Haima Automobile deducted a loss of 7.3 billion yuan in 7 years, and its sales in the first quarter decreased by 82%, and Jingzhu bet on hydrogen energy vehicles

Yangtze River Business Daily News ● Yangtze River Business Daily reporter Huang Cong

Under the sharp decline in sales, hydrogen energy vehicles have given hope to Haima Motors.

On April 26, Haima Motor (000572. SZ) released the first quarter report of 2024, showing that the company achieved operating income of 444 million yuan, a year-on-year decrease of 57.14%, a net profit loss of 85.9117 million yuan, a year-on-year decrease of 64.89%, and a non-net profit loss of 86.4065 million yuan, a year-on-year increase of 3.20%. In the same period, the company's sales volume was only 1,871 vehicles, a year-on-year decrease of 82.58%.

A reporter from the Yangtze River Business Daily found that from 2017 to 2023, Haima Automobile has deducted non-net profits with a total loss of more than 7.3 billion yuan in the past 7 years.

In March 2023, Haima Motor announced that it signed a strategic cooperation framework agreement with Toyota Motor (China) Investment Co., Ltd., and the two parties will carry out business cooperation in the field of R&D and industrialization of hydrogen fuel cell vehicles.

On March 30, the launching ceremony of Haima hydrogen fuel cell vehicle demonstration operation was held in Haikou, and Haima Automobile put a total of 25 vehicles into operation.

Haima Motor said that the company strives to invest a total of 200 units by the end of the "14th Five-Year Plan" to achieve full-scene demonstration operation.

In the past 7 years, the non-cumulative loss exceeded 7.3 billion

Haima Automobile was founded in 1988 and is one of the earliest car factories in China, but it has been lacking in main products for a long time.

In 2017, Haima Automobile's sales fell from 216,500 in the previous year to 140,400, a decrease of 35.13%.

From 2018 to 2020, Haima Automobile sold 67,600, 29,500 and 17,800 respectively, a year-on-year increase of -51.88%, -56.41% and -39.66% respectively.

In May 2019, Jing Zhu, as one of the founders, returned to serve as the chairman of Haima Automobile after 6 years, fully took over the management of FAW Haima, and quickly organized the blood transfusion and reengineering of FAW Haima.

Under the leadership of Jing Zhu, Haima Automobile's sales once "flashed a flash of inspiration", but fell silent again.

From 2021 to 2023, Haima Automobile's sales will be 29,500, 24,400, and 28,000 respectively, a year-on-year increase of 67.01%, -17.35%, and 14.62%, respectively.

Entering 2024, Haima Automobile's sales began to decline sharply again, with the company's sales in the first quarter totaling 1,871 units, a year-on-year decrease of 82.58%.

The sales volume is not good, and the performance of Haima Automobile is also pulling the hips.

According to the data, from 2018 to 2021, Haima Motor's operating income was 5.298 billion yuan, 4.832 billion yuan, 1.448 billion yuan and 1.812 billion yuan respectively, a year-on-year increase of -47.43%, -8.79%, -70.03% and 25.10% respectively, and the net profit was -1.637 billion yuan, 85.1962 million yuan, -1.335 billion yuan and 112 million yuan respectively, a year-on-year increase of -64.65%, 105.20% and - 1667.09% and 108.36%.

In fact, if it weren't for the frequent sale of assets, Haima Motors would have fallen into a situation of continuous losses.

If the non-net profit is calculated, Haima Automobile lost 1.068 billion yuan, 1.709 billion yuan, 731 million yuan, 1.461 billion yuan and 433 million yuan respectively from 2017 to 2021, with a cumulative loss of more than 5.4 billion yuan in five years.

In 2022, Haima Automobile fell into huge losses again, with the company's operating income reaching 2.409 billion yuan, a year-on-year increase of 32.98%, net profit of -1.574 billion yuan, a year-on-year decrease of 1509.77%, and non-net profit of -1.613 billion yuan, a year-on-year decrease of 272.58%.

In 2023, Haima Motor's performance will pick up, with the company's operating income reaching 2.584 billion yuan, a year-on-year increase of 7.25%, a net profit loss of 202 million yuan, a year-on-year increase of 87.16%, and a non-net profit loss of 323 million yuan, a year-on-year increase of 79.98%.

On the whole, Haima Automobile has deducted a total loss of more than 7.3 billion yuan in non-net profit in the past 7 years.

On April 26, Haima Motor released a report for the first quarter of 2024, showing that the company achieved an operating income of 444 million yuan, a year-on-year decrease of 57.14%, a net profit loss of 85.9117 million yuan, a year-on-year decrease of 64.89%, and a non-net profit loss of 86.4065 million yuan, a year-on-year increase of 3.20%.

The technical indicators are at the international leading level

Under the continued poor sales and performance of the company, Haima Motor has set its sights on hydrogen fuel cell vehicles.

In March 2023, Haima Motor announced that it had signed a strategic cooperation framework agreement with Toyota Motor (China) Investment Co., Ltd.

Haima Motor said that the two parties agreed to carry out business cooperation in the field of R&D and industrialization of hydrogen fuel cell vehicles and establish a strategic partnership.

According to the agreement, the two parties strive to put into small batches (200 units) to carry out demonstration operation in 2023, and plan to operate 2,000 units in 2025.

However, it is not until the end of the first quarter of 2024 that Haima Motor's hydrogen-fueled vehicle operation has made substantial progress.

On March 30, the launching ceremony of Haima's hydrogen fuel cell vehicle demonstration operation was held in Haikou. This also marks the completion of the Hainan Free Trade Port zero-carbon emission vehicle ecosystem demonstration project built by Haima Motor.

It is understood that in this demonstration operation, Haima Automobile has invested a total of 25 vehicles, of which 20 are the first to provide online travel services in Haikou City, which will shuttle through urban areas, airports, high-speed rail stations, docks and tourist roads around the island, bringing a green, convenient and comfortable travel experience to citizens and tourists. Another 5 units will be used in scenarios such as official leasing, conference reception, appointment experience, and public science popularization.

Haima Motor said that the company strives to invest a total of 200 units by the end of the "14th Five-Year Plan" to achieve full-scene demonstration operation, build an island-wide transportation trunk fuel cell vehicle operation system, and help Hainan Transportation take the lead in entering the "hydrogen energy era".

Obviously, Haima Motor's hydrogen fuel cell vehicle operation speed is slower than the agreement with Toyota.

Lu Guogang, general manager of Hainan Haima Automobile, said that the Haima 7X-H launched in this demonstration operation is the first hydrogen fuel cell vehicle product jointly created by Haima Automobile and Toyota Motor, equipped with Toyota's stack system and 70MPa high-pressure hydrogen storage tank.

Compared with pure electric vehicles, hydrogen fuel cell vehicles have the advantages of long mileage, rapid energy replenishment, good low-temperature performance, and thorough recycling, and are an important starting point for achieving the "double carbon" goal in the transportation field.

According to Lu Guogang, Haima 7X-H only takes 3-5 minutes to fill up hydrogen at a time, the cruising range can reach 800 kilometers, the hydrogen consumption per 100 kilometers is as low as 0.87kg, it can be used normally in the cold environment of minus 30 °C, and the service life of the stack is as long as 30,000 hours, and the relevant technical indicators are at the international leading level.

It is worth mentioning that on March 11, Haima Automobile issued the "Announcement on the Entrusted Management of Haima New Energy Automobile Co., Ltd.", which intends to entrust its Haima New Energy Automobile Co., Ltd. (hereinafter referred to as "Haima New Energy") and all its assets to Zhengzhou Airport New Energy Automobile Operation and Management Co., Ltd. (hereinafter referred to as "Zhengzhou Airport Company") for management, with a custody period of 5 years and a custody deposit of 199 million yuan.

According to the agreement, Toyota will use mature components and systems, including its second-generation Mirai stack, on the Haima third-generation hydrogen fuel cell vehicle to complete the adaptive development of the whole vehicle, and strive to put into small-batch demonstration operation in 2024 and further expand the scale of operation in 2025.