Zero run automobile submitted the IPO prospectus. From 19 to 21, the compound growth rate of total revenue of zero running vehicles exceeded 400%; In 2021, the company sold 44000 vehicles, with a single vehicle income of 70000 yuan. A00 model Zero run T03 was the main sales force. In addition to car sales, regulatory points sales and vehicle services also contribute to part of the revenue.
From 19 to 21, the company’s gross profit margin was – 95.7%, – 50.6% and – 44.3% respectively. Affected by economies of scale and vertical integration, the gross profit margin has a trend of improving year by year, but there is still a long way to achieve gross profit and turn losses around.
From 19 to 21, the net profit attributable to the parent company was -901, -1100 and -2846 million yuan, mainly due to the expansion of sales scale and the significant increase of capital expenditure and period expenses.
The company delivered the intelligent pure electric sedan S01 (RMB 1 Ping An Bank Co.Ltd(000001) 50000) in July 2019, the mini car T03 (RMB 5 Shenzhen Ecobeauty Co.Ltd(000010) 0000) in May 20 and the medium-sized SUV C11 (RMB 15 Shenzhen Zhongheng Huafa Co.Ltd(000020) 0000) in October 21. As of December 31, 2001, the company has delivered 2708 S01, 46162 T03 and 3965 C11, with 22536 orders in hand; In the future, the company plans to launch eight models at the speed of 1-3 models per year by the end of 2025, covering cars, SUVs and MPVS of various sizes; In the near future, it is planned to launch the medium and large pure electric car C01 in Q2 of 22, with a length of more than 5m, NEDC endurance of about 700km and acceleration of less than 4S in 100km.
Industry trends: many companies issued annual reports in 2021, with significant growth in performance; Hainan released the construction task of charging infrastructure in 2022; Last week, the share price of new energy automobile industry chain company rebounded, and the net value of new energy theme fund rose.
Investment suggestion: with the strengthening of policy and auto enterprises, the penetration of new energy vehicles in the global market is ushering in a new round of acceleration, and the industry boom is rising. It is suggested to pay attention to the main line of new forces represented by Tesla and the catch-up process of new models such as Volkswagen, and recommend leading and second-line elastic targets. For the whole vehicle, Great Wall Motor Company Limited(601633) (2333. HK), Geely Automobile (0175. HK) and Xiaopeng automobile (9868. HK) are highly recommended; In terms of battery materials, it is recommended that Contemporary Amperex Technology Co.Limited(300750) , Beijing Easpring Material Technology Co.Ltd(300073) , Ningbo Shanshan Co.Ltd(600884) ; In terms of motor electric control, it is recommended to pay attention to Wolong Electric Group Co.Ltd(600580) , Shenzhen Inovance Technology Co.Ltd(300124) ; For lithium battery equipment, it is recommended to pay attention to Wuxi Lead Intelligent Equipment Co.Ltd(300450) and Zhejiang Hangke Technology Incorporated Company(688006) ; For lithium and cobalt, it is suggested to pay attention to Zhejiang Huayou Cobalt Co.Ltd(603799) , Chengxin Lithium Group Co.Ltd(002240) .
Risk tips: 1. The growth rate of electric vehicle production and sales slows down. With the continuous growth of the production and sales base of new energy vehicles, it will be more and more difficult to maintain a high growth rate, and the introduction of mainstream models for the public has become the key; 2. The price war in the industrial chain intensified. The continuous decline of subsidies and the continuous investment of new production capacity have led to the pressure of price reduction in all links of the industrial chain; 3. The influx of overseas competitors accelerated. With the growth of the Chinese market and the dilution of subsidy policies, the pace of overseas giants entering the Chinese market is accelerating, which has a new impact on the industrial pattern.
