Car city " cold winter " , auspicious car hands over to have window of not bright look " report " , battalion closes and net profit all has growth, but add fast put delay significantly. The parent company that is engine with auspicious car is auspicious accuse to moved past ostentatious, ceaseless " the sea is cleaned out " , nowadays stall of this one ala, woerwo also enters another ala glide passageway, "Old mother " tall indebted lever game welcomes a challenge.

Civil? Zhang Yang

Editor? Xing Yun

Go one year, the expression in civilian battalion entrepreneur most " abnormal " Li Shufu of nothing is more... than.

Be in other civilian battalion entrepreneur people the busy asset outside selling the of great capacity, regression advocate when course of study, li Shufu is taking on as before the whole world is super " buy a hand " , zhejiang is auspicious control a group limited company (next weighing " auspicious accuse " ) buy Daimuleji round, Maiwoerwo group, "Next sheet " none be irresolute when firmness is needed.

Auspicious accuse a skill ostentatious, because,that is " son " auspicious car rises abruptly gradually, the back is harder and harder. 2018, car city " cold winter " , auspicious car sales volume did not achieve a goal, battalion receives net profit to add fast reduce quickly, profitable ability is inferior to be born former days fierce.

"Engine " auspicious car stall, does Li Shufu use the game of tall indebted lever that the parent company plays in the market to you still can continue?

Auspicious car " lack of power "

Auspicious car in recent years unusually feral, the impetus that advances triumphantly nevertheless was interrupted 2018.

Car whole prices was down 2018, produce and sale double fall, drop since sales volume appears 28 years first. Sales volume was auspicious car 2018 1.5 million, the end that places from the beginning of the year still differs 80 thousand.

On March 21, 2019, auspicious car is announced last year outstanding achievement. Prices is bad, auspicious car is adopted " car sea " tactics, accelerated a product to go up 2018 new rate, drop a 7 paragraph new cars one year to the market, the product covers all sorts of types, business income breaks through 100 billion yuan first, grow 15% compared to the same period, to before mark two years of 70% above add fast, auspicious car follow-up grows " lack of power " .

By force of inventory pressure, auspicious first half of the year 2018 car begins to go actively inventory, among them high-end brand gets gram series sales volume to be inferior to anticipating, agency depreciates processing, cause auspicious car average price goes low. Average price is auspicious 2018 car 68 thousand yuan, and 2017 is 73 thousand yuan, although the affiliation of high-end brand, still fail to promote the average price of auspicious car, "Sexual price is compared " brand image upgrades experience challenge.

Win the gimmick of the market through lowering the price, cause huge loss to the net gain of auspicious car, its net profit was 12.6 billion yuan 2018, grow 18% compared to the same period. And net gain of before two years all breaks up one time more than.

After experience erupts 3 years greatly, how does auspicious car maintain follow-up growth, it is the issue that Li Shufu earnestly wants to solve. Enter 2019, sales volume was auspicious car in January 158 thousand, achieve only month to sell a record, but grew 2.1% only compared to the same period. If only statistical home sales volume, decrease compared to the same period about 2% . In Feburary, auspicious car sales volume drops compared to the same period 24% , sold 84 thousand only.

Enter in March, car of brand of many foreign capital lends value added tax reduced chance, move low retail price in succession, high-end model is top depreciate achieve 779 yuan, and auspicious plan gets a gram in what rolled out 2019 04, get a gram 05 will be faced with this one round to depreciate the adverse effect that tide brings.

2019, auspicious car plans to roll out 16 new cars, continue " car sea " tactics, but the sales volume that get a gram is lack of power, car is average the value is inferior, net profit increases fast promotion difficulty.

? Auspicious get gram head money to allow a quantity to produce model LYNK&CO 01 is released

Big environment is bad, auspicious car is quite careful also, the sale 2019 the target is moved low reach 1.51 million, with sales volume kept balance 2018, than auspicious 1.9 million ends that when accusing to issued bond 2018, expect, decrease 400 thousand suddenly.

Whole of market of current China car is down, auspicious car makes window than some with photograph of person of the same trade, outstanding achievement was announced on March 21, company share price breaks up for a time red rise 4% . Nevertheless relatively hereat the growth momentum before, auspicious car came down apparently slow, this gives the parent company that becomes capital fulcrum with auspicious car all along auspicious accuse brought pressure.

02

Parent company spend money like water

A few this years Li Shufu passes a parent company auspicious accuse be in all the time mad " the sea is naughty " , expectation and auspicious car development form the force that supports each other.

"The sea is cleaned out " the method is Li Shufu suffers what put bovine experience in one's childhood to inspire probably, he ever was described, "Want to ride to bovine back in one's childhood, have to pull Niu Qucao's flourish place, use the opportunity that it lowers his head to browse, ascend bovine back " .

? Li Shufu

2010, auspicious accuse take " big ox " Woerwo, implementation " the snake swallows an elephant " miracle. After purchasing Wo Erwo steam successfully, auspicious charge the financing means such as a pair of equity, bond use practised of all the more, overseas open " buy buy buy " mode. Take next London taxi companies early or late, treasure vacates a car the share of 49.9% , Lutesi (British lotus) the share of 51% , and Motor Corporation of American Terrafugia flight.

Enter 2018, of Li Shufu " the sea is cleaned out " list is bigger and bigger card. It is first purchase a Wo Erwo group with 3 billion euro the equity of 8.2% , become this company the biggest manage a partner. Back-to-back, open up again endowment 9 billion dollar obtains Meisaidesi - run quickly the parent company wears Mu to strap 9.69% equity, become Daimule the largest single stockholder.

The bound that occupy town is not complete statistic, auspicious the investment that has to look forward to of afore-mentioned 7 abroad cars, total amount exceeds 14 billion dollar (add up to a RMB about 95 billion yuan) .

Buy besides, auspicious accuse still must break money dilate to produce can, form synergism with the brand of car of a person of extraordinary powers that be bought and comes. Current, auspicious accuse a home to cover Guiyang in the project that build, south fill, Ning Bo 3 ground, the plan always invests nearly 17 billion yuan, 70% need take up have oneself, funds raised by oneself. Among them, mixed 2018 aggregate 2019 still need to throw 4.26 billion yuan.

There still is a White Russia outside the condition auspicious car CKD assembles mill project, plan investment is 330 million dollar, needed to invest 5 million dollar 2018.

At the same time mad " buy buy buy " , break money at the same time " build build build " , this backside is auspicious charge a heavier and heavier financial cost and debt load.

Come from the rapid growth of Wo Erwo series and auspicious series originally, let auspicious accuse can obtain capital to prop up, achieve financial balance. Nevertheless, auspicious car enters the one ala of strong in the past growth glide passageway, another ala Wo Erwo also faces a challenge.

After Wo Erwo is bought, it is all the time auspicious accuse a contribution major run closes, it is auspicious accuse more of rely heavily on sb's service " engine " . However, interest rate of wool of Wo Erwo whole goes low continuously, the 3rd quarter dropped 2018 broken 20% . The wool interest rate of auspicious car increases the corresponding period cannot of car of Wo Erwo of fill and level up glide.

2018 annual, wo Erwo sales volume is six hundred and forty-two thousand two hundred, did not reach 650 thousand year to sell an end, what overfulfiled sale target in the past is brilliant continue hard. Sales volume growth is slow make the factory produces Woerwo can cannot get be developinged adequately, dimensions benefit comes true hard, bicycle cost is higher.

Auspicious accuse an intent before this to make Wo Erwo car alone appear on the market, with additional capital. According to financial times report, in September 2018, auspicious accuse because Sino-US trade friction causes appraise,the cost worries, satisfy those who delay Wo Erwo car to appear on the market time.

03

Lever game welcomes a challenge

Be good at lending money, be Li Shufu " label " . He does poineering work for the first time the money of the photo studio, namely from father over there borrowed, money borrows more more, the company is bigger and bigger also.

2019 New Year beginning, both wings gets extruding, expression not beautiful, the parent company is auspicious accuse lever game welcomes not small challenge, dead horse expires centrally, tall look forward to of new debt interest, apparently scene is infinite auspicious accuse, capital " close band " jump over Dai Yue to tighten.

In January end, to solve the Zhejiang lofty sentiments of subordinate and responsible production 3.58 billion yuan of component purchases cost, auspicious accuse issue 2.5 billion yuan to exceed short be in harmony, namely the capital of 70% is the borrowed that send debt.

This first phase exceeds short be in harmony to issue material to show, up to September 2018 end, auspicious accuse a bond that reachs its subordinate subsidiary to wait for countervail aggregate RMB 25.4 billion yuan, include the sea external debt of 1 billion dollar, 1 billion euro and Ke Lang of 3 billion Sweden among them.

Deliver fund of debt complement operation, it is auspicious accuse in open " buy buy buy " the customary maneuver after mode. Zhejiang province hair changes appoint the website shows, 2018 the end of the year, auspicious accuse an application to issue 20 billion yuan of debenture to taking technological process, among them 10 billion yuan are used at automobile industry project, 10 billion yuan are used at fund of transport of additional firm battalion.

2019, auspicious the bond that accuses a home to issue will greet to expire small height. At the beginning of March, auspicious accuse just return brushstroke 1.5 billion yuan in ticket, according to occupying Wind statistic, auspicious accuse a bond that expires inside a year to still have 5.7 billion yuan.

To repay a debt, auspicious accuse always like " tear open east the wall fills on the west wall " . In April 2018, auspicious accuse those who draft 2 billion yuan to issue first phase is medium ticket, use at remanding group and subordinate subsidiary are of all kinds debenture bonds and loan of orgnaization of of all kinds finance, cancel to issue again after the ticket in this first phase nevertheless.

Exhibit greatly all the way " money ability " , bring about auspicious accuse a short-term loan and long-term loan to be in 2018 the 2nd, 3 quarters increase sharply. Financing combines a fist, although be able to alleviate,auspicious capital flows, but financial cost goes high continuously however, the 3rd quarter achieved 1.2 billion yuan 2018, erode gain then.

Data shows, auspicious accuse indebted dimensions was the 3rd quarter 2018 two hundred and twenty billion five hundred and twenty million yuan, relatively the beginning of the year grows 34.27 billion yuan, indebted rate is asset 67.15% , prep above industry is average level.

What lend money ceaselessly is auspicious accuse, on Zhang face however very " rich " , fund of 3 quarters money was the company 2018 64.07 billion yuan, the cash of a huge sum lies on Zhang need not, auspicious accuse aux would rather bear higher and higher interest, also need not own reserves.

2016, 2017, auspicious the monetary fund that controls a majority is put in the bank. Its money fund was year end 2017 54.27 billion yuan, among them bank deposit is 52.77 billion yuan. The interest income that gains two this years is 484 million yuan respectively, 661 million yuan, with quarter of the corresponding period average money fund thirty-six billion seven hundred and forty-nine million yuan, will forty-nine billion one hundred and seven million yuan calculate, yield is 1.31% with 1.34% .

To this, auspicious accuse a relevant controller to explain to city bound: "Auspicious accuse a capital stock return rate to be in 24% the left and right sides, below case of higher capital stock return rate, doing debt financing is a kind of reasonable financial arrangement. Doing debt financing is a kind of reasonable financial arrangement..

The letter is built in cast to cast a personage to point out to city bound, "Company of tall specification of capital stock return rate can afford accrual, but abandon own reserves of a huge sum need not, choose to cease through having however indebted will obtain fund, such operation makes a person indissoluble " .

2019, chinese car market leads low speed to move probably, in bicephalous profit " milk cow " below the case that all shows exhausted state, what before be in debt, go is auspicious accuse a capital to flow into experience predicament, the bar bar game that counted in the past still can play how long, became unsolved problem.