Recently, a news about Zhongtai Automobile being acquired was transmitted to the author's ear. According to informed sources, there will be a listed non-automobile company taking over Zotye, and the acquisition cost will be RMB 2.5 billion. In this regard, Zhongtai Automobile Brands Director Xu Hongfei stated that this was "a nonsense".
According to reports, after the New Year, some similar rumours were circulating among the suppliers of Zhongtai: A non-automobile company will acquire Zhongtai, and the RMB 2.5 billion spent on the acquisition was negotiated on the basis of the original RMB 3 billion.
Zotye official: nonsense talk
In this regard, NetEase car contacted Xu Hongfei, the brand director of Zotye Automobile, for the first time. He clearly denied the matter: “the nonsense†and said that he was also the first time to hear such a thing.
At the same time, Xu Hongfei’s comment on this rumor is “impossible.†He asked in reverse: “How much money is needed to build a base? How long does it take?†Another company “sense scandal†has no news. Which company is going to carry out? Acquisition? After bold predictions, it is difficult to find important clues.
In fact, when I first heard this news, the author was really embarrassed. Let's take a rough look. How much is the Thai value?
How much is Zhongtai worth?
If you want to acquire a company, you must first assess the indicators of its fixed assets, liabilities, and brand value.
The situation of debt will not be discussed for the time being. From the perspective of fixed assets, Zhongtai’s vehicle production base will reach 7 in terms of current planning, including Yongkang in Zhejiang, Jintan in Jiangsu, Hangzhou in Zhejiang, Linyi in Shandong, Changsha in Hunan, Liyang in Hunan (new energy vehicles) and Chongqing ( New energy vehicles) Some of them are still under construction.
Zhongtai Automobile Jintan Base
Although China’s auto market has not been very optimistic in recent years, Zotye’s performance in the market has been increasing year by year, and the production base has been built to expand production capacity. In 2015, only two production bases were started construction, and one production base was completed. Total investment More than 15 billion yuan.
In April 2015, Zhongtai confirmed to invest RMB 3.3 billion in July to start construction of a new energy base in Xiangyang, Hubei Province. In September, Zotye Jiangsu Jintan Base, with an investment of 8.5 billion yuan, was completed and the first step of the X-max X5 was off the assembly line. In November of the same year, Zotye Chongqing New Energy Base started construction and invested 4 billion yuan.
Let's take a look at the brand value, do not think, this time someone is sure to jump out: "only the public will also imitate the Thai brand value?" Imitate this thing all oneself feels like it is good, but the purpose of the car enterprise is to make money, the market performance of public Thai is really rising year by year.
Do not discuss the financial, real estate and other business and other investment returns. From a global point of view, the average profit of a single-vehicle company is about RMB 5,000 to RMB 10,000. However, giants such as Toyota and Volkswagen have average bicycle profits of more than 10,000 yuan. They are like BMW and Mercedes-Benz. The average profit of a luxury car is more than 20,000 yuan. In autonomous vehicle enterprises, as the cost control is relatively less mature, the average bicycle profit is still relatively low.
In 2012, for example, the sales of Zhongtai Auto totaled 121,300 units, while the net profit of Zhongtai Holding in 2012 was 862 million yuan, accounting for a profit of 7,000 yuan. In 2015, Zotye’s auto sales reached 222,900 units. If it is still calculated based on a profit of RMB 7,000, its 2015 profit will be approximately RMB 1.56 billion, which is already a very impressive figure. In January 2016, sales of Zotye continued to increase, breaking through 31,000 vehicles in a single month. If we can continue to maintain this momentum throughout the year, its profits will only be more than in 2015.
To sum up, the seven bases of Zotye, plus the annual increase in profits, from the perspective of the book, its value seems to be much more than 25 billion yuan.
Zhongtai never lacks topics
In fact, Zotye has never been a car company that lacks a topic. In addition to the “extremely endless†segment in the commentary area, there have been many “scandalsâ€.
In May last year, Zotye and LeTV held a closed-door consultation in Hangzhou. The two sides negotiated on the development of on-board screens and smart systems. There is further news that the two parties also negotiated the content of cooperation at the auto manufacturing level.
Sesame E30
The news at the time said that the first product the two parties would cooperate with would be the Sesame E30, but now the Sesame E30 is on the market, but it does not see any LeTV. Instead of working with Zotye, it is an Internet electric vehicle operator called “Beijing Denso Automotive Technology Co., Ltd.†This company actually has a lot of connections with Zotye, and its CEO Li Chun was the executive deputy of Zhantai Jintan Automobile.
As early as May 2010, BAIC had also reported an acquisition of “smells and scandals†with Zhongtai, but then it settled down. After a year later, in July 2011, BAIC showed its attitude and clearly negotiated with Zhongtai again. Negotiate mergers and acquisitions. But this merger did not take place.
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