Weilai Automobile's net loss in 2018 is nearly 10 billion yuan

Wei Lai has handed in a mixed transcript for the past 2018. On March 6th, Weilai’s “Unaudited Financial Results Report for the Fourth Quarter and Year of 2018” showed that Weilai’s 4Q4 delivery volume increased by 144.2% in the fourth quarter, but the annual net loss also increased by 90%. . The industry believes that although Weilai has successfully achieved large-scale mass production delivery, its profitability has not improved. In the case of huge losses, Wei Lai will have to face a series of bigger tests in the future.

According to the financial report, in 2018, the total revenue of Weilai Automobile was 4.951 billion yuan, of which the total revenue in the fourth quarter was 3.435 billion yuan, an increase of 133.8% from the previous month; the annual net loss was 9.639 billion yuan, a year-on-year increase of 92%.

Behind the huge losses of Weilai, there are all kinds of high expenditures. In 2018, Weilai's total R&D expenses were 3.997 billion yuan, a year-on-year increase of 53.6%; total sales and management expenses were 5.346 billion yuan, up 127.2% year-on-year, and total share payment was 67.95 billion yuan, and these expenses were spent in the fourth quarter. .

For the surge in spending in 2018, especially in the fourth quarter, Wei Lai explained in the earnings report that the increase in R&D expenses in the fourth quarter was mainly due to the increase in the number of employees in the product and software development related teams and the five high-ends launched in December 2018. Increased design and development costs associated with the electric SUV ES6.

In terms of production and sales, in 2018, the production of the Weilai ES8 model was 12,700 units, of which the output in the fourth quarter was 8,069 units, an increase of 91.8% from the previous month. In 2018, the Weilai ES8 delivered 1.13 million vehicles, of which 7,980 were delivered in the fourth quarter, up 144.2% from the previous quarter.

Although the scale of production and sales has doubled, Weilai’s profitability is still not optimistic. The financial report shows that in 2018, Weilai's gross profit margin was -5.2%. Among them, the total sales of automobiles was 4.852 billion yuan, accounting for 98% of the total revenue, but the gross profit margin of automobile sales was -1.6%. In May 2018, the China Automobile Dealers Association announced that the domestic automobile brand GP2 (including the gross profit margin of vehicle sales) was 3.5%.

In the context of a surge in production and sales and a continuous increase in net losses, Weilai's Shanghai factory project was also suspended. Wei Lai said in the financial report that the company signed a framework agreement and memorandum with the Shanghai Jiading District Government and related units to establish the Weilai New Energy Electric Vehicle Advanced Base in 2017. Recently, the company has reached an agreement with the relevant entities to stop the construction plan of the production base.

It is understood that in February 2018, the second factory of Weilai officially completed the site selection and will be located in Waigang Town, Jiading, Shanghai. It was originally planned to start in mid-2018. According to the plan, the first production model of Weilai ES8 will be mass-produced at the Hefei plant in Weilai and Jianghuai, and the Jiading plant will start production of follow-up products.

Regarding the reason for the plant's suspension, Weilai said in the financial report that the strategy focuses on the vehicle manufacturing cooperation model and believes that the existing Hefei Jianghuai Weilai base can meet the capacity demand for the next two to three years. Li Yanwei, an expert in the automotive industry, believes that Weilai’s suspension of the Shanghai plant continues to cooperate with Jianghuai. Actually, the existing cash flow cannot support the continued large-scale investment in fixed assets.

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