of April 27, the company announced that under the background of a 108.4% year-on-year surge in operating income, the net profit loss in the first quarter still reached 957 million yuan. In the two years of huge losses, the first quarter losses of Beiqi Blue Valley were 854 million yuan and 431 million yuan, respectively.
As a veteran enterprise that has maintained the first place in China's pure electric vehicle sales for seven consecutive years, it is also in 2020 that it began to encounter "Waterloo" and quickly opened a gap with the industry head.
Huawei blessed "difficult to save" Beiqi Blue Valley
As the "first share of new energy vehicles" and the first enterprise in China to obtain new energy vehicle production qualifications, Beiqi Blue Valley once had unlimited scenery in the new energy automobile industry. In the seven years since it won the first place in sales, the peak of Beiqi Blue Valley was in 2018, when the company's sales reached 158,000. Even though sales declined in 2019, it still ranked first in domestic pure electric vehicle sales with an annual sales volume of 150,000 vehicles.
Behind the eye-catching results, there are actually hidden dangers. From the perspective of beiqi blue valley sales structure, about 70% of its sales come from corporate customers, that is, the B-end market, including official cars, taxis, online car-hailing, etc. By 2020, the new energy vehicle market began to shift to the C-end, but Beiqi Blue Valley obviously could not adapt to changes in the market, and sales plummeted from 150,000 to 25,900 units that year.
Faced with difficulties, Beiqi Blue Valley began to save itself and tried to transform into a high-end model. In May 2021, Beiqi Blue Valley will raise an additional 5.5 billion yuan for the development and network construction project of high-end models of the Jihu brand, the upgrading project of 5G intelligent network connection system, the development project of power exchange business system and the supplementary working capital.
In that year, Beiqi Blue Valley and Huawei signed an 8-year contract of "mutual priority", and the two jointly established the "1873 Davidson Innovation Lab" to jointly develop intelligent networked electric vehicle technology. In addition, Beiqi Blue Valley also released the Polar Fox Alpha S Huawei HI version equipped with Huawei's intelligent car solution at the Shanghai Auto Show.
Although the action is frequent, the performance in 2021 has not changed. According to the data, the sales volume of new energy vehicles in Beiqi Blue Valley in 2021 is only 26,100 units, which is no improvement compared with 2020. In contrast, Xiaopeng, Weilai and Ideal, the new forces of new energy car manufacturing, will sell 98,000 units, 91,000 units and 90,000 units respectively in 2021. At present, the sales of new energy vehicles of SAIC Motor, GAC and other car companies are 732,600 units and 142,900 units, respectively.
For this achievement, Dai Kangwei, general manager of BAIC Blue Valley and general manager of BAIC New Energy, believes that 2021 is a year to lay the foundation, and this foundation will bring confidence to the future. In 2022, the company's sales target is 100,000 units, including 40,000 units of Jihu and 60,000 units of BAIC Motor.
Now that more than 3 months have passed, how much has the target of 100,000 units been completed? According to the first quarterly report, as of the end of March, the company's cumulative sales volume was 9120 vehicles, and the three-month sales volume was 2122 vehicles, 1263 vehicles, and 5735 vehicles, respectively.
And the Polar Fox Alpha S Huawei HI version with high hopes has suffered even more twists and turns. It was originally planned to be produced in small quantities at the end of last year and delivered in large quantities in the first quarter of this year, but deliveries have not yet been achieved. On April 22, some investors asked the secretary of the board of directors of Beiqi Blue Valley on the interactive platform: Now there are rumors on the market that Beiqi Blue Valley and Huawei have "fallen out", and the delivery of the HI version of Jihu may become a problem.
In this regard, the secretary of the board of directors of Beiqi Blue Valley replied that it has noted the relevant information and will take resolute action to correct the audio-visual situation in response to false reports. Huawei is one of the company's important strategic partners, and the company is working closely with Huawei to promote related work.
Beiqi Blue Valley also specially revealed that in early May, IT Will hold a HIDay event in Beijing, inviting media, investors, supply chain partners, dealers, and some order customers to experience the new HI version of the Polar Fox Alpha S. Beiqi Blue Valley and Huawei executives will jointly attend the event.
Beiqi Blue Valley as "Huawei's first high-end intelligent driving model", the new HI version of Jihu Alpha S is regarded as the key product for the success of the transformation of Beiqi Blue Valley, in the face of repeated epidemics, rising raw material prices and many factors in the last year of the national supplement for new energy vehicles, whether Beiqi Blue Valley can win the initiative in the context of strong competition among major car companies, this product is particularly important.
Financial position continues to be worrying
The sharp decline in sales naturally makes the financial situation of Beiqi Blue Valley deteriorate continuously, and the most important performance is the continuous loss of net profit. Among them, in 2020 and 2021, Beiqi Blue Valley lost 6.482 billion yuan and 5.244 billion yuan respectively.
Two consecutive years of pain did not bring the company out of the trough. The latest quarterly report shows that the net profit attributable to the mother in the first quarter of 2022 was 957 million yuan, down 12.08% year-on-year; the loss of non-net profit was 973 million yuan, down 8.43% year-on-year. Judging from other data, the net cash flow generated by beiqi blue valley's operating activities plummeted by more than 90% to 124 million yuan. Return on net assets was -8.99% and gross margin on sales was -5.64%.
As for the reasons for the loss, Beiqi Blue Valley said that the company's vehicle sales and other revenue increased year-on-year during the period, but the sales collection decreased compared with the previous period. The data shows that in the first quarter, the company achieved revenue of 1.73 billion yuan, an increase of 108.42% year-on-year.
However, for the increase in sales of Beiqi Blue Valley, it is necessary to mention its sales expenses. According to the quarterly report, the company's sales expenses in the first quarter were 309 million yuan, an increase of 62% compared with 190 million yuan in the same period last year. At the same time, the administrative expenses increased from $209 million to $238 million. It can be seen that the company's cost of sales is continuing to increase.
Although the company has suffered continuous losses, as of the end of the first quarter, the monetary funds of Beiqi Blue Valley reached 9.56 billion yuan, a significant increase from the end of last year. However, its short-term borrowings increased from 5.11 billion yuan to 6.96 billion yuan, and its long-term borrowings increased from 5.69 billion yuan to 6.71 billion yuan.
As of April 28, Beiqi Blue Valley closed at 5.80 yuan / share, down about 70% from the high of 19.87 yuan / share in May last year. However, Tianfeng Securities is optimistic about the company's future, giving Beiqi Blue Valley a PS target of 1.2 times in 2023, corresponding to a target price of 18.2 yuan.
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