Haima property

On February 18, Haima Automobile disclosed the latest production and sales of the company. The data shows that the production and sales of Haima Automobile in June 5438+ 10 were 630 vehicles and 1 147 vehicles, respectively, down by 13.82% and 13.56% year-on-year.

With regard to the further narrowing of the production and marketing situation, Haima Automobile replied that it was the novel coronavirus epidemic that delayed the opening of the dealer's door and the start of the factory. However, careful media found that the output of Haima Automobile in June 65438+1October 630 was actually the production data of Tucki G3. This indirectly shows that Haima has been completely reduced from a car company with independent innovation ability to a foundry at this stage.

As a listed car company that has been working in the automobile industry for 30 years, it represents several times the improvement of Hainan's economy. How did the hippocampus get to this point today? What kind of warning does the dying seahorse give to the automobile development in China today?

1

Bicycle development costs twice as much as profit.

In fact, the decline in production and sales and the suspension of independent business of Haima Automobile in May 438+10 this year are just a microcosm of Haima Automobile after its business operation was damaged and its automobile business was tightened. Because of the profit losses of Group 20 17 and 20 18, the development of Haima Automobile has been hurt.

In 20 16, the development of Haima automobile reached its peak. At that time, the company broke through the 20 billion mark in one fell swoop and became one of the few independent enterprises in China with an output value of over 100 billion in automobile business. But just the following year, Haima Automobile ushered in an unexpected cold winter and trough.

In 20 17, the production and sales volume of Haima automobile business declined precipitously. The annual cumulative production and sales of its basic passenger cars were 450 1 1 and 47756 respectively, down 5 1. 15% and 48.46% year-on-year. The related figures even increased further at 20 18. In the same year, the cumulative sales volume of Haima Automobile was 67,570 vehicles, down 5 1.88% year-on-year, and the annual plan only achieved 37.5% of the target.

For the previous development trend of Haima Automobile, the reasons given by relevant industry people are due to the low profit of self-driving cars and the chain effect of the company's early investment in real estate business. Subsequently, Haima Automobile was officially listed in the ranks of *ST on 20 19, and the company faced the risk of being forced to withdraw from the market.

At this time, Haima Automobile is still developing its own passenger car business, and even investing 665,438+0 million yuan to expand the R&D and production of new energy vehicles, but this improvement is of no help to Haima, which has already highlighted the problems. Under the influence of business pressure, Haima began to sign an OEM agreement with Xpeng Motors, which completely became the prelude of OEM enterprises.

As for the original intention of OEM, a Haima employee who knows the relevant situation speculated that it may have a lot to do with the high-cost operation of Haima's independent production of cars. According to the data, Haima 33, a self-developed model, took 42 months to develop, with a cumulative investment of 495 million units and a cumulative sales volume of 65.438+0.8 million units. However, the average R&D price of bicycles is as high as 2777 yuan, which is more than twice the R&D cost of bicycles sold by Great Wall, but the profit of bicycles can only be maintained at around 1 000 yuan. The high operating cost once made Haima's future and prospect in the automobile business questioned.

The benefits of OEM cooperation with Tucki make Haima feel obviously superior to the once "self-produced and self-sold" operation mode. This short-lived "mirage" phenomenon also made the hippocampus see a new future in a trance. An insider revealed to us that the OEM income of a new energy enterprise is around 870 yuan. According to the goal of 50,000 vehicles per year agreed by Haima and Tucki, Haima can make up for its own crisis in business operation in a short time.

However, the irreversible business decline and unsatisfactory market environment still brought Haima to the brink of collapse. In 20 19, the domestic automobile market environment deteriorated further. Haima, which lacks R&D capability, has not been recognized by the market after launching a number of new products F5 and 8S. Coupled with the insufficient delivery capacity of Xpeng, the capacity standard agreed by both parties failed to meet expectations, and Haima finally ushered in the lowest point of its automobile business development at the end of 20 19.

According to the previously published data, Haima Automobile produced a total of 28,900 vehicles in 2065,438+09, a year-on-year decrease of 52.06%; A total of 29,500 vehicles were sold, a year-on-year decrease of 56.4 1%. In the same year, the cumulative annual sales volume of Xpeng G3 was 65,438+06,608 vehicles, which means that in 2065,438+09, the output of Haima's independent business only remained at about 65,438+03,000 vehicles; The total annual production capacity is only 57% as previously agreed with Tucki.

Independent products are frustrated, and OEM expects tepid. Faced with the uncertainty of the domestic automobile market environment and the operating pressure of being in the ranks of *ST, stopping production of independent products, layoffs and maintaining OEM are the outlets that Haima is forced to choose now, and "not building Haima" has become the last stubbornness of this former Hainan pride after its ups and downs in shopping malls.

2

How long can the OEM model last? ?

Fortunately, the bottom of the 20 19 automobile business did not make Haima lose the courage to "recover". According to the performance forecast of 20 19 released by Haima Automobile on June 5438+0, the company expects to turn losses into profits in 20 19. Among them, the company expects annual profit of 90 million yuan to 65.438+300 million yuan, and basic earnings per share of 0.055 yuan to 0.079 yuan.

Che Xianren found that the company's profit in 20 19 mainly came from the company's non-operating profit and loss that affected the net profit of 700 million yuan, that is, the income from "selling the family property". According to the forecast, in the year of 20 19, the company includes transferring the equity of its subsidiaries Shanghai Haima Automobile R&D Co., Ltd. and Henan Haima Property Service Co., Ltd., selling idle real estate, recovering the impairment reserve of accounts receivable for separate impairment test, and government subsidies. The sale of the industry has successfully turned Haima into a profit, and it is expected to cancel the warning of Shenzhen Stock Exchange on the delisting risk of its shares.

However, for this way of life extension, relevant industry experts have pointed out that if the main automobile industry cannot be improved, its future development will still face multiple challenges. In short, it will be a dead end for Haima to stop production and continue OEM. After all, the current OEM model can't make Haima realize economic transition or seek transformation.

After a detailed understanding, we found that shortly after Xpeng Motors and Haima announced the cooperative OEM, Tucki announced its intention to build its own factory, and clearly responded to the necessity of building its own factory for its own business. On February 14 this year, Zhaoqing Tucki New Energy Investment Co., Ltd. was formally incorporated in the High-tech Development Zone Branch of Zhaoqing Administration for Industry and Commerce. Some people think that this is Tucki's preparation for the factory construction. Although Xpeng Motors responded to this in order to improve the supply chain layout and make full plans for the company's product development, this move does not rule out the possibility of cracks in the cooperation between Tucki and Haima at the production end.

Suppose we break up with Tucki, if we look for a new OEM partner again, the uncertainty of OEM prospect is still the core problem that Haima can't escape. At this stage, due to the uncertain short-term prospects of the domestic new energy market, the actual market demand is less than the production capacity of enterprises, which makes most new energy automobile enterprises unable to make profits, which means that they will cooperate with new forces for OEM, and Haima will also face the confusion of scale theory. Compared with the uncertainty of new enterprises, traditional car companies have a higher market share, but due to overcapacity and no OEM demand, the OEM prospect is not long-term for Haima.

Just after the news that Haima has become a foundry came out, the media paid attention to the fact that the Zhongmu factory of Haima Automobile has been shut down, and the main production of new energy vehicles such as Aishang EV has all stopped. After most employees of Zhongmu Factory "resigned", a few employees who have not left their jobs have been transferred to Zhengzhou Factory. In addition, the Haikou factory began to lay off employees years ago, and "the hippocampus should be cold" became the most evaluated by public opinion on the hippocampus incident that day.

three

A "turning point" in the hippocampus?

Haima changed from a joint venture of 10 years ago to independence, and its revenue exceeded10 billion three years ago. Although the road of independent transformation of hippocampus is not a classic case and model, it is by no means a "negative textbook" for the failure of transformation. Then why did Hainan, once a "pride", collapse in just two years?

In 2006, the road of cooperation between Haima Automobile and Mazda came to an end. Since then, the company has started the road of independence. "Familia 2" became a brand-new product launched by Haima Automobile, which decided to "fly solo" that year, and also became a transitional product of Haima Automobile from a joint venture brand to its own brand.

However, the weak R&D ability has also become a key problem for hippocampus to be exposed to the outside world after solo flight. This is because Haima Automobile mainly participated in the cooperation with Mazda in the past, and did not have its own R&D and design capabilities. This ability has been a key to the development of Haima automobile until today.

Taking the first half of 20 18 as an example, Haima invested 254 million yuan in product research and development. However, compared with the same period, Great Wall Motor's R&D investment was 65.438+0.504 billion yuan, and BYD's R&D investment reached 376.5438+0.9 billion yuan. The gap in R&D capabilities made the products launched by Haima not recognized by the mainstream market, which also laid the foundation for the complete loss of competitiveness of products later.

Another reason, in the opinion of analysts, may be related to the "half-hearted" business philosophy of Haima Automobile in recent years. According to the data, as early as 20 15, Haima formed three business segments of "automobile, finance and real estate" and successively participated in Hainan Bank. The real estate sector of Haima takes "garden, safety and service" as its market positioning, and invests in real estate development in Zhengzhou and Wuhan.

Until today, there is still such a development deviation inside Haima Automobile. As of 20 19, its three business segments are Haima Automobile, Haitian Financial Holdings and Qingfeng Real Estate. Among them, Haitian Financial Holdings is the financial control section of Haima Group, with total assets exceeding10 billion yuan. It wholly owns Haima Finance Co., Ltd., Hainan Haitian Microfinance Company and Shenzhen Haima First Fund Management Co., Ltd., and also holds shares in Hainan Bank Co., Ltd. and Haibao Life Insurance Co., Ltd.

An employee who worked in Haima once bluntly said that the layout of Haima in the non-automotive field affected its investment in automobile research and development, which led to the decline of the core competitiveness of products in the later period and the lack of market competitiveness. He once said: "Before the rapid development of the automobile industry, Haima did not put all its energy into research and development, but engaged in finance, real estate and other industries. This technology is out of date. When the returns of other industries are not as good as expected, the automobile business will be completely finished. "

The decline of hippocampus today is not entirely due to the ruthlessness of market competition. The weak foundation in the early stage and the failure of the late strategy are all puzzles that Haima Automobile encountered in the face of development. However, compared with other industries that value speculators' decisiveness, the automobile industry seems to pay more attention to the characteristics of high persistence and high-tech continuous investment of related enterprises, which may be the most important concern for enterprises like Haima after entering the market.

This article comes from car home, the author of the car manufacturer, and does not represent car home's position.