After Great Wall Motor (601633, SH) released a $16.8 billion private placement fund plan and resumed trading, the stock price has been in a state of violent fluctuations and even once fell. On July 17, Great Wall Motor announced that from July 14th to July 16th, the company's A shares had a deviation of more than 20% from the closing price within three consecutive trading days, which is an abnormal fluctuation.
The huge fund-raising arrangement of new energy technologies and smart car technology is a “secondary venture†for strategic transformation for Great Wall Motor. But for investors, how to maintain double growth in sales and profits is the key to the moment. At present, the growth of the automobile market is slowing down. Not only is the joint venture company having a difficult time, but the energy spent by independent brands to incite growth is even greater.
Despite this, Great Wall Motor's new energy is already on the line. "The first new energy model will be officially launched in 2017. It is expected that by 2025, the Changcheng Automobile will build a number of new energy vehicle platforms." Wei Jianjun said.
An analyst who did not want to be named said: "The strategy of Great Wall Motor's investment in new energy is understandable. This is an important measure to reduce fuel consumption restrictions under policy pressure. But in the eyes of investors, it may not bring Great Wall Motors. Sales and profit increase."
It may be because of this mentality that after Great Wall Motors released its new energy strategy, it encountered frequent reductions in its institutions.
High fuel consumption forced new energy to speed up Great Wall Motor, as the leader of domestic independent brands, has not achieved mass production of new energy vehicles at the moment when China's new energy vehicles are ushered in a period of rapid development. With the announcement of a private placement announcement, Great Wall Motor’s attitude toward new energy technologies has changed.
On June 18, Great Wall Motor issued a notice saying: "The company is planning a non-public offering of A shares, so it has been suspended since June 19." On July 10, Great Wall Motor announced again that the company’s orientation The additional issuance scale does not exceed RMB 16.8 billion and will be mainly invested in new energy fields and smart car R&D projects.
The new energy sector plans to invest 12.28 billion yuan, 5.08 billion yuan for technology research and development, 4.142 billion yuan for an annual output of 500,000 new energy gearbox projects, 1.762 billion yuan for an annual output of 500,000 sets of new energy vehicle motors and electronic control projects , 1.044 billion yuan for 1 million sets of new energy vehicle power battery system projects.
Wei Jianjun said, "It is expected that by 2025, Great Wall Motor will form a number of new energy vehicle platforms." In the future, the company will become a traditional energy vehicle with light-mix, strong-mix, plug-in hybrid and electric vehicles. Independent brand enterprise within. "The first model developed on the new platform will be officially launched in 2017." Wei Jianjun revealed, "Before this, Great Wall Motor will first launch a pure electric car next year." On the Great Wall Auto official website, the electric version of the concept car Euler It is already in the upcoming model.
The new energy technology that Great Wall Motor promoted to enter the mass production stage is not unrelated to the current stringent fuel consumption pressure. Wei Jianjun said frankly: "For companies like the Great Wall that focus on SUVs, fuel consumption is indeed higher."
According to the "Report on the Accounting of Average Consumption of Chinese Passenger Vehicle Enterprises in 2014" released by the Ministry of Industry and Information Technology recently, the average fuel consumption of Great Wall Motors is 7.11 liters/100 kilometers, and the fuel consumption of passenger cars in 2015 will be reduced. There is still a certain gap in the 6.9 liter/100 km target. BYD, another self-owned brand car, had an average fuel consumption of 6.24 liters/100 kilometers last year. In addition to the model factor, sales of new energy vehicles have undoubtedly played a positive role in reducing this value.
Wei Jianjun's marketing attitude change The Great Wall Motor invested heavily in the transformation of new energy vehicles from technical reserves to mass production, not just to meet the increasingly stringent fuel consumption standards. Wei Jianjun said: "Great Wall Motors is also an important means to enhance the brand and enhance the overall strength of Great Wall Motors." This move was evaluated by the industry as "secondary entrepreneurship."
According to the announcement of Great Wall Motor, on the basis of the successful implementation of the new energy vehicle R&D project, the company will launch a number of new energy vehicles to seize market share, increase market share, and increase future related operating income and profitability. At the same time, Great Wall Motor believes that after the annual production of 500,000 new energy intelligent transmission projects is completed and put into production, according to market prices, the annual income can reach 8.5 billion yuan and the net profit is about 1.3 billion yuan.
But the capital market does not seem to be optimistic. On July 13, the stock price of the Great Wall Motor H shares fell after the opening, and once fell. In the A-share market, although the stock price of Great Wall Motor was red on the day, it fell sharply the next day.
After Great Wall Motors released its new energy strategy, some institutions started a new round of reductions. Among them, JP Morgan Chase has reduced its holdings of Great Wall Motor's shares several times before, on July 14th, it reduced its holdings by 7,054,800 shares and cashed in at 227 million Hong Kong dollars. On the same day, Great Wall Motor's H-share major shareholder Invesco Advisers, Inc., reduced the holdings. The company's stock was 7.882 million shares, cashing in at 251 million Hong Kong dollars.
Some analysts believe that "for investors, they are more concerned about how Great Wall Motor boosts sales and profits. The investment in new energy will lead to increased costs, and it will be difficult to contribute to profits and sales in the short term."
CICC also released a report saying: "We have downgraded Great Wall Motor's rating to 'Neutral', which is based more on the fierce competition in the SUV market and the lack of sales of Harvard."
Since the beginning of this year, as the growth rate of the Chinese auto market has slowed down, Great Wall Motor's sales and profits have declined. According to the data released by Great Wall Motor, the company sold a total of 410,000 vehicles in the first half of this year, completing 48.24% of the annual sales target. "The sales and profits of Great Wall Motor in the first half of this year have not achieved the target." Wei Jianjun said frankly. Among them, after two delays in listing, Haval H8 sales are not optimistic. Since the listing in April this year, the cumulative sales volume was only 2,671 units, and there is still a big gap from the goal of breaking 5,000 units in a single month.
In response to this market dilemma, Wei Jianjun, who has never taken the initiative to “promote†products, has begun to change his attitude. He said, "I hope to achieve accurate communication" and "start to engage in some in-depth experience activities" in the terminal market. Wei Jianjun hopes that these measures will change consumer perceptions and boost the sales of Haval H8 and H9.
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