Tesla achieved profits for ten consecutive quarters, and its net profit reached a new high: Tesla‘s 2021q4 revenue was US $17.719 billion, with a month on month ratio of + 65% / + 29%; The net profit under GAAP standards was US $2.321 billion, a record high, with a month on month ratio of + 760% / + 43%; The operating profit margin reached 14.7%, with a month on month ratio of + 9.3/0.1pct, realizing a high profit level; 309000 vehicles were delivered in 2021q4, with a month on month ratio of + 70.9% / + 27.9%. Throughout the year, the company achieved revenue of USD 53.823 billion in 2021, with a year-on-year increase of + 71%. The net profit under GAAP standards was USD 5.519 billion, with a year-on-year increase of 665%. The operating profit margin reached a new high of 12.1%, with a year-on-year increase of + 5.8pct, and 936000 vehicles were delivered, with a year-on-year increase of + 87%, exceeding market expectations. Tesla‘s long-term (2030) sales target is 20 million vehicles, reflecting growth confidence.
The revenue of Weilai Q4 maintained a high growth, and the volume of high-end models continued to increase: the revenue of Weilai 2021q4 was 9.901 billion yuan, a year-on-year increase of + 49.1%, and the gross profit margin was 17%; The net loss attributable to the parent company was RMB 2.179 billion. After deducting equity incentive expenses, the net loss in 2021q4 was RMB 1.716 billion, a year-on-year increase of + 29%. 2021q4 Weilai sells 25000 vehicles, of which 12000 are delivered by ES6, which is the main incremental model. Throughout the year, the revenue of Weilai in 2021 was 36.14 billion yuan, a year-on-year increase of + 122%, the net loss attributable to the parent company was 4.02 billion yuan, a year-on-year decrease of 24%, and 91000 new vehicles were delivered throughout the year, a year-on-year increase of + 109%. The company expects to deliver 250 Lingyi Itech (Guangdong) Company(002600) 0 new vehicles in 2022q1. With the opening and delivery of new vehicles such as et7, et5 and ES7, we expect the sales volume of Weilai to continue to increase.
The ideal Q4 performance has changed from negative to positive, and the profitability has continued to improve. The revenue of 2021q4 was 10.62 billion yuan, a year-on-year increase of + 156.1%, a month on month increase of + 36.6%, the gross profit margin of 2021q4 was 22.4%, and the net profit attributable to the parent company was 296 million yuan, a year-on-year increase of + 174.88%. 35200 vehicles were delivered in 2021q4, with a month on month ratio of + 143% / + 40%. Throughout the year, the company achieved a revenue of 27.01 billion yuan, a year-on-year increase of + 185.6%, and a net loss attributable to the parent company of 321 million yuan, a year-on-year increase of 111.96%. 90500 new cars were delivered in 2021, a year-on-year increase of + 177%. The company expects to deliver 3 Shenzhen Sed Industry Co.Ltd(000032) 000 new cars in 2022q1. The company expects that the Beijing manufacturing base will be put into operation in 2023, and the construction of Chongqing manufacturing base is imminent, laying a solid foundation for long-term development.
The delivery of Xiaopeng Q4 reached a new high, and the new model opened the space for sales growth. The revenue of 2021q4 was 8.86 billion yuan, a year-on-year increase of 200%; The gross profit margin was 12%, and the net loss was 1.287 billion yuan, an increase of 63% year-on-year and a decrease of 19% month on month. Throughout the year, the company’s revenue in 2021 was 20.99 billion yuan, a year-on-year increase of + 259%, net loss of 4.863 billion yuan, a year-on-year increase of 78%, gross profit margin of 12.5%, a year-on-year increase of + 7.9pct. In 2021q4, 42000 new vehicles were delivered, with a month on month ratio of + 222% / + 63%. 98000 vehicles were delivered in 2021, a year-on-year increase of 263%. With the ramp up of P5 capacity and the official launch of the flagship suvg9 in 2022q3, we expect to bring considerable sales to the company.
Investment suggestion: the valuation of electric vehicles has fallen back to the bottom, the high outlook continues in 2022, and the leading performance is expected to maintain a high increase of 80-100%. We will continue to be bullish on the electric vehicle leaders in an all-round way. The first main line is optimistic about the battery link of profit restoration in 2022, with a good long-term pattern and superimposed energy storage. We recommend the leaders Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) , Byd Company Limited(002594) , pay attention to Sunwoda Electronic Co.Ltd(300207) , Jiangsu Azure Corporation(002245) , and the second main line is the upgrading of battery technology, The high nickel Trio (recommended for the Ningbo Ronbay New Energy Technology Co.Ltd(688005) ( Jiangsu Cnano Technology Co.Ltd(688116) ); The third article is the leading of the continuous shortage: the diaphragm (recommended for Hongda Xingye Co.Ltd(002002) 812 \ , pay attention to Guangdong Jiayuan Technology Co.Ltd(688388) ); Article 4: lithium is in short supply and the price is higher than expected. Pay attention to Ganfeng Lithium Co.Ltd(002460) , Tianqi Lithium Corporation(002466) , Yongxing Special Materials Technology Co.Ltd(002756) , Youngy Co.Ltd(002192) , Qinghai Salt Lake Industry Co.Ltd(000792) , Tibet Mineral Development Co.Ltd(000762) , Suzhou Ta&A Ultra Clean Technology Co.Ltd(300390) , etc.
Risk tip: the sales volume is lower than the market expectation, the policy is lower than the market expectation, and the competition is intensified.
