Mavericks Electric
Mavericks Electric (NASDAQ:NIU) released its unaudited financial report for the third quarter ended September 30, 2021.
financial report shows that Mavericks' electric sales grew strongly in the third quarter of 2021, with a total global sales volume of 397,079 units, a year-on-year increase of 58.3%. Among them, domestic sales reached 392,112 vehicles, a year-on-year increase of 59.9%. At the same time, the company continued to make steady profits in the third quarter, achieving revenue of 1.226 billion yuan, a year-on-year increase of 37.1%; net profit of 91.7 million yuan, a year-on-year increase of 14.6%.
, under the official implementation of the new national standard and the newly issued "one car, one ticket" policy in July, consumers' demand for high-quality and cost-effective electric vehicles is becoming increasingly obvious. This gives Mavericks new growth opportunities. Niu Electric launched the GOVA brand series and participated in the 39th China (Nanjing) International Electric Motorcycle New Energy Vehicle Exhibition with all GOVA brand models.
So far, the total riding mileage of Maverick Electric users around the world has exceeded 10 billion kilometers, and the global users have exceeded 2 million.
Maverick Electric is also actively expanding its offline channel business: as of the third quarter, the number of Maverick Electric's domestic stores reached 2,686, an increase of 320 from the second quarter. Following 149,649 vehicles in the first quarter and 252,998 vehicles in the second quarter, the total sales volume in the third quarter was as high as 397,079 vehicles, with sales volume rising by about 56.9% month-on-month. While
sales have steadily increased, Niu Electric's profit level has also continued to grow. In the third quarter, gross profit and net profit reached 245 million yuan and 91.7 million yuan respectively, with gross profit margin and net profit margin reaching 20.0% and 7.5% respectively, with stable profit levels.
Mavericks CEO Li Yan said that the company's cost optimization measures have shown positive results at present, and the company's performance will continue to grow as more products begin to be delivered in the fourth quarter and a series of marketing activities. According to Q3 financial report, it is expected that Maverick Electric will achieve revenue of 840 million yuan to 910 million yuan in the fourth quarter, a year-on-year increase of 25%-35%.
As for overseas business, Maverick Electric has currently covered 49 countries and regions through 41 dealers. The electric scooter product launched by Niu Electric has received more than 15,000 orders and has been delivered to the international market since September.
Mavericks launched the KQi3, an electric scooter product that plans urban micro-mobility in April this year. In the third quarter, the product attracted more than 50,000 users from more than 50 countries around the world's attention, and the total amount of the first crowdfunding reached nearly HK$10 million.
In China, the global R&D and manufacturing base of Niu Electric Smart Mobility has been completed and put into use: the base is planned to use about 170 mu. At this stage, the production capacity of Niu Electric Design has reached 2.5 million units/year, and the logistics and delivery capacity has reached more than 9,000 units/day.
It is reported that at the global strategy press conference in April this year, Maverick Electric revealed that its performance target in 2021 will be 900,000 to 1.1 million units. At present, the global cumulative sales of Maverick Electric have reached nearly 800,000, and this goal is expected to be achieved.
Overall, the real-time implementation of the new national standard policy and the implementation of supervision have made a number of electric vehicles that do not meet the regulations officially eliminated from the legal level. This has also spawned a number of "car change waves", which has become the most direct reason for the sales growth of Maverick Electric this year.
undertakes this part of consumer demand not only based on stronger manufacturing capabilities, but also depends on the construction of online and offline channels. After all, for electric two-wheeler , offline channel sales and services are indispensable.
Niu Electric 20202021Q3 Performance
However, from the perspective of revenue structure, Niu Electric's revenue from electric scooters in the domestic market in the third quarter of 2021 was 1.077 billion yuan, a year-on-year increase of 45.4%; and the revenue from electric scooters from the international market was 43.2 million yuan, a year-on-year decrease of 27.5%. Although the domestic market revenue continues to grow, the overseas market has declined due to the impact of the COVID-19 epidemic, and this impact is expected to continue until the fourth quarter. Therefore, in order to maintain the sustained growth of business and revenue, the development of domestic business in the short term will play a crucial role for Number . (This article was first published on Titanium Media APP, author/Tang Zhixiao)
