Recently, the car officially released the fourth quarter of 2020 and the annual financial report, and the investor call was then held.
Financial report data shows that in 2020, more than 43,700 new cars were delivered for the whole year, with a total income of 16.2579 billion yuan, a year-on-year increase of 107.8 percentage.
At the same time, in the phone meeting, Li Bin, CEO, said that the current factory month production capacity has reached 7,500 levels.
However, he did not directly respond to investors to deliver expectations throughout the year, but euphemistically expressed the attitude of cautious and optimistic, and encouraged the outside world to be reasonably raised.
Now, Teacher State will take the following to speculate on:
The delivery expectation of the first quarter of 2021 is around 20,000 units. According to the current level of 7,500 energy capacity per month, it is expected to pay more than 80,000 units in the whole year.
And we all know that the Spring Festival holiday is affected, which is generally the off-season of automobile sales at the beginning of the year. It is believed that the monthly delivery of the next month will not be unexpected.
Therefore, we have reason to believe that the most optimistic goal is to impact 100,000 milestones this year. If this number can be achieved, it also means that it will be truly qualified to become a second-line luxury brand camp, and have a higher capital with traditional fuel truck luxury brands.
Other highlights of the Finance, as follows:
■ Delivery camp collection double growth, gross profit margin 
[123 It is said that the Financial Report showed that car delivery in the fourth quarter was 17,353, including 4,873 ES8, 7574 ES6 and 4,906 EC6, the same period of 8,224 in the same period last year, 12,206 in the third quarter. 2020 The annual car delivery is 43,728, 20,565 in 2019.
In the financial revenue, it is only 6.64 billion yuan in the fourth quarter of 2020, an increase of 46.7 percentage. Year revenue 162. 57.9 billion yuan, a year-on-year increase of 107.8 percentage.
Further, it has been questioned by “burning money”, and the gross profit margin is also realized: 2020 Maori It was 1.873 billion yuan, compared to 2019, the hair profit was 1198 million yuan. The maintenance rate of automobile business is 17.2 percentage, the same period of last year is -6.0 percent, and the third quarter is 14.5 percent. 
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Net loss is over 5 billion, but the hand holds 42.4 billion cash
, although the revenue is soaring, under high investment pressure, it is still in The loss is only a significant decline in the year compared with the previous year:
2020, the net loss is 5.304 billion yuan, and the net loss in 2019 is 1.1295 billion yuan. In contrast, in addition to selling car camps, it is an important reason for the cost control. Take sales, administration and general spending as an example, the expenditure of this part of 2019 is 5.451 billion yuan, and 2020 is 3932 million yuan.
It is worth mentioning that although it is still lost, but the funds on the hand can be described as “plenty of food”: cash reserves (cash and cash equivalents, restricted monetary cash, short-term investment) reached 42.45 billion yuan .
In this way, the operation of the flight is indeed in the development of healthy tracks. So next, what is the new development plan?
■ R & D first, strengthening the systemization efficiency
While the financial report is announced, the official emphasizes the word “systemic efficiency improvement”. Specifically, it is a comprehensive improvement of R & D, sales outlets and shift electrical facilities:
In the development of R & D, Li Bin, who came to CEO, said that R & D investment is expected to increase to 5 billion yuan, compared to 2020 24.9 The level of 100 million yuan is doubled.
Interesting is that the R & D investment in 2019 is 4428 billion yuan. In addition, we can also compare the research of two new potentials in China.Input numbers: 
In 2020, the ideal automobile R & D investment is 1.1 billion yuan. Xiaopeng Automobile as of the third quarter, R & D investment was 1.266 billion.
In this way, the investment in R & D is obviously significantly higher than the other two new forces, and only hope that at the same time, it will further enhance fund utilization, for consumers. Bring leading technology experience.
In the sales outlet and infrastructure construction, Wei came 2021 plans to build new 20 Jewa centers and 120 Juanlai space, the total number of stores will reach 366.
At the same time, the second generation of electricity exchange stations has begun to deploy, and the 2021 goal has achieved a total of more than 500 power-saving stations; at the same time planned to build 600 supercharts and 15,000 destination charging piles.
Li Bin also stated in the phone meeting, will strengthen the construction of the recovery electricity facilities in the incomplete area of rechargeable facilities such as Xinjiang, Inner Mongolia and Heilongjiang, so that consumers in these areas enjoy the same friendly electric vehicle. Experience.
At the same time, it will plan to enter the European market this year. Previously, there was a news that the export of European projects called “Marco Polo Plan” is carried out, and will build the first overseas space in Denmark Copenhagen. Subsequent messages, still need to be officially disclosed.
■ Not entering the mass market, 100 degrees battery will become a key
for the previous news, it is possible to introduce phosphate Lithium battery version model, reduce the rumors of product prices. Li Bin said that it will not enter the mass market in the world, but it does not rule out this possibility.
For the price of domestic Tesra Model, Li Bin once again said that it is different from Tesla. Tesla adopts “price reduction pulse sales”, and it will continue to focus on high-end markets, improve product and service competitiveness.
At the same time, he said that the new electric car ET7 has harvested more than expected orders, and promised that the scientific configuration of the ET 7 will land as scheduled, and plan to carry the second generation Niop.Ilot automatic aid function.
And even if the hardware configuration of ET7 is very expensive, Li Bin said that it will work hard to achieve a more reasonable profit level of 20 percentages, and believe that the NAD automatic driving system adopted by the subscription will become a new profit growth point.
Although Li Bin also responded to the risks of recent industry in optimism. He said that the industry’s hot-discussion problem is currently not affected by the propellant, which can meet the production needs of the second quarter, but still need to continue to pay attention to related risks.
At the same time, the capacity supply of 100 kWh is likely to be a recent problem. After the release, the 100 kWh-time battery has been widely concerned by the user, and it is expected that it will fully meet the demand in July – listened, and Mask’s 4680 battery capacity will be the statement of the Tesla new car process. .
In any case, according to the official disclosure, it is expected to reach 20,500 yuan in the first quarter of 2021. It is currently more than 7,500 levels of the entire industry, including battery, chip and other factors, have reached 7,500 levels, follow-up to over 10,000 / month.
So what do you think when you can achieve more than 10,000 units per month? 