What sparks can be rubbed from Tigers?2022-01-29 00:10:15 61 ℃
In trillions of car service market, Tigers will become the first car service platform for the first list.
Wen 丨 BT Finance Dream
The Year of the Tiger just arrived, a company related to "Tiger" triggered market attention.
On January 24, Tigers were submitted to the Hong Kong Stock Exchange to IPO Application. The joint sponsors listed by Tujo-car market are well-known institutions such as Goldman Sachs, Zhongjin Company, USA Securities, and Ruibin Group. It is planned to raise $ 700 million. After 16 rounds of financing (the proposal data), Tigers raised the car and finally stepped into the capital market.
What is the capital market that favors the car market?
Founded in 2011, the Tuja raised car, headquartered in Shanghai. It is a comprehensive automotive market service provider. Maintenance and beauty services such as tires, oil, etc., providing cargo car service for online reservation line.
In 2011, it was the beginning of China's high-speed development. In this year, the Chinese motor vehicle guarantee exceeded 100 million. The motor vehicle has exceeded 395 million vehicles in 2021. Under such a blue sea, Tigers have been favored by capital from the beginning of its establishment.
Elenown data showed that from February 14, 2012, the first round of angels began, until the 300 million US strategic investment in Tencent on November 13, 2019, and has experienced 8 rounds of financing before and after the present invention. The financing size is about 1.1 billion US dollars, including high capital, Venus venture capital, Goldman Sachs, Zhongjin and other star capital.
At present, there is a capital of capital, and China and Fangyuan capital are three investment. Before the IPO, Tencent holds 19.41%, for the company's largest institution shareholder, enjoy the capital shareholding shares 8.98%, sewing China Shares 7.56%, housing capital 5.46% of the stock is another three-family investment agency that has over 5%. The founder and CEO Chen Min shares were 11.76%, Hu Xiaandong held 3.22%, Baidu Shares 2%, and 2.32% of China Golden Shares.
Under the blessing of many capital, as of the third quarter of 2021, Tigejo raised the "Tige Turi Raising Cast Wood Store" with 202 self-owners, 3,167 Tige Tiger, 33,223 cooperative stores, covered 31 national Provincial, autonomous regions, municipalities directly under the Central Government, and online service networks cover most of the prefecture-level markets in China, become China's largest independent car service platform, and this expansion will continue.
For this IPO's purpose, Tigers have clearly stated in the prospectus, and the funds will be used to improve supply chain, research and development and data analysis technology, expand store network and franchise-based foundation, and offline support teams are also fundraising. One of the main purposes, and also uses to invest new energy vehicles related services and tools and equipment. These pathways will be the interests of the fundraising of Tigers.
Car service and internet thinking
According to the data of the prospective industry research, in the past decade, China's motor vehicle ownership has increased by 12%. As of now, China's car ownership is 395 million, which brings huge market space to the automotive service industry.
In 2020, China's automotive service market broke through 1 trillion yuan (1.03 trillion), including car maintenance and maintenance as maintenance of automotive maintenance and maintenance, car wash and automotive beauty and auto parts car service three major sections, its scale 6.93.4 billion yuan, accounted for 70% of the entire car service industry.
Such a broad market space provides a relatively stable development opportunity for Tigers, and Chen Min, from 2011, has created a Tiger Trojan in 2011, has developed it into a car service platform for the integrated operation of online line, with 7280 Wan's registered users and 1.39 million trading users have become the leaders in the domestic automobile service enterprises.
Chen Min, from the establishment of a Tiger Trojan, who will invest Internet thinking into Tuji, from Shanghai Appen Information Technology Co., Ltd., can see that Chen Min has positioned it as an Internet company, not a simple car service store , Online appointment, online service model, also in line with the development law of Internet companies.
The service store of Tujo car is a line-in point of the terminal customers, and is in the first line of user interaction. At present, Tigers have established a wide range of service store networks across the country. Digitally driver, provide users with high quality products and service experience, and optimize the business management capabilities of small and micro entrepreneurs through digital solutions, attracting the franchise of many car service stores and many car owners.
However, the high-speed development of Tigers, and the problems faced by the early development of Internet companies: high-crescent collection, high loss. It can be seen in the prospectus of Tuja, in 2019, 2020 and 2021, January-September to September, Tuja's business income is 7.04 billion yuan, 8.753 billion yuan and 8.441 billion yuan, 2020 year-on-year Growth 24.3%. The 7 months of revenue in the past 2021 years ago in the epidemic is as high as 8.442 billion yuan, an increase of 41.8% year-on-year. According to the previous quarterly revenue, in 2021, the probability of Tuja raised the car camp will exceed 11 billion yuan.
High-crescent collection is also accompanied by high loss, the amount of loss corresponding to the same period is 3428 billion yuan, 3.928 billion yuan and 4.435 billion yuan, less than three years, the amount of loss is 11.8 billion yuan. After adjustment, the net loss is 1.04 billion yuan, 970 million yuan and 900 million yuan, and the net loss is 2.9 billion yuan.
But it is not to ignore that the gross profit margin of Tigers is steadily improved. The overall gross profit margin increased from 7.4% in 2019 to 12.3% in 2020, in September 2021, further increased to 15.5%. From the overall situation of Tigers, the revenue in the past three years has always maintained rapid growth. In the case of poor performance in the overall performance industry, it is not easy. To know in this case, Tigers raise a car. The achievement of billions of sales have been obtained in 2021.
Similar to many Internet companies, the promotion fees for Tigers carpets are relatively high. Its statements show that the marketing costs in 2019 were 1.241 billion yuan in 2019, and the marketing costs were 1.263 billion yuan in 2020, an increase of 21.3%. Marketing costs accounted for 14.7%, 14.4% and 14.5% of total revenue in the same period.
This is basically similar in the automotive service industry, because the competitors are like a cloud, even the Internet giants such as Ali will come to a piece. In 2018, Tmall car teamed up with car superman, Kangzhong Auto Parts Encouffined Automobile Post Market New Company; In 2019, the little orange car service is on the line independence app, and the longitudinal surrounding vehicles expands diversified vertical services; 2020, three arm six arms announced 4 billion yuan B round financing, as a steam with chain supply chain platform, the entry of the three-headed six arms makes the Tigers feel oppressed. In order to seize the market as soon as possible to exchange the market, this is the logic that the capital can understand.
In the marketing promotion, Tigers are also robbed in the market share, and at the end of 2020, the top five largest automotive service supplier stores totaled about 8488, until the end of 2021, the top five cars The service supplier store is 10,600, the number of Tuja-Tuji Truck is 3,369, which is 137% compared to 2019, accounting for 32% of the top five stores in the third quarter of 2021, which has become the top five car service providers. Better than the highest business.
In addition, it can also be seen from the present invention, and the losses of Tuji-raising car doors are narrowing year by year, which is undoubtedly a good news. In 2020, the Tuja-raising car door store has a net loss of 15.79 million yuan. The net loss of the store has dropped to 13.16 million yuan in the first three quarters of 2021. Analysis pointed out that the performance of the store in the market is mainly affected by the epidemic, and after the epidemic is controlled, it has been in the market.
In addition, the Tiger Truck is constantly optimizing the product structure to increase the level of profit. For example, the gross profit margin for the brand and its own brand is higher. Tigers have launched 33 self-product brand, and 34 special product brands, and are increasing investment. The receipt and higher profit margin laid a solid foundation.
Will the New Energy Car Will Next Tight?
In recent years, new energy automobile market has developed rapidly, and 2021 new energy vehicles have been fully explosive.
China Automobile Association data shows that in 2021, new energy automotive production and sales increased by 160% year-on-year, continuously maintaining high growth trends, and new energy vehicles have risen from 2020 to 13.4%. According to the previous Central Automobile Association, China's new energy vehicle sales will reach 5 million vehicles in 2022. Organity predicts that this data is expected to exceed 6 million units, and new energy automotive penetration is around 22%.
As of the end of 2021, the national new energy vehicle guarantee reached 7.84 million, of which pure electric vehicles were 6.4 million, accounting for 81.63% of the total new energy vehicles, and huge bails also brought infinite imagination for the service market.
The maintenance and maintenance of future new energy vehicles will become an important part of Tigers, but industry people also pointed out that new energy vehicles and traditional fuel vehicles have a huge maintenance and maintenance in the late auto, and the engine and transmission required for traditional fuel vehicles. , Replacement of changing maintenance and maintenance of oil, filter, spark plug, etc., and the maintenance of new energy vehicles is mainly concentrated in battery maintenance and repair, which will present new Require.
It is predicted that the maintenance and maintenance of new energy vehicles will be the main battlefield in the field of automobile services. From the statement, Tigers are actively layout, and Tigers are clearly illustrated in the statement to "explore" in this area. In fact, the Tiger Trojan Car has to be in-depth in the future market layout than the phenomenon. At present, new energy vehicles such as Tigers and extreme foxes, zero runs have reached a strategic business cooperation, and will have a willingness to explore energy automotive battery services.
The development time of new energy vehicles is not long, so most new energy vehicles are in the years to replace the battery pack in eight years, and the maintenance cost of new energy vehicles in the near future will be relatively low. Compared to fuel cars, pure electric vehicle power system maintenance costs decreased by 41.9%, tires, chassis and other components and battery maintenance costs increased by 4.6% and 8.8% respectively. From the data surface, the daily maintenance cost of pure electric vehicles is only equivalent to 71.5% of the same fuel car. However, new energy vehicles need to replace the battery pack. If you add this service new energy car, the maintenance maintenance and maintenance is 155% higher than the traditional fuel truck, so the new energy car's post market cake is better than the traditional car.
Industry researchers pointed out that Tigers raise a car, the new energy car battery repair is undoubtedly the right direction, and the Tiger carried the car's penetration rate in the new energy vehicle. If it can be cut into this market, the second growth curve will undoubtedly open the second growth curve. In addition, the Tiger Truck is still aiming in digital transformation. In 2019, Tigers have a total of 20166 stores. In 2020, it has increased to 25,773 home. At the end of September 202, this number became 36,592, and the online line is integrated. According to the analysis, it is necessary to take advantage of the number to quality in the case of scale expansion. The next step is to be finely operated from the quantity to quality.
Overall, Tigers carried out online platforms, and wired to open the store, and users and services have opened their links through the Internet. With more and more stores, add to Tigers in the store, Tigers form a benign circulation And competitive barriers, the acceleration growth of scale economy and business is only a time problem, and Tigers hit the IPO this time.
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