- 交付量将较 2021Q1 有所增长，但受到全球半导体短缺的影响，汽车产能将会受到限制。
- 零售渠道扩张将持续，预计将新增 15 家直营店和 35 家授权经销商门店。
- 在新能源汽车领域，公司将加大产品研发和生产力度，推出更多款型的新车型。在 LFP 电池和全新电池技术方面，公司将保持技术领先优势。
- 在传统汽车领域，公司将继续优化生产流程，并逐步推进工厂自动化改造。同时，在营销和售后服务方面，公司将加强消费者体验，提高客户忠诚度。
Delivery and Retail Data
In Q1 2021, the company delivered 12,579 vehicles, a YoY increase of 334.4%.
- 14,464 vehicles were delivered in Q4 2020.
- 8,660 vehicles were delivered in Q3 2020.
- 6,604 vehicles were delivered in Q2 2020.
- 2,896 vehicles were delivered in Q1 2020.
As of March 31st, 2021, the company has 65 retail stores and 135 service centers in 49 cities across China. The company’s authorized body and paint center has covered 98 cities nationwide.
Financial Data
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In Q1 2021, the company’s revenue from vehicle sales reached RMB 3.46 billion, a YoY increase of 311.8% from RMB 0.8411 billion in Q1 2020 and a QoQ decrease of 14.6% from RMB 4.06 billion in Q4 2020. The growth in vehicle sales revenue compared to Q1 2020 was mainly due to the continuous expansion of the sales network, which led to an increase in deliveries. The main reason for the decline in vehicle sales revenue compared to Q4 2020 was the decrease in vehicle deliveries, which was mainly attributed to seasonal factors related to the Lunar New Year holiday and the partial outbreak of COVID-19 in northern China in February 2021.
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The company’s total revenue in Q1 2021 was RMB 3.58 billion, a YoY increase of 319.8% from RMB 0.8517 billion in Q1 2020 and a QoQ decrease of 13.8% from RMB 4.15 billion in Q4 2020.
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The company’s gross profit in Q1 2021 was RMB 0.6167 billion, a YoY increase of 802.9% from RMB 68.3 million in Q1 2020 and a QoQ decrease of 14.9% from RMB 0.7246 billion in Q4 2020.
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The gross profit margin for vehicle sales in Q1 2021 was 16.9% (8.4% in Q1 2020 and 17.1% in Q4 2020). The main reasons for the increase in gross profit margin for vehicle sales compared to Q1 2020 were the decrease in raw material costs and the reduction in per-unit manufacturing costs due to the increase in production output. The main reason for the decrease in gross profit margin for vehicle sales compared to Q4 2020 was the average per-unit revenue reduction caused by the promotional activities launched in Q1 2021.
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The gross profit margin in Q1 2021 was 17.3% (8.0% in Q1 2020 and 17.5% in Q4 2020). The change was mainly due to the change in gross profit margin for vehicle sales.
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The company’s net loss in Q1 2021 was RMB 0.36 billion, compared to a net loss of RMB 77.1 million in Q1 2020 and a net profit of RMB 0.1075 billion in Q4 2020.
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As of March 31st, 2021, the company’s cash reserves (including cash, cash equivalents, restricted cash, term deposits, and short-term investments) were RMB 30.36 billion.
Business Outlook
For Q2 2021, the company expects:
- An increase in deliveries compared to Q1 2021, but vehicle production will be limited due to global semiconductor shortages.
- To continue expanding its retail channels and expects to add 15 directly-operated stores and 35 authorized dealer stores.
- To increase investment in new energy vehicles, develop more new vehicle models, and maintain a technological advantage in LFP batteries and new battery technology.
- To optimize its production process in traditional vehicles and gradually promote factory automation upgrades. At the same time, the company will strengthen consumer experience, improve customer loyalty in marketing, and after-sales services.- Vehicle delivery volume is expected to range from 14,500 to 15,500 units, representing an increase of approximately 119.6% to 134.7% compared to Q2 2020.
- Total revenue is expected to range from RMB 3.99 billion to RMB 4.27 billion, representing an increase of approximately 104.6% to 119.0% compared to Q2 2020.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.