Home > Industry Information > The Talk Show Actor Helped, Hard Rigid Radish Running: This Driverless Company Wants An IPO
There are two things that have been hot these two days.
One is Wenyuan Zhixing disclosed the prospectus in the US Securities and Futures Commission (SEC), intending to be in the Nasdaq IPO in the United States.Another thing was that the Federal Reserve hinted at the earliest interest rate cuts in September.
For the autonomous driving industry, these two things are two benefits.
In the past two years, in the past two years, the US dollar shortage, coupled with the removal of the automatic driving industry in the previous two years, the capital market has no interest in autonomous driving companies. Wenyuan Zhixing will be listed in the United States at this time.
Secondly, if the Fed really cuts interest rates, then see if this wave of Wenyuan will be able to fight a good market value. Other queuing IPO companies can also have a bottom.
Although the timing does not seem so bad, I am afraid it is not so easy to get the recognition of the capital market.
It is mainly a matter of loss.
2021Nian Wenyuan knew that his trip lost 1.073 billion yuan, increased to 1.298 million in 2022, and lost to 1.949 million yuan in 2023.
In recent years, investors have lost their numbness.
Fortunately, there were a lot of investors before, and they melted a lot of money.The Tianyancha APP shows that there are players such as the China -Arab Fund in the investors.However, investors are not charity. There are also many financial investors in the previous rounds of financing. After all, financial investors want to see the return.
Therefore, even if this is a loss, Wen Yuan has reached the time when it must be listed.
So, can this wave of listed Wenyuan have an ideal valuation?Can you give investors a chance to exit?worthy of study.
//Commercial uncertainty is still there, and the story of Robotaxi is difficult to tell
IPO is a problem for Wenyuan Zhixing.
Last March launched a listing plan to go to the United States. In August, the IPO plan to go to the United States was filed by the International Cooperation Department of the China Securities Regulatory Commission. Wenyuan needs to be listed within one year, that is, the listing will be completed by August 25 this year.
It's not just that the process of listing is difficult, but it is difficult to pay for investors on the other side of the ocean.After all, the underestimation of China Stocks has become the norm, and excellent companies are still underestimated, not to mention technology companies that need to be invested for a long time and are still losing money?
Therefore, Wen Yuan Zhixing needs a strong commercial story to convince the capital market. Recently, ROBOTAXI, which has exploded, just gave Wen Yuan a chance.
Based on past experience, the more unstable companies in commercialization, the more they need stories in the IPO life.
The commercialization of Wenyuan Zhixing can be summarized in four words: the foundation is not stable.
The prospectus documents disclosed that Wenyuan knows five major businesses: Robotaxi, autonomous driving minibus Robobus, self -driving cargo vehicle Robovan, autonomous sanitation vehicle Robosweeper, and high -end smart driving.
These businesses are divided into two categories: sales of L4 -level autonomous vehicles and related sensor kit products, providing L4 autonomous driving and ADAS (advanced driving assistance system) services.
At present, ADAS services are still the main source of company revenue, and revenue also mainly comes from Bosch's order.
According to the prospectus data, from 2021 to 23, Wenyuan Zhixing's revenue increased from 190 million yuan to 348 million yuan, and revenue from Bosch increased by more than 100 million yuan.In the first half of this year, Bosch's order was unstable, and the revenue of Wenyuan's ADAS revenue decreased by 43.9 million yuan.
What does that mean?The cold air of the price war in the automotive industry has been transmitted to ADAS software suppliers.For example, although autonomous driving companies such as Wenyuan also have technology, engineering and mass production still need to work with the OEM.
At present, Wenyuan Zhixing still depends on the big customers of Bosch.In fact, this big customer is not easy. The automotive industry sneezes. Even if Bosch is more important for car companies, it has a cold as a supply chain company.As soon as Bosch has a cold, the upstream supplier's performance may suffer.
Therefore, Wenyuan Zhixing's current basic commercialization may not be really good.
In other words, the automotive industry does not fight for results. The commercialization of these companies in Wenyuan Zhixing may still have great uncertainty.Therefore, it is also necessary to tell the market that looks more perfect.
RobotaxiWill it be a perfect story?
Judging from the running fast running of radish during this time, the self -driving company will tell the market to the market Robotaxi story, and I am afraid that it will not reach the fire.
The explosion of radish running quickly, the Robotaxi market was ignited, and the capital market was ignited, but the floor -to -ceiling level was actually embarrassing and belonged to a semi -stagnation state.
A while ago, there were rumors that radish ran to Wuhan to stop, and was later rumored.After the shutdown was rumored, the radish was running to rise again, approaching the taxi price.
From the side, it can be seen that Robotaxi's landing has great resistance.After all, Robotaxi involves people's livelihood, not a simple scale economy.
In short, the large -scale landing of autonomous driving at the moment is actually delicate.For the industry, these rumors are actually companies such as empty Wenyuan Zhiyi.
Because Wen Yuan or the pony, in fact, everyone can't wait.
In terms of underlying logic, Robotaxi is indeed a very imaginative business, and Wenyuan knows not only Robotaxi, but also Robobus, Robovan ...
But the problem is that without enough money and time, these imagination can only be imaginative.
Take ROBOTAXI, which is relatively commercially commercialized, this is actually a giant game.Take Baidu, the Robotaxi business is constantly burning money, and Baidu's main business is search. The energy source continues to bring cash flow and supports the Robotaxi business.
And the pony, Wenyuan and Baidu are not a magnitude.
At that time, I was doing L4. Why did the radish run to the end? The core is to search for money bags, which does not depend on external capital.Wen Yuan and Pony need to continue to find money and find financing.
In this way, it will face a problem. The first -level market cannot find money, then the IPO becomes the only way to go.
If it is successfully listed, but there is no good valuation in the secondary market, it is also a question if the money that melted can support a long -lasting war is also a problem.
Therefore, the L4 -level driverless track is actually a contest of comprehensive strength.
This is not a problem to face the Wenyuan family. This is the industry that needs to be faced.
Unless you can really achieve profitability in one or two years and let the capital market see the dawn, even if the current stage is successful, I am afraid that you can just find a new player.In the end, how long can you play the game of drumming flowers?
//Burning money is not a problem. How to not continue blood loss is the key
RobotaxiIt is difficult to say that under the trend of the listing of driverless companies, the performance of the capital market is difficult to say.
The core reasons are not complicated. The entire automotive industry is flying, and it is a supplier for car companies. There is no money nor a future.Coincidentally, except for providers for car companies, unmanned companies really do not have a few reliable monetization methods.To come directly, it is to sell it to car companies.
However, this function of autonomous driving is just needed for high -end models, and it is a cake for the mainstream market, which is difficult to impress consumers to pay for it.
In fact, in the terminal market, 300,000 to 500,000 markets, smart driving is attractive.
The problem comes, brands that sell well in high -end markets are self -developed.
For example, ask the world, Tesla.In the end, you still have to do the role of the supplier, and the remaining car companies do not have such high gross profit, and can only suppress the supplier.
Therefore, the entire intelligent driving industry chain is attractive only by DJI.
There is a price at a low price.
The price is that the company in the industry is not listed, and the overall commercialization performance is not good, and the valuation is also very low. For example, Aurora is another Mobileye, a mobileye that has plummeted.
Wen Yuan Zhixing obviously knew that only the supplier had no imagination.Therefore, this time the IPO, Wen Yuan obviously wants to tell a different story to the market. For example, tell a high -haired story about selling services?
In fact, from 2021 to the first half of 2024, Wen Yuan's business structure has changed much.The proportion of product revenue decreased from 73.5%to 14%, and the proportion of service revenue rose from 26.5%to 86%.
The changes in this business structure have also improved the gross profit margin.
2021From year to 2023, Wen Yuan's gross profit margin was 37.4%, 44.1%, and 45.7%, respectively.
Why do you lose money for such a high gross profit margin?The reason is that the money you earn is far from spending much.
artsThe far-revenue increased rapidly, but it was still lacking. During the 2021-2023 period, it increased from 138.2 million yuan to 401.8 billion yuan.In terms of R & D expenses, from 2021 to 2023, the R & D expenses of Wenyuan Zhiyi were 4.432, respectively.100 million yuan, RMB 758.6 billion and RMB 1.058.4 billion.
The three -year investment in R & D has 2.26 billion yuan, and the research and development of autonomous driving technology is too burnt.
This will also bring another problem. Now part of the R & D investment can be listed as assets. So as the R & D investment will gradually be recognized as costs in the future, will financial losses be more serious?
Either high investment or losses. Anyway, high R & D investment is a political correctness.
In fact, it is also confirmed from the data that today's autonomous driving industry is still in a relatively early technical investment phase, and it is a long distance from the business monetization cycle expected by the market.
Of course, it is not that you cannot invest high in research and development, but at this time, in fact, it is more important to keep high investment while ensuring that you have no blood loss.
This is especially important.
At present, Wenyuan Zhixing still has cash available.
The prospectus also mentioned that the funds raised by the IPO will also be mainly used to support R & D and commercial operations.35% of them will be used for the research and development of autonomous driving technology, products and services, and 30% will be used for the commercialization and operation of the autonomous driving team, as well as marketing activities that expand more markets.
After the successful listing, then for the next time, the ammunition in Wen Yuanzhi's hand was still ample. Whether it can successfully find his own commercialization road, giving investors a decent opportunity to exit, it is worthy of attention.
In the end, this time Wenyuan Zhixing went to the United States to go public, it still has a certain historical significance.
Under the background of the competition between China and the United States, it is obviously not so easy for Chinese technology companies to go public in the United States. How many technology companies will be listed in the United States in the future will actually have great uncertainty.What is the fate is actually full of uncertainty.
In short, cherish the opportunity to grasp the present, help our country's hard power on the next level, and the autonomous driving enterprise is inconceivable.
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