On June 6, Xilai released its first-quarter 2024 results.
At this point, the car-building “three Little Dragons” reported all their results in the first quarter of this year.
Compared with the financial report data of the three car companies, from sales to revenue, profit and other aspects, there is no doubt that the ideal far exceeds Weilai and Xiaopeng.
However, from the perspective of revenue and net profit growth, Xiaopeng stands out.
While Weilai’s performance was under pressure during the reporting period, revenue, net profit, sales and so on all declined.
In the first quarter of this year, the revenue in the ideal reporting period was 25.
63 billion yuan, an increase of 36.
44% over the same period last year.
in terms of sales, the cumulative sales in the first quarter was 80, 000 vehicles, an increase of 52.
9% over the same period last year.
However, the ideal faces the problem of increasing income without increasing profits.
Net profit in the first quarter of this year fell 36.
26% compared with the same period last year to 593 million yuan.
The short-term pressure on earnings in the current quarter, ideally explained, is mainly due to lower average selling prices as a result of changes in pricing strategies in the first quarter.
In addition, the ideal first quarter operating loss of 580 million yuan, the corresponding operating profit margin of-2.3%. This is mainly due to the increase in expenses.
Of this total, sales, general and management expenses were as high as 2.
978 billion yuan, an increase of 81 percent over the same period last year, while R & D expenses were 3.
049 billion yuan, an increase of 64.
6 percent over the same period last year.
Photo source: ideally, if you look at Weilai, the financial data declined across the board in the first quarter of this year.
Revenue was 9.
91 billion yuan, down 7.
19% from the same period last year.
the net loss was 5.
258 billion yuan, down 9.
46% from the same period last year.
Cumulative sales during the reporting period fell 3.
2 per cent year-on-year to 30,000 vehicles, lower than originally expected.
Car sales in the first quarter of Lailai totaled 8.
38 billion yuan, down 9 percent from the same period last year.
It is reported that since March, Weilai has upgraded its products to version 2024 and reduced the prices of old models, resulting in a drop in the average selling price in the first quarter and a 9.
2 per cent gross profit margin from 11.
91 per cent in the fourth quarter of last year.
At the same time, channel expansion has led to a higher-than-expected increase in sales costs.
Sales and general administrative expenses rose 22.
5% to 2.
297 billion yuan in the first quarter.
Although Xiaopeng’s net profit is still at a loss of minus 1.
368 billion yuan, its profitability has improved significantly, an increase of 41.
5 percent over the same period last year.
At the same time, revenue and sales also achieved double-digit growth.
Xiaopeng’s income growth is eye-catching, mainly due to the volume of high-value models and the acceleration of cooperation with Volkswagen.
According to the financial report, Xiaopeng’s service and other income during the reporting period was 1 billion yuan, an increase of 93.
1 percent over the same period last year.
This income mainly comes from the technical R & D services related to the platform and software strategic technical cooperation between Volkswagen and Volkswagen Group.
At the same time, Xiaopeng’s gross profit margin was 12.
89%, an increase of 11 percentage points over the same period last year.
This is mainly due to cost reduction and improved product mix of vehicle models.
However, the increase was partially offset by inventory impairment related to the Xiaopeng P5 and losses on procurement commitments, which had a negative impact on vehicle gross margins of 3.
2 percentage points.
Are very optimistic about the second quarter, although the first quarter results are not satisfactory, but Wei Xiaoli is confident for the second quarter.
Due to the slowdown in sales growth in the first quarter and the lower-than-expected market performance of the pure electric model MEGA, ideal recently made major changes to its internal organizational structure and laid off more than 5000 employees.
At the same time, ideal delayed the launch of pure electric cars.
This is to ensure the ideal profitability this year.
It is also a preparation for the release of pure electric products, such as the construction of charging network and so on.
Photo source: Xiaopeng, with the climbing of the ideal L6 in the second quarter, the ideal market share is expected to further increase.
Haitong International analysts believe that according to the new growth target, the price system and organizational structure have been adjusted in the past two months, focusing more on operational efficiency, and the adjustment is expected to have an initial impact from the second quarter.
Minsheng Securities analysts estimate that ideal car delivery in the second quarter of this year is expected to be between 105000 and 110000, an increase of 21.
3% and 27.
1% over the same period last year.
the corresponding revenue is about 29.
9 billion to 31.
4 billion yuan, an increase of 4.
2% and 9.
4% over the same period last year.
Weilai also said that the second-quarter results are expected to exceed expectations.
In yesterday’s earnings call, Weilai said gross margin would return to double digits in the second quarter and continue to rise thereafter.
Sales also improved significantly in the second quarter, reaching an all-time high of 15000 in April and 20, 000 in May.
Xilai expects delivery of about 54000 to 56000 vehicles in the second quarter, an increase of 129.
6% to 138.
1% over the same period last year.
revenue is expected to be 16.
59 billion-17.
14 billion yuan, an increase of 89.
1% Mel 95.
3% over the same period last year.
“the size of 30,000 vehicles per month is the goal of the Weilai brand in the Chinese market.
” That’s what Weilai said.
Photo: Weilai Motor, BoCom International believes that with the improvement in sales in the second quarter, under the effect of scale, the gross profit margin of Lulai should return to double digits.
At the same time, new orders remain strong, and BaaS offers and promotions are expected to support sales of 20, 000 vehicles in the coming month.
In its view, Ledao brand will become the main driving factor in the second half of the year.
Looking forward to the second quarter of 2024, Xiaopengqi is expected to deliver about 29000-32000 vehicles, an increase of 25.0%-37.9% over the same period last year.
and total revenue of 7.
5 billion-8.
3 billion yuan, an increase of 48.1%-63.9% over the same period last year.
In addition, with the mass production of end-to-end large models, Xiaopeng city intelligent driving accelerated landing.
It is expected that by the third quarter of this year, “the whole country can be opened and every road can be opened.
” In the second half of the year, Xiaopeng will develop the mass market.
In June, the first A-class pure electric car of Xiaopeng Mona series will be unveiled, which will be launched in the third quarter and delivered on a large scale.
Minsheng Securities believes that the current Xiaopeng sales pressure mainly comes from the weakening of the product cycle, and the new product cycle opened in the third quarter of this year is expected to improve sales, bringing a double boost in sales and performance.
From the point of view of sales volume and performance, although the development of Wei Xiaoli’s “three Little Dragons” is facing problems, it is relatively healthy and stable as a whole, which is the focus of the industry.
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