Weilai’s losses narrowed in 21 years. Weilai automobile released the performance reports for the fourth quarter of 2021 and the whole year of 2021. In 2021, Weilai’s annual revenue was 36.14 billion yuan, a year-on-year increase of 122.3%, and its annual net loss was 4.02 billion yuan, a year-on-year decrease of 24.3%. Weilai delivered 25000 new cars in the fourth quarter of 2021 and 91000 in the whole year of 2021. The delivery of 1q22 is expected to be 25000 ~ 26000 sets, and the corresponding revenue is 9.631 billion ~ 9.987 billion yuan. Weilai said that there is no price adjustment plan for the models currently on sale, but the intelligent hardware of the models currently on sale will be upgraded in 2022, and appropriate price adjustment will be made at that time. The company said it would strive to maintain the gross profit margin at about 18% – 20% in 2022.
2022 is the new year of Weilai. Three new models will be launched throughout the year. The first flagship car et7 mass production vehicle has been offline in Jianghuai Weilai factory. The second car et5 will be put into operation in Neo Park, the second production base of Weilai, and is expected to be delivered in September. ES7 is positioned as a big five seat pure electric SUV, benchmarking BMW X5. It is planned to be released in the second quarter. ES7 will be produced in Jianghuai Weilai factory. The three new models are based on Weilai’s latest NT2 The 0 platform is equipped with the NAD automatic driving system. The automatic driving hardware reaches L4 level. The goal is to open and subscribe services to some users in 4Q22. As for the brand-new brand, the company said that at present, the core team has been built, and the first batch of products have entered the key R & D stage.
Industry trends: a number of companies have issued annual reports in 2021 and forecasts for the first quarter of 22 years, with significant growth in performance; Xiaopeng released the annual report of 2021, and the loss expanded; The self built charging station of krypton has been launched in 20 cities across the country; Last week, the share price of new energy automobile industry chain company adjusted, and the net value of new energy theme fund fell.
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) ; Attention to lithium equipment; 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.
