On March 25, Baic Bluepark New Energy Technology Co.Ltd(600733) disclosed the annual financial report of 2021. The report shows that Baic Bluepark New Energy Technology Co.Ltd(600733) last year’s operating revenue was 8.697 billion yuan, an increase of 64.95% year-on-year, the net profit attributable to shareholders of listed companies was -5.244 billion yuan, and the loss decreased by 1.239 billion yuan year-on-year. In 2021, Baic Bluepark New Energy Technology Co.Ltd(600733) the net cash flow from operating activities was 4.985 billion yuan, and the cash flow became positive.
Recently, Dai Kangwei, general manager of Baic Bluepark New Energy Technology Co.Ltd(600733) and general manager of BAIC new energy, told the Securities Daily: ” Baic Bluepark New Energy Technology Co.Ltd(600733) has further focused on its main business. We have done a lot of reduction and withdrawal of non main business and further focused on the main business. In the next step, we will put all our efforts and investment into the two brands of Jihu and Beijing.”
Baic Bluepark New Energy Technology Co.Ltd(600733) set an annual sales target of 100000 vehicles
In 2022, Baic Bluepark New Energy Technology Co.Ltd(600733) sales target is 100000 vehicles, including 40000 extreme foxes, and strive to impact 300000 vehicles in the future.
For 2022, Dai Kangwei is full of confidence. She said: “by the end of December last year, the terminal sales of Jihu brand exceeded 1000. In the first quarter of this year, with the promotion of the overall market, about half of the sales of last year were completed. In the second quarter, if not affected by the sharp fluctuation of chip supply and the large rise of battery costs, it is expected to double in the second quarter.”
According to the financial report, according to each quarter, the net loss of Baic Bluepark New Energy Technology Co.Ltd(600733) attributable to shareholders of listed companies after deducting non recurring profits and losses in the first quarter of 2021 was 898 million yuan, the net loss in the second quarter was 1.200 billion yuan, the net loss in the third quarter was 850 million yuan, and the loss in the fourth quarter was as high as 2.595 billion yuan. From the above data, although Baic Bluepark New Energy Technology Co.Ltd(600733) revenue increased, the net profit showed a decline.
In this regard, Baic Bluepark New Energy Technology Co.Ltd(600733) said that the reason for the huge loss was that the production and marketing data failed to meet expectations due to the impact of the epidemic. It is understood that Baic Bluepark New Energy Technology Co.Ltd(600733) has two product brands, arcfox and Beijing. During the reporting period, the total sales volume was 26127 vehicles, a slight increase of 0.82% compared with 25914 vehicles in 2020. According to the data of the passenger Association, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) cars in the middle of 2021 was 3521000, with a year-on-year increase of 160%, and Baic Bluepark New Energy Technology Co.Ltd(600733) obviously lost the market.
In fact, BAIC new energy, which has ranked first in the sales of pure electric vehicles in China for seven consecutive years, has “got up early and caught up late”. Take 2019 as an example, although the annual sales volume of 150000 ranks the highest in China’s pure electric vehicle sales, about 70% of the sales volume comes from the b-end market, and the sales channels include online car hailing, official car, taxi, etc. Later, with the b-end market becoming saturated, the sales volume of Baic Bluepark New Energy Technology Co.Ltd(600733) was seriously frustrated.
Last year, the high-end brand Jihu, which is the company’s key bet on development, sold only more than 6000 vehicles in the whole year, while Byd Company Limited(002594) and Tesla sold more than 90000 and 50000 vehicles in a single month last year; Weilai, Xiaopeng, ideal and other new power brands also sold more than 10000 vehicles in a single month.
Jihu automobile joins hands with Huawei to make changes
Although the annual sales volume is not ideal, the reporter learned that last year, Jihu was also stepping up the channel layout to save capacity for getting out of the trough. Dai Kangwei told reporters that in 2022, the product layout of Jihu will accelerate the pace. The new hi version of Jihu alpha s will be delivered in batch in the first half of 2022. At the same time, based on the in-depth cooperation with Huawei, the hi version will continue to be carried on the subsequent models of arcfox. By 2025, the brand will form five product series, and the whole series will have Huawei hi version.
At the channel level, according to Dai Kangwei, in April 2021, the overall channel of Jihu brand was only a dozen. Through one year’s efforts, so far, there are more than 110 distribution channels. “We have also carried out many innovative channels, including Wuxi Online Offline Communication Information Technology Co.Ltd(300959) , as well as the coordinated development of public and private domains.”
By the end of last year, Jihu automobile had completed the construction of more than 120 authorized outlets. Especially in the 15 key cities where the sales volume of high-end pure electricity market accounts for more than 80%, 100% coverage has been achieved; The construction of 35 stores has also been completed in 21 cities with potential.
In terms of R & D investment, in 2021, Baic Bluepark New Energy Technology Co.Ltd(600733) R & D expenditure was 1.208 billion yuan, a year-on-year increase of 24.14%. In May 2021, Baic Bluepark New Energy Technology Co.Ltd(600733) will raise 5.5 billion yuan to fully promote the “new four modernizations” and strengthen its own technological competitiveness. The funds are mainly invested in the development and network construction of high-end models of Jihu brand, the improvement of 5g intelligent network connection system, and the development of power exchange business system.
In addition, thanks to the cooperation with Huawei and many continuous publicity activities in 2021, Jihu has further improved its brand awareness. Therefore, Baic Bluepark New Energy Technology Co.Ltd(600733) this year has set a sales target of 40000 vehicles for Jihu. In this regard, Tianfeng Securities Co.Ltd(601162) clearly pointed out in the research report that Huawei inside’s empowerment and BAIC are the pioneers of new energy vehicles, and their cooperative joint brands of “arcfox” and “Hi” are expected to become the benchmark of automatic driving in the field of new generation electric vehicles, and give their overweight rating.
