AutoBeta(AutoBeta.net)09/07 Report--

On Sept. 6, several media reported that Chen Rui, chief financial officer of Nawei Automotive, had recently left and was replaced by Pan Deng, former managing director of Goldman Sachs (Asia), who was in charge of automotive finance. In response to this report, Naha automobile insiders said: "this personnel adjustment is a normal change."

It is understood that Panden, who worked at Goldman Sachs for nine years and was in charge of investment banking, left Goldman in August this year. Prior to that, he worked at Merrill Lynch, Bank of America and QRM, an American consulting firm. As for Chen Rui, there is not much information about him in the market, and his last public appearance was in June. Together with the founder and chairman of the Ark, he attended the signing site of Nahan Automobile's cooperation with CITIC Bank and CITIC Securities on supply chain finance.

On June 26th, Hezhong New Energy Automobile Co., Ltd., its parent company, submitted an application for listing to the Hong Kong Stock Exchange. if IPO succeeds, it will become the fifth new power car company to land in Hong Kong. Earlier in 2020, it was reported that Hezhong Motor had launched the IPO program, but compared with the successful listing of Wei Xiaoli in the United States in the same period, Naha Automobile IPO was "defeated" Science and Technology Innovation Board that year.

According to the data, which is the automobile brand of Hezhong New Energy Automobile Co., Ltd., released in June 2018, the first mass production model is called N01, but it has been suspended from production and sale. Since then, the layout includes which car S, Nezhong X, Nezhong GT, Nezhong AYA, Nezhong L and so on. It should be noted that in the past three years, Nashi's car has spent more than ten billion yuan, but it has still failed to stop its losses. According to the prospectus, from 2021 to 2023, Naha's revenue was 5.087 billion yuan, 13.05 billion yuan and 13.555 billion yuan, respectively, and losses were 4.84 billion yuan, 6.666 billion yuan and 6,867 million yuan respectively, with a gross profit margin of-34.4%, 22.5% and 14.9%, respectively. According to the financial data, Naha lost 18.373 billion yuan in the three years from 2021 to 2023.

In addition, in the end market, Nashi car sales have been in the doldrums since 2023. Data show that Naha car is the top seller of the new car-building force in 2022, delivering a total of 152073 cars, becoming the dark horse of the new car-building force; it fell to 127496 in 2023, down 16.16% from the same period last year, and only 51% of the annual sales target of 250000 vehicles. After entering 2024, the performance of Nashi car in the auto market has not improved much. Data show that in the first eight months of this year, the cumulative sales of Naha cars were 75790, down 10.3% from the same period last year. In the same period, the other four new car-making forces all achieved year-on-year growth, including ideal cars and zero-running cars up 38.40% and 90.47% respectively.

According to the plan, the global sales target of Naha in 2024 is 300000, of which 200000 are domestic and 100000 are overseas. According to the analysis of sales in August, it is almost impossible for Nahu to achieve its annual sales target. Under the background of pressure on sales, Nahu needs IPO to ease the financial pressure as soon as possible. As to whether this personnel change can further promote the IPO process of Nahu Automobile, it remains to be verified.

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