"In the past two years, Baic Bluepark New Energy Technology Co.Ltd(600733) is in a period of adjustment. We ran too fast before. We know the importance of sustainable development and high-quality development. Now we get rid of the burden and go to battle light." Baic Bluepark New Energy Technology Co.Ltd(600733) an insider told the first financial reporter recently.
Over the past years, BAIC new energy, a subsidiary of Baic Bluepark New Energy Technology Co.Ltd(600733) company, has ranked first in the field of pure electric vehicles. It is also the first batch of enterprises in China to develop electric vehicles. BAIC new energy was listed in 2018, Baic Bluepark New Energy Technology Co.Ltd(600733) thus becoming the first share of new energy vehicles in China's capital market. However, with the decline of subsidies and the intensification of market competition, Baic Bluepark New Energy Technology Co.Ltd(600733) 's market share has decreased significantly in the past two years. Although the sales volume reached a year-on-year high of 6.82 million, it is still a small gap compared with the previous year.
In terms of financial performance, the performance forecast released by Baic Bluepark New Energy Technology Co.Ltd(600733) shows that the net profit attributable to the shareholders of the listed company in 2021 is expected to be - 4.8 billion yuan to - 5.3 billion yuan. Although it is still in a significant loss, the loss area has narrowed compared with 2020, with a year-on-year loss of 25.95% - 18.24%. In addition, the continuous increase of marketing and R & D expenses is also an important reason for the loss. The impact of R & D expenses on the company's performance in 2021 is about 1.1 billion yuan, and the proportion of R & D expenses will reach 30% in 2020.
"Our historical problems have been solved, the losses are narrowing, the sales revenue is increasing, the cash flow has been greatly improved, and the inventory has been cleaned up. I believe it will hit the bottom and rebound soon." These people told reporters.
In January 2021, Liu Yu served as Baic Bluepark New Energy Technology Co.Ltd(600733) chairman and was promoted to deputy general manager of BAIC group in January this year. The industry believes that this will help Baic Bluepark New Energy Technology Co.Ltd(600733) get through resources from the group level and quickly respond to market changes. The above insiders told reporters that Liu Yu has made deep internal adjustments, which are mainly reflected in three aspects: first, he has a clear direction in the way of enterprise management, second, he has implemented market-oriented operation in the internal system, and third, he has adjusted his business strategy.
"Many enterprises are blind in management. We have found a clear direction. We have a new team and straightened out the business process through the relay model." The insider told reporters that in the past, R & D, finance, sales and other departments felt that they were the protagonists, which resulted in low efficiency. After Liu Yu came, he confirmed that marketing was the last stick, and all business sectors handed the stick to the marketing department. "From a mess to an organization, it is called the awakening of organizational power. We now have four business groups, including vehicle manufacturing, R & D, marketing and quality improvement and enabling business groups, of which marketing business is the core, and the other three business groups are assessed by marketing."
The person said that the management of Baic Bluepark New Energy Technology Co.Ltd(600733) has continuously strengthened the market-oriented ability in the past two years, realized the market-oriented internally, and required that there should be a buyer for everything. If a business is not needed, it should be cut off immediately instead of guided by the requirements of department leaders. Any products and services submitted by each department must be valuable and competitive. At the same time, in terms of business project allocation, internal bidding is adopted.
In terms of business strategy, Baic Bluepark New Energy Technology Co.Ltd(600733) has also been adjusted. The source told reporters: "In the past, mobile targets were used, which made each product have no distinctive characteristics. Many car companies saw that a certain car in a certain market segment was easy to sell, so they took it to imitate and added configuration on this basis, but this way should take a chance. Now the requirement is to hit fixed targets, start according to the needs of specific people, build the core competence of original track, and take this as the core to integrate resources , leading demand. "
Baic Bluepark New Energy Technology Co.Ltd(600733) started early in the field of new energy and experienced rapid growth in the past few years. However, the past product structure was unreasonable. Before 2019, BAIC new energy's customers are concentrated in the b-end market, while the C-end market accounts for a relatively small proportion. Take the sales volume in 2019 as an example, of which about 70% are facing the b-end market and 30% are private users Baic Bluepark New Energy Technology Co.Ltd(600733) Chairman Liu Yu said in an interview with reporters that the b-end business has been greatly affected by the epidemic, and the proportion has been adjusted consciously since 2019. It is this active adjustment that has made its sales fluctuate greatly in the past two years.
On the other hand, in the past, the main product of BAIC new energy's C-end business was the mainstream of civil vehicles. With the decline of subsidies and the decline of fuel vehicle prices, electric vehicle models in the middle market fell into the dilemma that prices could not rise and costs could not be offset, and their competitiveness decreased. At the same time, since Baic Bluepark New Energy Technology Co.Ltd(600733) stopped at performance after b-end vehicles quickly achieved market sales in the past, there are deficiencies in C-end brand construction.
For Baic Bluepark New Energy Technology Co.Ltd(600733) , the high-end brand Jihu will play a decisive role in the next development. Extreme fox has been built by aggregating the world's top resources such as Daimler, Magna and Huawei. Extreme fox has launched two mass-produced models, alpha T and alpha s. At present, the monthly sales volume of Jihu has exceeded 1000. The alpha s hi version built in cooperation with Huawei will also be on the market this year. This is Huawei's first hi tail label car model, and also the first model to realize mass production with Huawei's three 96 line vehicle specification lidars.
It is worth noting that the cooperation between BAIC new energy and Huawei is relatively in-depth, which is mainly reflected in the technical cooperation. Alpha s Huawei hi model is equipped with Huawei's full stack solution of automatic driving, and Huawei Hongmeng OS intelligent interconnection system is applied in the intelligent cockpit. Jihu is mainly responsible for the application layer development of the new car based on the system, including the verification system architecture of on-board applications Baic Bluepark New Energy Technology Co.Ltd(600733) said that Baic Bluepark New Energy Technology Co.Ltd(600733) and Huawei will jointly launch more hi models in the future to continue to strengthen the product layout of Jihu brand in the field of intelligent vehicles. By 2025, Jihu will form five product series, and all of them will have Huawei hi versions.
However, Liu Yu believes that the soul of auto enterprises is the ability of product definition, and the real soul is not Huawei's hi solution. "In terms of product power, Jihu's products are the height that Baic Bluepark New Energy Technology Co.Ltd(600733) has not reached before." These people said.
The limitation of extreme fox in terms of channels is also regarded as one of the factors that do not perform well in the market. Extreme fox strengthened the construction of channels in 2021. By the end of 2021, Jihu automobile has completed the construction of more than 120 authorized outlets, including 15 key cities with sales accounting for 80% in China, achieving 100% coverage. It is estimated that by 2022, Jihu automobile will have 150 marketing stores, and it is planned to have a marketing service network covering 100 + cities and 380 + outlets by 2025.
