AutoBeta(AutoBeta.net)11/02 Report--

On November 1, Haima Motor was subject to the supervision letter of the Shenzhen Stock Exchange due to the large extent and time lag of the correction of the financial report. According to the regulatory letter, on April 23, 2021, Haima disclosed the announcement on the Correction of Accounting errors, correcting accounting errors in the first quarter report, semi-annual report and third quarter financial statements of 2020. Among them, the operating income in the first quarter of 2020 was corrected from 442 million yuan to 202 million yuan, the half-year operating income from 1.311 billion yuan to 624 million yuan, and the total operating income in the first three quarters from 1.937 billion yuan to 938 million yuan.

It is worth mentioning that in May this year, Haima just withdrew the risk warning, changed the abbreviation of securities from "ST Haima" to "Haima", and changed the daily rise and fall limit of stock trading price from 5% to 10%. Affected by the news, the share price of Haima Motor fell.

2017 is the turning point of Haima car from prosperity to decline. After a loss of 994 million yuan in 2017, Haima continued to lose 1.637 billion yuan in 2018. Although it made a net profit of 85 million yuan in 2019, it made a profit mainly through the recovery achieved through the sale of idle real estate, company equity and government subsidies. After deducting Fei, its net profit loss reached 731 million yuan.

On April 24, 2019, Haima Motor was given a "delisting risk warning" treatment, and the stock was changed from "Haima Automobile" to "* ST Haimai" because of negative net profit for two consecutive years.

In order to save Haima, Jingzhu returned as chairman of the company. Data show that Jingzhu joined Haima Motor in 1988, served as chairman and party committee secretary of Haima Automobile Group at the end of 2004, and resigned as chairman of the board in July 2013 for personal reasons. After being re-elected as chairman, Jingzhu said he was "determined to return to the front line, recreate seahorses and lead employees to start a business for the fourth time."

However, Jingzhu returned to the hippocampus, more is to invigorate funds. During the period from 2019 to 2020, Haima successively sold more than 400 properties in Haikou and Shanghai, as well as some real estate properties and spun off the automobile R & D business, turning losses into profits in 2019. Under a series of operations, the securities of Haima Motors was changed from "* ST seahorse" to "ST seahorse" in June 2020 and changed to "seahorse car" in May 2021.

According to the latest financial report, the operating income of Haima Automobile in the first three quarters of this year was 1.15 billion yuan, with a net loss of 170 million yuan, and a net loss of 270 million yuan after deducting. It is not difficult to see that in the absence of liquid asset disposal, it is not realistic for Haima to rely on its main business to turn losses into profits. It is understood that the cumulative sales of seahorse cars in the first three quarters were 22328, an increase of 136.30% over the same period last year, but the sales data disclosed by Haima Motor includes Xiaopeng G3, which is produced by Xiaopeng Motors. In the first three quarters, the cumulative sales of Xiaopeng G3 was 16933. In other words, the sales of seahorse cars are less than 10,000 cars.

As the only car company in Hainan, Haima Motors may rely on local geographical advantages to transform to new energy vehicles in the future. Since January last year, Haima Motors has announced the development of hydrogen fuel cell vehicles and cooperated with scientific research institutions to build integrated stations for water hydrogen production and high-pressure hydrogenation, which may have brought some room for imagination for the rise of Haima Motors. However, Haima Motor can still maintain a wait-and-see attitude, there is no brand awareness, no core technology, lack of development goals, Haima Motor can turn around in the auto industry with overcapacity remains to be tested.

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