Affected by this, as of the close of March 22, the share price of Zero Run rose by 2.83% to HK$ 30.90, and the intraday share price once rose by nearly 6%.
Even so, in 2022, Zero Run still failed to make a profit. Its net loss last year was 5 1.09 billion yuan, and its adjusted net loss was 4.566 billion yuan, up 79.53% year-on-year.
In this regard, Zhu, the founder, chairman and CEO of Zero Run, is more optimistic. He said, "In 2023, we believe that the new energy vehicle market will usher in further growth and more intense competition. We are very happy to enter such a market full of opportunities and challenges. We will continue to work hard to make the company by going up one flight of stairs. "
Reasons for income growth and loss expansion
The financial report shows that the revenue growth and gross profit margin of Zero Run last year were mainly due to the increase in sales of electric vehicles and parts, and the average selling price of its product portfolio increased with the change of product structure.
According to last year's price, among the 1 1. 1.2 million new cars sold in retail, C 185800-235800 yuan was delivered last year, accounting for 39.99% of the total sales last year. C0 1, the price is193,800-286,800 yuan. Last year, 48 15 vehicles were delivered, accounting for 4.33% of the total sales last year. T0382500 yuan, delivered 665,438+0,965,438+09 vehicles last year, accounting for 55.7% of the total sales last year.
Although the low-end T03 still "swept" more than half of the zero-run sales, we should know that in 202 1 year, T03 once sold 39 149 vehicles, accounting for 89% of the total zero-run sales. Nowadays, with the increase of sales of C 1 1 and C0 1 of 200,000 grades, the revenue of zero running has soared from1.1.700 million yuan to 201238 million yuan.
However, behind the sales growth is the sales expense of zero-run growth of 265,438+06.3%. It is understood that due to the increase in sales of electric vehicles and the increase in the cost of raw materials and consumables, the retail sales cost in 2022 will reach 654.38+04.295 billion yuan. At the same time, due to the increase of marketing activities and promotional activities and the increase of sales staff with business expansion, retail expenditure also increased by 160.2% year-on-year, reaching1130,000 yuan.
This is reflected in the increasingly perfect sales network of Zero Run. According to the data, as of June 65438+February 3, 2022, Zero Run * * * had 582 stores, covering 180 cities, including 79 direct stores and 503 channel partner stores.
In addition, the administrative expenditure of 842 million yuan and the R&D expenditure of 14 10 billion yuan spent by Zero Run last year further offset the substantially increased revenue of Zero Run, making its operating loss increase from 2.868 billion yuan in 202/kloc-0 to 5.226 billion yuan in 2022. This means that if we calculate the sales volume of 1 1. 1.2 million vehicles, we will lose nearly 47,000 yuan if we sell a car at zero speed.
It is expected that the basis for realizing gross profit conversion will be realized.
In 2023, it is not good for zero operation. Only 4,337 new cars were delivered in June 5438+October-February this year, down 62.4% compared with the same period in 2022. Although the zero run is because the company completed the SOP and production line introduction of 2023 models in the model iteration, it is also worrying to fall behind the industry level.
The new models imported by retail are new T03, C 1 1, C0 1, which further lowers the price. Among them, C0 1 decreased the most, from the original 193800-286800 yuan to 149800-228800 yuan, with the highest decrease of nearly 60000 yuan.
In this regard, Zhu also explained in the subsequent earnings conference call that the basis of price reduction is to rely on global self-research. He said that in September last year, the cost reduction began inside the Zero Run. In order to reduce the car price, a lot of cost optimization work was carried out.
Specifically, according to customer feedback, zero running reduced unnecessary configurations such as luggage rack, suitcase and electric door handle, and made some cost reduction work through technological innovation and functional optimization. Externally, Zero Run reduces the cost of parts by cooperating with suppliers.
In addition, the decline in raw material prices has also eased the cost pressure of zero running. "Every time the price of lithium carbonate drops by 6,543,800 yuan, the cost of 50 yuan can be reduced per kilowatt hour, and 3,500 yuan can be saved if the battery pack is 70 degrees." Zhu introduced that the possibility of battery price reduction has been considered when launching new products. "The card position, launch time and range of zero-run price reduction are all suitable."
This further improves the overall forecast of zero operation this year. It is reported that the top management of Zero Run stressed at the meeting that Zero Run will realize gross profit turning positive in 2023. However, due to the drastic changes in the overall auto market, the specific time node for the gross profit to turn positive is still uncertain.
The evaluation of realizing gross profit conversion is based on the positive change of zero-run sales structure. According to Zhu, with the release of new cars in March, the order quantity of zero-run extended versions of C 1 1 and C0 1 has exceeded T03, and C series products account for 80%. It is reported that the gross profit of the new model released by Zero Run is positive, and it is expected that the sales revenue in the second quarter will increase by 50% compared with the same period of last year.
However, there is also a premise, that is, zero-running maintains the continuous growth of sales. In 2023, Zero Run will set the sales target at 200,000 vehicles. In order to achieve this goal, Zero Run will launch new products based on platform B in the second half of this year, starting with products, marketing, channel construction and other aspects to boost sales growth. After all, as Zhu said, "if the sales volume can't go up in 2023, there will be no hope in the future."
This article comes from E Chehui, the author of E Che Hao, and the copyright belongs to the author. Please contact the author for any form of reprint. The content only represents the author's point of view and has nothing to do with the car reform.