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Original title: Weilai: 3Q20 Financial Report 14.5% Gross Profit Margin Q4 Delivered Over 5600 NT2 Second Generation Platform Definitely Leads Li Bin With Confidence
1. Domestic model Y will have no impact on Weilai Model Y competitor is model 3;
2. Weilai has a comprehensive plan to enter the European market in the second half of 2021 and Weilai will become an international brand;
3. The second generation NT2.0 technology platform is under development. “We have actually made our choice in terms of chips. It has to be the most advanced solution in the industry and we are guaranteed to stay on top of the next few years.”
4. He will do extensive research on himself and has always had this ability. Computing power and first generation algorithms have some limitations: starting from the second generation, Weilai will have full internal functionality.
5. Weilai does not have a short-term financing plan;
6. NIO Pilot’s subscription rate is around 50%, Baas’ selection rate in November is 35%;
7. He is very confident of reaching a monthly production of 7,500 vehicles in January next year.
Formally begins the following.
What does this value represent?
At the beginning of the article, we also calculated: Q1 financial report, NIO expects Q2 will deliver 9500-10000 vehicles, Q2 will actually deliver 10,331 vehicles, an excess of 3%; Earnings forecasts Q2 Q3 vehicle deliveries 11000-11500, the target increase is less than 20%, actual Q3 12,206 vehicles were delivered, a difference of 6%. When it comes to the third quarter financial report, the expected delivery volume for the fourth quarter is 16,500-17,000 and the target increase is even close to 50%.
Such an increase can be put in other words, it is “boom in production and sales”. If you take into account the “false reverse ratios” in previous quarters, Weilai’s fourth-quarter delivery could actually average 6,000 vehicles per month.
Under such circumstances, Weilai’s auto industry gross profit margin will likely continue the momentum of the first three quarters: In the third quarter of 2020, Weilai’s auto industry gross profit margin will be 14.5%, and in the second quarter of 2020 2020 will be 9.7%.
Li Bin said Weilai had achieved a full supply chain capacity of 5,000 units in September. The team is working with partners to further increase production capacity,Strive to increase the production capacity of the entire supply chain to 7,500 units per month in January next year.
Yes, the next goal is 7,500 units per month.
In this earnings conference call, Li Bin also revealed extremely important news.
“We are accelerating the development of the second generation NT 2.0 technology platform. At the heart of NT 2.0 is the industry-leading series-produced autonomous driving system. We will share more details on NT2.0 with you on NIO DAY … the first of NT2 This car is a sedan and there are other models in development. The second new car is also a sedan. “
This is the first time we hear NT2.0.
We looked at R&D investments in the financial report: NIO’s third-quarter R&D spending was 590 million yuan (87 million US dollars), a year-on-year decrease of 42.3% and a increase on a monthly basis of 8.4%. For comparison, the ideal third quarter R&D investment is 330 million and Xiaopeng Automobile’s third quarter R&D investment is 635.4 million.
From the R&D investment perspective, Weilai still maintains the current absolute leading capital investment (maintaining high investment for many consecutive quarters), but Li Bin must also feel the pressure.Also in October, Weilai pushed the NOP (Navigate on Pilot) navigation assistance function to users, becoming the second carmaker in the world to mass-produce this function.
Therefore, Li Bin said in the opening remarks: We are still a start-up with a short history, facing stiff competition and market challenges.We will firmly invest in the research and development of core products and technologies, provide the best service and complete user experience to give back to our loyal user community.
In the next Q&A session, did NT 2.0 also become a key point for everyone to ask, for example, which chip will NT 2.0 use?“The most cutting-edge solution in the industry and can deliver the advantage over the next few years.”
Another key point is whether the NT2.0 platform will use lidar. This point was mentioned in the financial report.
In recent months, there has been a lot of news about Weilai’s growing research and development on autonomous driving and smart cockpits, and it has also been reported that Weilai wants to develop their own chips.
In the article “FOTA 2nd Anniversary, Wei Lai put this user complaint on the official homepage”, we once wrote:
In the past one or two months, there has been a lot of news about Weilai’s restructuring of its architecture and the increase in research and development in the intelligent field, including self-developed chips, the establishment of a smart hardware team Smart Hardware and etc. The news currently confirmed are the following:
Bai Jian, the former OPPO hardware director and general manager of the Xiaomi chip and forward-looking research department, has officially joined Weilai as the VP of Weilai’s hardware team and reported directly to Li Bin. His previous work made Wei’s rumors of chip research more credible.
Ren Shaoqing, the former director of research and development of Momenta, an autonomous driving company, has joined Weilai as an assistant vice president and has established an algorithm team in Beijing.
Ren Shaoqing is a graduate of the doctoral program jointly developed by the University of Science and Technology of China and Microsoft Asia Research Institute. He participated in the proposal of an efficient framework for object detection, Faster RCNN and ResNet image recognition algorithm.
His entry is regarded by the industry as NIO’s involvement in the perception of autonomous driving, algorithms and other fields, and he has begun to conduct comprehensive self-research in the field of autonomous driving.
But for more details, it looks like I still have to wait until NIO DAY.
03
15 questions
7. The net loss was RMB 1.047 billion, a year-on-year decrease of 58.5% and a decrease of 11% on a monthly basis. Non-GAAP net loss after excluding stock clearing fees was RMB 997.8 million, a year-over-year decrease of 59.3% and a decrease of 11.8% from the previous month;
8. The net loss attributable to ordinary investors is 1.187 billion yuan. After deducting the stock clearing fee + the increase in the value of redeemable minority interests, it is 996 million yuan under the non-GAAP standard;
9. The total amount of cash and cash equivalents, limited cash and short-term investments is 22.2 billion yuan (3.3 billion US dollars);
10. Other revenue was 259.2 million yuan (38.2 million US dollars), a year-on-year increase of 150.7% and an increase of 11.3% over the previous quarter. The increase in other revenue came mainly from home charging piles, worry-free service, energy-free orders, and boutique sales;
11. Research and development expenses were 590 million yuan (87 million US dollars), down 42.3% year-on-year and up 8.4% on a monthly basis;
12. Selling, general and administrative expenses were RMB 940.3 million (US $ 138.5 million), down 19.2% year-on-year and up 0.4% year-on-year. monthly;
13. It is estimated that 16,500-17,000 vehicles will be delivered in the fourth quarter, with an annual increase of 100.6% -106.7% and a monthly increase of 35.2% -39.3%;
14. In the fourth quarter, revenue is expected to be RMB 6.257-6.4358 billion ($ 921.8-9.479 million), a year-over-year increase of 119.7% -126.0% and an increase on monthly base of 38.3% -42.2%.
15. In the first month (October) of the fourth quarter, the volume of deliveries reached 5,055 vehicles, an increase of 100.1% on an annual basis. As of 31 October, the total delivery volume of the Weilai brand reached 63,343 vehicles.
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