AutoBeta(AutoBeta.net)05/13 Report--

On May 12, Evergrande announced patent information for the first time: Evergrande New Energy Automobile Group (including subordinate enterprises) applied for a total of 3012 patents in China and abroad, of which 1355 patents have been authorized. These patents cover the core areas of pure electric chassis frame, suspension system, steering control, braking control, vehicle control, thermal management system, cell, battery module, battery pack, battery management system, motor and electric control, electronic and electrical framework, body and interior and exterior decoration, car networking, self-driving, manufacturing, smart charging and other core areas.

According to Evergrande Automobile, Evergrande has invested a total of 47.4 billion yuan in the new energy vehicle industry, including 24.9 billion yuan in research and development. At the same time, Evergrande has also set up the Global Research Institute, with 16 branches, and has an international and high-level R & D team composed of more than 3500 top researchers. The purpose of the patent announcement of Evergrande Automobile is to show that it already has the leading technology and the patent layout of the complete industrial chain, so as to give investors and consumers a reassurance.

Every step Evergrande has taken in the auto industry has attracted a lot of attention since it was announced. Evergrande Group began to layout new energy as early as 2017, and initially chose to build cars in cooperation with Jia Yueting's FF, but the cooperation between Evergrande and FF ended in failure due to lack of agreement on some projects. After being separated from FF, Evergrande Group did not stop expanding the business of new energy vehicles. First, it became the largest shareholder in National Energy Electric vehicle Sweden Co., Ltd. (NEVS), and then acquired Kanai New Energy, Hubei Tate Mechanical and Electrical Co., Ltd., e-Traction of the Netherlands, Protean of the British wheel motor company and other enterprises to form technological advantages.

After entering 2020, the layout of Evergrande has obviously accelerated. In July 2020, the listed company Evergrande Health changed its name to Evergrande Automobile. In August 2020, Evergrande released six models: Hengchi 1, Hengchi 2, Hengchi 3, Hengchi 4, Hengchi 5 and Hengchi 6. In November 2020, Evergrande officially released the Hengchi logo, which means "protect the blue sky, win the Red Sea, the Lion of the East, and be proud of the world." In February 2021, Xu Jiayin, chairman of the board of Evergrande, supervised the winter test of Hengchi, and in the same month Evergrande released three models: Hengchi 7, Hengchi 8 and Hengchi 9.

According to official information, Hengchi 1-Hengchi 9 pairs of target models are luxury cars, including Mercedes-Benz, BMW, Audi, Tesla, Xilai and so on. Specifically, the prices of A-class SUV Hengchi 5 and A-class cross-border SUV Hengchi 6 are less than 200000 yuan, compared with BMW X1, Audi Q3, Mercedes-Benz GLAs and other luxury entry-level models; B-class sedans Hengchi 2 and Hengchi 7, B-class SUV Hengchi 9 price range of 20-350000 yuan, for mainstream luxury models such as Standard Tesla Model 3, Mercedes-Benz C-Class, Audi A4L, BMW 3-Series, Xilai ES6, Tesla Model Y, etc. The price of C-class large SUV Hengchi 3, MPV Hengchi 4, C-class Hengchi 8 is 35-500000 yuan, for standard Wei Lai ES8, Tesla Model X, Toyota Elfa, Lvlai ET7, Audi A7, Mercedes-Benz CLS, etc.; D-class car Hengchi 1 price more than 500000 yuan, against standard Audi A8L, Tesla Model S, Mercedes-Benz S-class.

Evergrande also made a lot of attention at the Shanghai auto show last month. Evergrande, which made its debut at the Shanghai auto show, put nine Evergrande models on the booth in one go, the first time Evergrande has displayed a real car in front of the public since it announced the construction of the car. Evergrande's auto booth was packed on Media Day, enough to show Evergrande's attention in the market, but most of Evergrande's products are only for viewing and cannot be filmed up close. for this reason, many netizens question that Evergrande displays concept cars, not mass-produced cars.

In theory, Evergrande's first participation in the exhibition is a great boon for it, but we find that in the secondary market, Evergrande's share price has fallen continuously since its debut at the Shanghai auto show. Evergrande shares have fallen 29.82 per cent since April 19 and are currently at HK $47.3per share, with a total market capitalization of HK $462 billion, second only to BYD shares.

According to the financial report, Evergrande achieved an operating income of 15.487 billion yuan in 2020, an increase of 175 percent over the same period last year, including 15.299 billion yuan for the health management division and 188 million yuan for the new energy vehicle division. Gross profit was 2.695 billion yuan, an increase of 43 percent over the same period last year. Last year, the net loss was 7.665 billion yuan, an increase of 54.94 percent.

This morning, China Evergrande announced that it would place 260 million Evergrande shares at HK $40.92 each. China Evergrande said that the share sale had reduced the shareholding of Evergrande's top 20 shareholders to less than 90 per cent, meeting the necessary conditions for Evergrande to enter the Hong Kong Stock Exchange next. At present, China Evergrande Group and its actors hold a total of 67.64% of the shares in Evergrande Motor.

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