Wei Lai's first financial report: The net loss in the third quarter exceeded 2.8 billion | Jianghuai has already reached 1.5 billion yuan

As a partner, Weilai Automobile and Jianghuai Automobile were bothered by performance.

On November 6th, US local time, Weilai Auto disclosed the first financial report on the New York Stock Exchange. The financial report shows that in the third quarter of this year, Weilai Automobile's operating income was 1.47 billion yuan, a 31-fold increase compared with the previous quarter, but At present, it is still in a state of loss, with a net loss of 2.81 billion yuan and a loss of 56.6% from the previous quarter. The financial report predicts that in the fourth quarter, Weilai Automobile's revenue will increase by 95.6%~103.8%.

On the day of the first financial report, Weilai Auto's share price opened higher and lower. As of the close of the day, Weilai Auto's share price closed at 6.4 US dollars / share, a decline of more than 4%.

At the same time, the third quarterly report released by Jianghuai Automobile showed that the company's operating income in the first three quarters was 36.631 billion yuan, up 2.22% year-on-year; the net profit attributable to shareholders of listed companies was about 47.827 million yuan, down 78.13% year-on-year.

Jianghuai, whose net profit has fallen, has increased its investment in Weilai. Recently, the founder of Weilai Automobile Li Bin’s 'Porsche factory is definitely not comparable to the Jianghuai Weilai factory', let the 'Golden Lord' Jianghuai behind Weilai Out of the water.

Jianghuai investment has exceeded 1.5 billion yuan

'Jianghuai invested a few billion yuan in the Hefei Economic and Technological Development Zone, helping us (Wei Lai) to build a brand-new world-class factory, using the best equipment in the world, designing the production line in full accordance with our process requirements. We will participate in the whole process of manufacturing cooperation management, and in accordance with our quality standards to accept vehicles, Jianghuai provides skilled workers and mature manufacturing management. ' Recently, Li Bin said on a TV show.

'Compared to Porsche, the equipment introduced by the JAC Weilai factory is world-leading, but from the perspective of brand strength and technical strength, there is still a gap between the Jianghuai Weilai factory and the Porsche factory. ' Recently, Jianghuai The person in charge of the car said in an interview with the reporter of "Daily Economic News".

According to the Strategic Cooperation Framework Agreement signed by Jianghuai and Weilai in 2016 (hereinafter referred to as the Framework Agreement), the two parties expect the overall cooperation scale to be about 10 billion yuan to jointly promote the cooperation of new energy vehicles and intelligent networked automobile industry chain. At the same time, Weilai Automobile related The person in charge said in an interview with the "Daily Economic News" reporter that the Jianghuai Weilai factory is 'both sides investing together'.

Since it is the cooperation between the two parties, why did Li Bin say 'Jianghuai helped us build the factory?' Who invested in the factory?

'The new factory was invested and built by Jianghuai Automobile, and plans to build two production lines.' A source close to Jianghuai Automobile revealed to reporters.

On October 30, Jianghuai Automobile announced in the “Jianghuai Automobile Fund Raising Funds Temporary Supplementary Liquidity” (hereinafter referred to as the “Announcement”), the reporter found that as of September 30, 2018, new energy passenger vehicles and core components The total investment amount of the construction project is about 2.373 billion yuan, and the accumulated investment is about 1.575 billion yuan.

The new energy passenger car and core parts construction project in the "Announcement" is the Jianghuai Weilai factory construction project. ' According to a person close to Jianghuai Automobile, the factory is invested by Jianghuai alone, the total investment amount. As of 2.3 billion yuan, as of September 30 this year, Jianghuai Automobile has invested more than 1.5 billion yuan in the construction of the new plant. Although the new factory is a joint project between Jianghuai Automobile and Weilai, the dominant position is in the hands of Jianghuai. It is only to provide constructive guidance during the construction process. '

Rapid mass production is the original intention of cooperation

The high capital investment of over 2.3 billion yuan is not a small amount for Jianghuai Automobile. The third quarterly report released by Jianghuai Automobile shows that during the reporting period, the company's net profit attributable to shareholders of listed companies was about 47.827 million yuan, down 78.13 year-on-year. %.

'Jianghuai's performance decline was mainly due to the impact of macroeconomics and the market. Data show that from January to September, Jianghuai Automobile's cumulative sales volume was 361,600 units, down 5.53% year-on-year.' The above-mentioned Jianghuai Automobile related person in charge told reporters.

Sales fell, profits fell, Jianghuai is relying on subsidies to live. Jianghuai Automobile released a financial report that in the first three quarters of this year, Jianghuai received a total of 10.28 billion yuan from the new energy government subsidies.

Under this circumstance, why is Jianghuai still willing to spend more than 2.3 billion yuan to build a factory for Weilai? 'At present, among the new forces in the market, Weilai is one of the few companies that can achieve rapid mass production. Jianghuai chose the original intention of cooperation with Weilai. 'The relevant person in charge of Jianghuai Automobile said frankly.

According to the financial report, Weilai Automobile's only mass production delivery model, the ES8, delivered 3,268 units in the third quarter of this year, which is higher than the original target of 2,900 to 3,000 vehicles. It is expected that the delivery volume will reach 6,700 to 7000 in the fourth quarter. It is understood that Weilai Automobile will launch the second production model ES6 next year.

Jianghuai Automobile released the “Jianghuai Automobile 2018 semi-annual fundraising usage comparison table” released in August this year, showing that Jianghuai’s income in this project is not much. The data shows that as of the end of June this year, new energy passenger vehicles and core zero The component construction project has a cumulative output of 500 vehicles and a sales income of 0.69 billion yuan.

'At present, the monthly production capacity of the Jianghuai Weilai factory can reach 2,000.' According to sources, as of the end of September this year, Weilai Automobile has delivered about 4,000 vehicles and can deliver 10,000 new vehicles by the end of the year.

If the Jianghuai Weilai factory completes the delivery of 10,000 new vehicles this year, what is the revenue of Jianghuai? In this regard, the relevant person in charge of the above-mentioned Jianghuai told reporters that the specific cost of each vehicle is not convenient.

In this regard, some analysts in the industry believe that with the current annual output of 10,000 vehicles, it is still difficult to recover the investment in the short term, unless the annual production capacity gradually climbs to the planned 100,000 vehicles, or the Jianghuai brand car and the Weilai Automobile Line production, or can further dilute construction costs.

From this point of view, for Jianghuai, whose performance has declined, it is not good to take the path of investing in the construction of Weilai factory to realize the layout of high-end business.