The future of new energy vehicles is uncertain, Universiade Motors IPO plans to raise 5.17 billion yuan for blood transfusion

Just when Lifan Motors in the "mountain city" Chongqing was declared bankrupt and reorganized by the court, Dayun Motor Co.

When people sighed about the decline of Lifan Motors, they also squeezed a cold sweat for Dayun Motors.

Building new energy vehicles is an extremely money-consuming business, and Dayun Automobile is running for it.

Why choose to gamble heavily to enter the new energy passenger vehicle market at a time when the sales of new energy vehicles are declining and the state subsidies have fallen sharply? In this regard, a reporter from China Business News called and wrote to Dayun Automobile.

According to Feng Shiming, executive director of Shanghai Minghua Youdao Consulting Co.

Nearly 50% of the raised funds are invested in non-main business

From the New Third Board to the Growth Enterprise Market, Dayun Motor will raise the total amount of funds from 1.

In December 2016, Dayun Automobile was listed on the New Third Board after the share reform.

The prospectus shows that the total number of shares issued by Dayun Motor this time does not exceed 268 million shares, accounting for 20% of the total share capital after the issuance, and the total amount of funds to be raised is 5.

　　Dayun Automobile plans to invest the funds in the production line intelligentization, digital upgrading and technological transformation, pure electric light-duty passenger cars and multi-purpose passenger vehicle expansion projects, and parts test and trial production center technological transformation projects.
Among them, what is surprising is that Dayun Motor plans to invest nearly 50% (2.
53 billion yuan of funds raised, accounting for 48.
9% of the total funds raised) of the raised funds into the expansion projects of pure electric light buses and multi-purpose passenger vehicles.

　　In terms of revenue ratio, in 2019, Dayun Automobile's vehicle sales accounted for 96.
9% of operating revenue.
Among them, non-new energy vehicle revenue accounted for 81.
14% of total revenue, and new energy vehicle revenue accounted for only 15.
76%.
Non-new energy vehicles include heavy trucks, medium trucks, light trucks, and pickup trucks.
Among them, the sales revenue of medium and heavy trucks accounted for more than 68.
84% during the reporting period, which is the main source of Dayun Automobile's main business income.
From the perspective of industry insiders, most of the funds raised will be invested on pure electric light passenger vehicles and multi-purpose passenger vehicle projects that have not performed as expected in the market, and will be on an equal footing with the main business of heavy, medium and light truck projects.
In terms of output ratio, this kind of capital allocation is seriously unbalanced.

　　Low capacity utilization rate but substantial expansion

　　The capacity utilization rate of new energy vehicles at Dayun Motor’s Shanxi Yuncheng base plummeted from 84.
78% in 2017 to 2.
82% in 2019.
In the case of a sharp decline in capacity utilization, Dayun Motor plans to add 120,000 new energy vehicles Vehicle production capacity.

　　According to the prospectus, Dayun Motor will invest 2.
53 billion yuan to build employee dormitories, stamping workshops, painting workshops, welding workshops, assembly workshops, and The battery PACK production line and other ancillary facilities total 250,000 square meters, forming an annual production capacity of 20,000 pure electric light buses and 100,000 multi-purpose passenger vehicles.

　　This means that after the completion of the project, Dayun Motor will have a production capacity of more than 170,000 pure electric vehicles.
From the data point of view, Dayun Automobile's new energy production capacity investment and digestion capacity are seriously mismatched.

　　According to Dayun Motor, the investment decision was made in the context of the continued growth of the SUV and MPV markets.
However, the reporter is concerned that in the prospectus, Dayun Motor’s conclusion of “SUV market growth” and “prospective prospects” quoted 2017 data.

　　Ideal is plump, reality is skinny.
Dayun Automobile claims that by producing pure electric light buses and multi-purpose passenger vehicles to meet the needs of different customers, so as to maintain stable revenue growth.

　　In fact, the car is very expensive in the early stage.
Li Bin, the founder of Weilai Automobile, once said that it is better not to build a car without 20 billion yuan.
Byton Motors burned out 8 billion yuan and did not build a car.
In order to build a car, Tesla has suffered losses for 15 consecutive years since it was founded in 2003.

　　"It's really difficult to make passenger cars.
The technical difficulty, market size, and capital needs of commercial vehicles and passenger vehicles are not the same.
" Cui Dongshu, secretary general of the Travel Federation, said in an interview with reporters.

　　The battle for new energy without superiority

　　From commercial vehicles to the field of new energy passenger vehicles, Dayun Automobile has not yet formed its product and brand power advantages, and it is not the best time to enter now.
Compared with BYD, BAIC New Energy, Chery New Energy and other veteran car companies that have been in the new energy industry for several years, Dayun Motor, which is considered a "new life" in this market segment, released two new energy passenger vehicles at this time.
: Polygala M1, Yuanlue S1, the outlook is not optimistic.

　　In fact, from the perspective of product strength, these two cars are not very competitive in the market.
Although the same is a small SUV, the price is similar, but BAIC New Energy's 2018 EX 360 Fresh Air Edition (hereinafter referred to as "EX 360 Fresh Air Edition") is excellent in many aspects such as mileage, fast charging time, internal space, and vehicle warranty time.
Yu Universiade Yuanlue S1 2021 two-wheel drive version.
In terms of endurance alone, although it is not the latest model, the EX 360 Fresh Air Edition has a cruising range of 18 kilometers longer than that of the Universiade S1 (300 kilometers of cruising range).

　　In addition to product strength, brand recognition is also a flaw that Dayun new energy passenger cars face.
When talking about the Dayun brand, many people may think of the slogan "Wind by the world, Dayun motorcycle", but It may not necessarily be associated with new energy passenger vehicles.
But when it comes to popular companies in the new energy field, BYD and BAIC New Energy are inevitable.

　　In fact, Dayun Motor is also aware of this.
In the prospectus, Dayun Motor said when talking about the risk of entering new energy passenger vehicles, "Compared to commercial vehicles, the company’s new energy vehicles are particularly The product history of new energy passenger vehicles is relatively short.
Therefore, the sales scale and market share of new energy passenger vehicles have a large gap with commercial vehicles, and the corresponding increase in brand recognition requires a certain sales scale as a basis.
Therefore.
If the company's new energy passenger vehicle sales growth is less than expected, there is a risk of insufficient brand recognition, which will affect the company's new energy passenger vehicle sales.
"

　　Looking at Dayun Motor’s accumulation of capital, technology, brand and product capabilities, the sustainability of its new energy strategy is worrying.
(Reporter Chen Maoli)

Transfer from: China Business News

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