After reducing losses in 2023FirstpersonrouletteThe performance of Haima continues to be under pressure. Recently, Haima Motors disclosed production and sales data for the first four months of this year, showing that the company's car sales fell by more than 80% compared with the same period last year. Car sales are weak, and Haima has halved both revenue and net profit in the first quarter of this year.

Seahorse car buckle non-net profit has been a loss for seven consecutive years, has a cumulative loss of more than 7 billion yuan. In 2023, Haima's profits recovered somewhat, reducing losses by more than 80% compared with the same period last year, followed by a significant increase in car sales and a serious loss in 2022, resulting in a low base.

The author is concerned that Haima Automobile is promoting the transformation and development of the company. On the one hand, Haima Motor cooperates with Toyota to promote the operation and promotion of hydrogen energy vehicles; on the other hand, Haima Motors makes great efforts to develop automobile foreign trade and open up overseas markets. Last year, the growth of Haima car sales was mainly due to overseas markets.

Sales have fallen by 80% this year, deducting non-net profit and continuing to lose money.

Recently, Haima Automobile disclosed production and sales data, showing that in the first four months of 2024, the company's car production was 901 vehicles, down 93% from the same period last year.Firstpersonroulette.69%; car sales were 2504, down 82% from the same period last yearFirstpersonroulette.33%. Among them, only 2 MVP models were produced and 33 were sold in April.

With the significant decline in car sales, the performance loss of Haima is becoming more and more serious. In the first quarter of this year, Haima Motor's revenue fell 57.14% to 444 million yuan compared with the same period last year, and its attributable net profit fell 64.89% to-85.91 million yuan.

It is worth noting that hippocampal car sales returned to growth in 2023, achieving performance reduction, but still fell into losses. Last year, Haima sold 27957 vehicles, an increase of 14.62 per cent over the same period last year. In the same period, the net profit of Haima Motor was-202 million yuan, an increase of 87.16% over the same period last year.

Seahorse Automobile Industry said in the 2023 results forecast that the overall production and marketing scale of the company is still small, and the operating income generated by day-to-day operations is not enough to fully cover costs and expenses, so the net profit is still not negative.

Haima Motors achieved a loss reduction in 2023, in addition to the increase in car sales, but also because of a low base compared with the same period last year. In 2022, the net profit of Haima Motors lost 1.574 billion yuan, down 1509.42% from the same period last year, while the net profit in 2022 was positive.

In terms of deducting non-net profit, Haima has lost money for 7 years in a row. From 2017 to 2023, the cumulative loss of Haima Motor's deduction non-net profit exceeded 7.3 billion yuan, with an average loss of more than 1 billion yuan in 2017, 2018, 2020 and 2022. In the first quarter of this year, it lost another 86.41 million yuan after deducting non-net profit.

The author is concerned that, due to low car sales and idle production capacity, Haima entrusts assets to a third party to manage. On March 12, Haima announced that it would entrust its seahorse new energy and all its assets to Zhengzhou Airport New Energy Automobile Application Co., Ltd., with a trusteeship period of 5 years and a custodian deposit of 199 million yuan.

Seahorse Motors said that after the trusteeship of the target company, on the one hand, the company can obtain a custodian deposit, which can improve the liquidity of assets and obtain corresponding financial returns; on the other hand, the relevant assets of the target company are idle before trusteeship, and the company can save relevant management costs after trusteeship, which is conducive to the company's focus on resources to do a good job in its main business while improving operational efficiency.

Engage in hydrogen energy with Toyota thighs to expand overseas market share

According to the official website, the models of Haima car on sale include Haima 7X-E, Haima 7X, Haima 8s, Haima 6P and itsFirstpersonrouletteHis new energy model. In addition, Haima Motors also launched a B-end model, Haima EX00, and a hydrogen energy model, Haima 7X-H.

What attracts more market attention is the seahorse 7X-H created by the cooperation between Haima Motor and Toyota Motor. In March 2023, Haima announced that it had signed a strategic cooperation agreement with Toyota to demonstrate the operation of a small batch of hydrogen fuel cell vehicles in 2023, and is expected to reach 2000 in 2025.

It was not until March 20 this year that seahorse hydrogen fuel cell vehicles started demonstration operation, and the first batch of 25 vehicles were put into operation, mainly for online service. The operating time of the first batch of vehicles not only lagged behind the agreement between the two sides, but also the number of investment was lower than expected. Haima Motors also said that it will strive to invest a total of 200 units to achieve full-scene demonstration operation by the end of the 14th five-year Plan.

Hydrogen fuel cell route is one of the important directions of automobile development in the future, but the market is still in the cultivation stage. Compared with lithium battery vehicles, the domestic hydrogen fuel cell vehicle market is a minority, and the infrastructure is not yet perfect. The seahorse 7X-H launched by Haima Motor in cooperation with Toyota is more used as a demonstration, but has not yet brought benefits to the enterprise.

The author notes that the other direction of the transformation and development of Haima Automobile is to expand overseas market share. Financial reports show that seahorse cars sold in overseas markets also have seahorse S7, seahorse S5 and other models.

Of the seven projects invested in Haima Automotive R & D, a total of 5 projects support the export strategy. On the basis of the original model, Haima car is designed and developed in accordance with the requirements of the export destination, and R & D is invested in 7X-EKD project, S5Pro project, S7Pro project, 8s KD project and 8s vehicle export project.

In fact, it is the overseas market that will achieve sales growth and performance reduction in 2023. During the period, the revenue from overseas car sales abroad was 2.274 billion yuan, an increase of 46.82% over the same period last year, while that from the domestic market was 272 million yuan, down 67.17% from the same period last year.

However, the gross margin in overseas markets is very low compared with the domestic market. In 2023, the gross profit margin of the domestic market is 25.65%, while that of the overseas market is only 7.91%. The increase in sales revenue in the overseas market has, on the contrary, pulled down Haima's overall gross profit margin to 9.80%.

Since the beginning of this year, the production and sales of seahorse cars have declined significantly, which is also due to poor sales in overseas markets. With regard to the decline in production, Haima Motor said on the interactive platform that in the first quarter of this year, in order to improve business quality and avoid phased risks in overseas markets, the company optimized its production and operation work, and its monthly product sales were temporarily lower than expected.