[TechWeb] June 26th news, after ideal, Weilai, Xiaopeng and Zero run, another new car-building force rushed to the Hong Kong Stock Exchange IPO.
According to documents filed by the HKEx today, Hezhong New Energy Automobile Co., Ltd. submitted its listing application to the HKEx, with China International Capital Corporation, Morgan Stanley, CITIC Securities, Agricultural Bank of China International and China Bank International as co-sponsors.
The company runs the car brand.
According to the prospectus, Naha Automobile is a global technology new energy vehicle company, which has become China’s leading intelligent electric vehicle brand through continuous innovation and accurate product positioning.
On April 9, 2024, Hezhong New Energy vehicle was ranked 197th on the 2024 Hurun Global Unicorn list with a corporate valuation of 30 billion yuan.
No detailed listing schedule has been given for the time being.
According to the prospectus, the financing of the IPO will be mainly used for strategic expansion in overseas markets to enhance the global influence of the Naqing brand.
to enrich its product portfolio and enhance its software and hardware technology for smart cars.
to expand its sales, service and charging infrastructure network in China, as well as for digital marketing and operating user communities.
and for working capital and other general corporate purposes.
With the rapid growth of delivery volume, the average price has increased by 42000 yuan in three years.
At present, there are five models on sale around the world: the AYA series is a small all-electric SUV, including the two-generation versions of the V and the AYA.
Among them, the Nashi AYA series is targeted at the new generation of consumers who love fashion style, delivering 50095 vehicles in 2023.
The Naxi X series is a compact all-electric SUV, which includes two generations of Naxi U and X.
Among them, the Nezha X series is positioned as a practical and sexual young consumer group, with a total delivery of 46724 vehicles in 2023.
Naxi L is a medium-sized extended range and electric SUV, positioning for car buyers with demand for intelligence and mileage.
Nashi S is a sports technology sedan, targeting young middle-class consumers who prefer quality life, delivering a total of 20278 vehicles in 2023.
Nashi GT is the first two-door four-seater pure electric sports car in China to achieve mass delivery.
it is positioned as a new generation of fashion, quality and experience-focused groups around the world, with annual delivery volume of 7092 vehicles since its launch in May 2023.
Overall, Nashi cars are located in the price range of $15000 to $45000, which is also the most competitive market segment for new energy electric vehicles.
“the precise coverage of the market demand for fashion sports models makes us stand out and continue to achieve rapid growth and significant market share,” Nezha said in its prospectus.
” According to the prospectus, the delivery volume of Nashi cars has increased rapidly from 64230 in 2021 to 124189 in 2023, with a compound annual growth rate of 39.0%. Nezha Automobile extends to the middle and high-end markets with higher profit margins, and actively opens up overseas markets.
According to the burning knowledge consultation report, the mid-and high-end models of which car, which car and the GT have been recognized by the market.
According to the above measures, the proportion of sales of Naxi S and Nashi GT rose from 1.
0% in 2022 to 24.
6% in 2023.
In addition, the average selling price of Nahu car model has increased from about 71000 yuan in 2021 to about 84000 yuan in 2022, and further to about 109000 yuan in 2023 and 113000 yuan in the first four months of 2024.
In other words, the average selling price has risen by 42000 yuan in less than 4 years.
According to the prospectus, “this trend is expected to continue in the future.
” In overseas markets, Naha exported 17019 new energy electric vehicles in 2023, accounting for 13.
7% of its total new energy electric vehicle sales in the same year, contributing 12.
0% of the revenue.
The latest data show that from January to May 2024, Naha exported 16458 cars, ranking first among new power car companies.
Nahan car ploughs the Southeast Asian market.
According to the Burning knowledge Consulting report, according to the above risk measurement, Naha Automobile is the top three brands of new energy passenger cars in Southeast Asia in 2023.
According to the prospectus, Naha will continue to vigorously explore Latin America, the Middle East and Africa in the future, and identify and seize opportunities to expand to Europe.
In financial terms, the revenue of Naha Automobile was 5.
087 billion yuan in 2021, 13.
05 billion yuan in 2022, an increase of 156.
5 percent over the same period last year, and 13.
555 billion yuan in 2023, an increase of 3.
9 percent over the same period last year.
From 2021 to 2023, the sales of cars and parts were 4.
749 billion yuan, 12.
778 billion yuan and 13.
253 billion yuan respectively, accounting for 93.
4%, 97.
9% and 97.
8% of the total revenue, respectively.
The annual increase in this part of income is mainly due to the increase in sales of models in the higher price range aimed at the market segment of mid-end new energy electric vehicles and overseas markets.
At present, most of the revenue of Nashi Automobile comes from China.
Since 2023, Najia has been expanding its business to Southeast Asia, especially Thailand.
In 2023, overseas sales accounted for about 12.
0% of its total revenue.
Nezha expects overseas business to account for a larger share of total revenue in the future.
However, although Nashi’s revenue continues to grow, its profitability is still worrying.
From 2021 to 2023, Naha lost 4.
84 billion yuan, 6.
666 billion yuan and 6.
867 billion yuan respectively, with a cumulative loss of about 18.
4 billion yuan over three years, according to the prospectus.
From 2021 to 2023, the operating cash flow of Naha Motor was-2.
991 billion yuan,-5.
408 billion yuan and-4.
354 billion yuan, respectively, and the gross profit margin was-34.
4%, 22.
5%, 14.
9% respectively.
Nashi Motor said in its prospectus, “negative operating cash flow may pose a number of risks to our operations, including those related to the adequacy of our working capital.
” In 2024, the working capital was supplemented by (I) RMB 1.
2 billion from investment, (ii) long-term bank loan of RMB2.
1 billion, and (iii) RMB 1 billion from the issue of convertible bonds.
According to the prospectus, Nahu plans to take the following measures to make a profit: 1.
Continue to launch new models and implement rapid product iterations, focusing on higher-priced products.
As mentioned above, the average selling price of Naha cars has risen by 43000 yuan in the past three years, and this trend will continue in the future. , 2. Further expand overseas markets and customize products, services and strategies according to the characteristics of each overseas market and customer needs, so as to enhance revenue and profitability. , 3. Provide more value-added services, such as hourly rental service, battery echelon utilization service and software subscription to increase our source of income. , 4. Continuous implementation of independent development of automobile core partsThe strategy of purchasing non-core auto parts from suppliers improves overall cost-effectiveness., 5. As the business develops, manufacturing efficiency will be further improved through technological innovation and economies of scale.
(Zhou Xiaobai), return to the home page of First Electric Network>.
