Disclosure of ideals first annual performance: 13.4% gross profit margin, three times the R & D investment this year

Author / Zhang Xiangwei

Editor / Wang Dusi

Produced / car heart

On February 25, 202, the ideal car released the fourth quarter of 20020.

With this financial report, its 2020 financial data is also integrated in front of us.

This is the first annual financial result of the ideal after listed, and the first financial report for the new car after 2021.

This financial report can be used as a window that we observe the new power head company and the ideal itself development status.

At the evening, Ideal CEO Li thought, President Shen Yanan, CFO Li Tie and CTO Wang Kaiquan executives were all attended at the conference call.

In addition to statement of financial data, four executives mainly introduce ideals to play in the next 2021, 2022 and 2023, which is what Li Xi said in the company’s internal letter in the previous two days – “ideal How to complete from 1 to 10.

This article will answer questions about ideals and everyone care about:

Will there will be a change in 2021?

How do Ideally play without a new model?

Including Shanghai R & D Center, ideal how to add research and development?

What is the ideal pure tram type plan?

Baidu, Apple is made, ideal is not afraid?

1

2020 financial data is bright

Change ONE I am afraid this year will not come.

Let me talk about financial data.

Ideal One began delivery in December 2019, 2020 is the first complete sales year.

On February 18 this year, the delivery of this model has broken 40,000:

In 2020, ideally, 3,2624 were delivered, including 14464 in the fourth quarter;

The total annual income is 9.46 billion yuan, of which the income of RMB 4.15 billion in the fourth quarter;

The annual gross profit rate was 16.4%, of which the gross profit margin of the fourth quarter reached 17.5%.

Summary, it is the ideal one bicycle type selling well, the growth rate in the fourth quarter is also very fast, and the ability to earn money is also a lever.

From the perspective of R & D investment, the ideal overall research and development in 2020 investment will be 1.1 billion yuan, which is slightly reduced by 1.11 billion yuan in 2019.

Ideally explain the reasons in the earnings report, which is a great investment in test validation before quantitative production in 2019. In 2020 because there is no new car, this input is reduced.

This is a key issue, and we will focus on expand.

Because ONE sells well, ideal for 2020 business cash flow and free cash flows have improved significantly.

Its 2020 net loss is 151.7 billion yuan, and this figure is much better than other domestic new forces.

Based on this, we believe that ideals or opportunities have become the first new forces to achieve annual profitability in China.

In December 2020, the ideal is due to a round of $ 1.53 billion in financing, with IPO and IPO financing, the cash reserves at the end of 2020 reached 29.87 billion yuan ($ 4.58 billion).

In the context of the almost 30 billion yuan of cash reserves, CTO Wang Kai revealed that the ideal overall R & D fees in 2021 expect to start at 3 billion yuan, will gradually reach 6 billion yuan (about $ 1 billion) in the next three years.

R & D investment is closely related to the development of new models.

But unfortunately, according to the current information disclosed, we believe that the ideal probability of 2021 will not launch the ONE model of the change.

2

2021 will be the year of energy

2 cars are launched at least 2 cars every year in 2022

Li Xi wants to mention the ideal subsequent model planning at the financial report: 2022, ideal will launch at least 2 models per year, and pure tram type will be launched in 2023.

“At least 2 cars per year in 2022”, this is an important information.

At present, we know that the ideal full-size SUV X01 in 2022 will be launched, but the pure tram type will not come.

What is another car in 2022? It should be the ideal one of the change.

On the other hand, because Ideal is only one model this year, it is assumed that ideal will launch one change this year, which means that one month before the introduction is launched, One may face slowed down.

This may be disastrous for ideals this year’s sales. Based on the above, we are more confirmed that ideal one is coming next year.

That just holds the 2021 owner of the current one, what is ideal?

President Shen Yanan gave an answer when answering the store strategy in 2021 –

“Ideal has entered the second strategic cycle, considering that the ideal will launch a variety of models in the next few years, 2021 ideals will build more stores.

But at the same time, it will not pursue the high-sales goals of single-storey stores as in the past, consider maintaining the sales efficiency of stores in a relatively healthy level, while preparing for a variety of models starting in 22 years. “

Simply, it is to build more shops to sell ideal one, and prepare for subsequent models.

In 2021, the ideal store number will reach 200, covering 100 cities.

The current sales guidelines given by the ideal official are: In the first quarter of 2021, the traffic of vehicles is 1.05 – 110,000, and the annual gross profit margin is estimated between 19 to 20%.

This gross profit is higher than 17.5% of the 20020 Financial Report, which means that ideals may be more than 57,800 sales estimates (144.64 million units x 4).

If you look at the ideal 2021 from the outside, this may be a relatively calm year because there is no new model.

However, from internal construction, due to a large number of build shops, pure electric platform, automatic driving, new models of research and development investment, and for multi-model production, it is possible to be a trepidated year.

For example, the large-mindational automatic driving calculation platform used by X01 is a new thing for the Whale platform prepared by pure tram type, and the construction of super high pressure and fast charge technology means that ideal and its suppliers will enter handshawful. The year.

As Ideally said in the internal letter, “2021 to 2025 is ideal from 1 to 10 stage”.

In order to compete for 2025 China’s intelligent electric vehicle head enterprises, ideal will have to “deep”.

3

R & D investment continues to increase

Covering 15 – 500,000 yuan model

Ideal is still called “car and home”, its product plan is a model covering 20 to 500,000 yuan.

Based on the changes in the market in these years, ideal internal judgment, the smart electric vehicle market in China will experience high-speed growth, and will reach 8 million units in 2025.

Ideally get the qualifications of the head enterprises in 2025 to compete for the next 2030 global competition.

This is the basic logic of ideals in the next 5 years.

The ideal product plan is also based on this logic, adjusted from 20 to 500,000 yuan price range, which is adjusted to a price range covered from 15 to 500,000 yuan.

As a result, ideal is a market share of 20% of China’s intelligent electric vehicle market in 2025, which is more than 1.6 million units.

Ideal Current product plan is 3 platforms:

Single-incremental mixing platform x;

Purpose power platform.

Purpose platform Shark.

The first model of the X platform is known will be full size SUV X01.

X01 may be equipped with laser radar, and the laser radar vendor is currently the final confirmation phase.

Li Xi is disclosed in the phone: The next Whale (Whale) platform will be a platform for big space, while the Shark (Shark) platform will be a high-performance platform.

It is through these three platforms, ideal will gradually cover the models of 150,000 yuan to 500,000 yuan.

4

What is the ideal pure tram type?

Based on the existing SUV, we learned that the ideal follow-up will be launched in the car model.

Since the layout of the increased range is not suitable for the development of car models, the car model should be a pure tram type.

“Next, our core task is to accelerate alternative fuel vehicles.” Li wants to speak in the financial statement.

The charging experience is enhanced through high pressure and fast charge technology, which is the path to which this change is accelerated.

“The goal is to create a complementary experience of approximation of fuel vehicles.” Ideally hope that the vehicle can be filled with 80% of the electric charge over 10 to 15 minutes by high power charging network.

Li Wei revealed that at the current development of the pure electric platform, the core is to create 4 techniques: 4C battery, electric drive system, thermal management system, and high power charging network. From 328,000 extension ideal one, the ideal is really starting to fight!

To launch a model of 500,000 yuan;

Want to build a parity car of 150,000 yuan.

Not only do they have to make a surrete mixing vehicle, but also hug the future of pure electricity.

Not only ideals, the current Baidu, Apple, and even the large cross-border giants have also seen the future of intelligent electric vehicles.

Someone asked, Baidu, Apple has a car, how do you think?

The view of Li Xi is: Any tech company must enter the intelligent automotive area, from the formation team, market research, project, and develop to test, production, manufacturing, and final delivery take three years.

In 2024, the head company of the new power today will reach several hundred thousand people in sales.

In the basic construction, there are thousands of service outlets; on the supply chain, it can also provide strong support for millions of levels.

Li We believe that these will be the advantage of today’s new power accumulation.

“We have entered the high-speed growth phase from 1 to 10.”

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