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海虹99
10-07
$第四范式(06682)$
啥情况?央视也拉不动你?
海虹99
10-04
$第四范式(06682)$
是人工智能AI股吗?
海虹99
07-11
$中赣通信(02545)$
为何刚上市跌跌不休,欺诈上市要退市吗?
海虹99
07-02
$中赣通信(02545)$
申购融资倍数那么高还大幅破发,看来申购新股,只有证券公司包赚不赔哦
海虹99
03-26
$百度集团-SW(09888)$
AI厚积薄发,即将形成向上反转之势,近期只买不卖
海虹99
2022-03-18
$小米集团-W(01810)$
涨少跌多,小米颓废了
海虹99
2022-03-18
$小米集团ADR(XIACY)$
涨得少跌得多,小米形象呢?
海虹99
2022-03-18
$小米集团-W(01810)$
呵呵,要看美国的指挥棒吗?
海虹99
2022-01-25
$小牛电动(NIU)$
几千股就能把小牛砸出个大窟窿,这是家什么公司?
海虹99
2021-12-20
小牛存在问题,但不能这么黑
小牛电动,困在股价里
海虹99
2021-12-16
$小牛电动(NIU)$
没有最低,只有更低
海虹99
2021-12-10
$雍禾医疗(02279)$
近2月里唯一的申购、唯一的中签、唯一的期待[财迷] [比心] [保佑]
海虹99
2021-12-04
$小牛电动(NIU)$
滴滴退市,小牛陪葬
海虹99
2021-11-24
$云米科技(VIOT)$
股价这么一直持续下跌,难道不是对业绩利空有提前消化?
海虹99
2021-10-27
$老虎证券(TIGR)$
有好戏看,应该能过10
海虹99
2021-10-18
$唯品会(VIPS)$
美股投资者知道中国有个双十一吗
海虹99
2021-08-23
$先瑞达医疗-B(06669)$
融资没中,但考虑暗盘买点
海虹99
2021-07-14
$洋葱集团(OG)$
腐烂发臭的洋葱
海虹99
2021-07-01
$洋葱集团(OG)$
洋葱垃圾本色
海虹99
2021-06-23
$洋葱集团(OG)$
烂了的洋葱
去老虎APP查看更多动态
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啥情况?央视也拉不动你?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/357409613185256","isVote":1,"tweetType":1,"viewCount":752,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3559682184184143","authorId":"3559682184184143","name":"游客12345678","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"3559682184184143","idStr":"3559682184184143"},"content":"央视?这个是之前的很久的新闻了吧。股票不行了,就开始炒冷饭","text":"央视?这个是之前的很久的新闻了吧。股票不行了,就开始炒冷饭","html":"央视?这个是之前的很久的新闻了吧。股票不行了,就开始炒冷饭"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":356347371557112,"gmtCreate":1728008337729,"gmtModify":1728008339276,"author":{"id":"3576735227870515","authorId":"3576735227870515","name":"海虹99","avatar":"https://static.tigerbbs.com/87632149a3ce1812beef7ebdd66abb63","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576735227870515","idStr":"3576735227870515"},"themes":[],"htmlText":"<a 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为何刚上市跌跌不休,欺诈上市要退市吗?","text":"$中赣通信(02545)$ 为何刚上市跌跌不休,欺诈上市要退市吗?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/326381899927800","isVote":1,"tweetType":1,"viewCount":1162,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3464736539761756","authorId":"3464736539761756","name":"清风朗月","avatar":"https://static.tigerbbs.com/cd2c93c14815c76abe616f17308f4f80","crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3464736539761756","idStr":"3464736539761756"},"content":"中赣通信成为多空双方的教练场啊。","text":"中赣通信成为多空双方的教练场啊。","html":"中赣通信成为多空双方的教练场啊。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":323187584446520,"gmtCreate":1719912291476,"gmtModify":1719912293057,"author":{"id":"3576735227870515","authorId":"3576735227870515","name":"海虹99","avatar":"https://static.tigerbbs.com/87632149a3ce1812beef7ebdd66abb63","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576735227870515","idStr":"3576735227870515"},"themes":[],"htmlText":"<a 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href=\"https://laohu8.com/S/NIU\">$小牛电动(NIU)$</a>几千股就能把小牛砸出个大窟窿,这是家什么公司?","text":"$小牛电动(NIU)$几千股就能把小牛砸出个大窟窿,这是家什么公司?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/639924837","isVote":1,"tweetType":1,"viewCount":3725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693625636,"gmtCreate":1640015386132,"gmtModify":1640015386132,"author":{"id":"3576735227870515","authorId":"3576735227870515","name":"海虹99","avatar":"https://static.tigerbbs.com/87632149a3ce1812beef7ebdd66abb63","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576735227870515","idStr":"3576735227870515"},"themes":[],"htmlText":"小牛存在问题,但不能这么黑","listText":"小牛存在问题,但不能这么黑","text":"小牛存在问题,但不能这么黑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693625636","repostId":"1148792276","repostType":2,"repost":{"id":"1148792276","pubTimestamp":1639997616,"share":"https://www.laohu8.com/m/news/1148792276?lang=&edition=full","pubTime":"2021-12-20 18:53","market":"us","language":"zh","title":"小牛电动,困在股价里","url":"https://stock-news.laohu8.com/highlight/detail?id=1148792276","media":"BT财经","summary":"李一男官宣造车的背后,是小牛电动在资本市场受到了“冷遇”,今年以来股价下滑明显。\n\n继小米、360之后,新能源汽车赛道又迎来了一个新玩家。\n12月15日,牛创新能源科技有限公司发布英文品牌“NIUTR","content":"<blockquote>\n 李一男官宣造车的背后,是<a href=\"https://laohu8.com/S/NIU\">小牛电动</a>在资本市场受到了“冷遇”,今年以来股价下滑明显。\n</blockquote>\n<p>继小米、360之后,新能源汽车赛道又迎来了一个新玩家。</p>\n<p>12月15日,牛创新能源科技有限公司发布英文品牌“NIUTRON”,还有一个中文汽车品牌“自游家”。</p>\n<p>李一男官宣造车的背后,是小牛电动在资本市场受到了“冷遇”,今年以来股价下滑明显,从今年2月16日53.38美元/股的高点,到12月15日美股收盘,收盘价报16.58美元,总市值跌去近7成,在11月三季度财报发布以后,小牛电动的股价更是出现了大幅度下跌。</p>\n<p>困在股价里的小牛电动,能凭造车翻身么?</p>\n<p><b>小牛电动,为何得不到市场青睐?</b></p>\n<p>靠卖电动二轮车,小牛电动很难画出新的增长曲线。从财报来看,小牛电动的净利增速并不亮眼。</p>\n<p>今年第三季度营收12.26亿元,较2020年同期的8.94亿元增长37.1%,然而净利的增速远远比不上营收增速,三季度小牛电动的净利润为0.92亿元,去年同期为0.80亿元,而今年二季度调整后的净利润为1.04亿元,环比甚至出现下滑。</p>\n<p>与之形成明显对比的是,小牛电动的销量还在大幅增长,公告数据显示,小牛电动第三季度两轮电动车售出397079辆,同比增长58.3%。</p>\n<p>在具体收入结构上,来自国内市场电动踏板车的营收为10.77亿元,同比增长45.4%;来自国际电动踏板车的营收4320万元,同比减少27.5%,二季度国际营收5770万,环比也有所下滑,如此来看,小牛电动的国际业务出现了明显的衰退。</p>\n<p>跟自己比,小牛电动的退步极其明显,更不用说放在整个二轮电动车市场,相比于其他对手如雅迪、爱玛、新日等,小牛电动与其的差距仍未有拉近。</p>\n<p>从销量上看,小牛电动还远落后于同行雅迪爱玛,2021年上半年,小牛电动销量40万余辆,而雅迪电动两轮车销量合计654万辆,爱玛上半年的销量预计400万辆以上。小牛电动仅是其销量的十分之一。</p>\n<p>为了增加销量,小牛电动这些年也没少折腾,主要打法就是开门店,持续扩大线下渠道规模,第三季度小牛电动在国内新增门店320家,截至9月底,公司在中国的门店数量已达到2686家。</p>\n<p>但就销量对比,无论是走下沉路线扩张门店,还是实施海外市场扩张策略,小牛电动并没有实现销量的明显提升,至少从目前看来,跟对手差的不是一星半点。</p>\n<p>折腾了一圈以后,所幸小牛电动的现金还算充沛。从财报上看,截至2021年9月30日,小牛电动持有的现金、定期存款和短期投资总值为15.526亿元。</p>\n<p>靠着海外扩张、门店扩张策略还暂时讲不出新故事,手握还算不错现金流的小牛电动,打起了四轮电动车的主意。</p>\n<p>最近李一男宣布要造车,牛创新能源科技有限公司最新发布了英文品牌“NIUTRON”,以及一个中文汽车品牌“自游家”。</p>\n<p><img src=\"https://static.tigerbbs.com/4307dd4daf39edea6f9632efe0d96d4f\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"></p>\n<p>实际上这一造车项目,据说从2018年11月起便开始筹备,李一男早有进军新能源车的野心,其造车团队也初显规模,目前拥有核心研发人员接近1000人,平均工作年限10年以上。</p>\n<p>从时间上看,“自游家”跟<a href=\"https://laohu8.com/S/NIO\">蔚来</a>、理想、小鹏三大造车新势力晚了几年,失去了在新能源车市场的先发优势。</p>\n<p>而且就在过去的一个月,三大造车新势力集体月销破万,新能源汽车市场竞争战火纷飞,小牛电动的自游家NV能否杀出重围?一切还存在极大的不确定性。</p>\n<p><b>小牛电动,并不太平</b></p>\n<p>小牛电动,一路走的并不太平。</p>\n<p>创始人李一男本身的经历就足够跌宕起伏。身披“前华为太子”光环,在职业巅峰时期选择了离开华为,创办港湾公司成为华为的竞争对手,最后又出售给华为。</p>\n<p>第二次创办牛电科技,但公司起步后不久,李一男又因“涉嫌内幕交易罪”入狱,并随后卸任公司CEO。</p>\n<p>彼时高管李一男入狱以后,小牛电动的日子也不好过,陆续被曝出产品问题,N1部分批次被曝光有安全隐患。</p>\n<p>在黑猫投诉上,关于小牛电动的投诉有1500余条,其中包括“中控67故障代码无法定位”、“g040续航与宣传严重不符”、“用了两个月电池坏”等投诉。</p>\n<p>最近,小牛电动在今年第三季度再次经历了核心高管变更,小牛电动首席财务官张鹏于2021年9月30日离职,而后由周雯娟接任。也让这家公司的未来处于迷雾中。</p>\n<p>回到小牛电动本身来看,其最初进军二轮电动车市场,选择了走高端差异路线,也就是<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>路线,提高产品组合定价获取市场,计划最终变成行业垄断地位。</p>\n<p>但理想很丰满,现实很骨感,高定价确实让小牛电动的毛利率变得较高,跟雅迪2021年前六个月的14.9%的毛利率相比,小牛电动第三季度20%的毛利率虽有优势,但这种优势随着小牛电动布局下沉市场、雅迪新日等对手布局高端市场后也逐渐变淡。</p>\n<p>受市场需求影响,二轮电动车一向在下沉市场更有普及空间,小牛电动近些年来开始布局下沉市场,产品定价也在逐渐降低,<a href=\"https://laohu8.com/S/601162\">天风证券</a>整理的数据显示,2020年,小牛电动车单车价格由2019年的4928元下降至4063元;单车净利润更是由451元下降至280元,几近腰斩。</p>\n<p>但无论是高端市场,抑或是下沉市场,产品质量永远是王道,但小牛电动的研发费用也不算高。跟对手相比更是相差甚远,比如雅迪的研发费用一直居高不下,2020年上半年雅迪研发投入2.15亿元,爱玛的研发支出费用更高,2020年为2.39亿元。</p>\n<p>早有媒体报道,小牛电动在今年二季度的研发费用占收入的百分比仅为3.3%,而销售和营销费用却是研发费用的两倍之多。</p>\n<p><a href=\"https://laohu8.com/S/5RE.SI\">智能</a>化是二轮电动车行业未来的趋势,各大二轮电动车企都在布局智能化方向,纷纷投入重金打造智能化产品,也让整个行业的竞争变得愈加激烈,随着行业马太效应的凸显,只会更大程度地利好头部玩家,本就以“智能化”为卖点的小牛电动,在研发的投入表现上却很难真正打动消费者。</p>\n<p>这或许也是市场不看好小牛电动的原因,小牛电动上市便破发,IPO发行价为9美元/股,此后,小牛电动的股价开始了“过山车”的起伏,在2020年下旬以来股价持续走高,然而这一增长势态没能持续,今年2月以后,小牛电动的股价又开始陷入了下跌态势,市值12亿美元。</p>\n<p>在资本市场的态度上,与之形成鲜明对比的是<a href=\"https://laohu8.com/S/01585\">雅迪控股</a>,同样是二轮电动车概念,雅迪控股却俨然成了电动车的“特斯拉”,截至2021年5月20日盘中,市值达到533亿港元,目前股价虽有下跌,在470亿港元左右,但论量级依然遥遥领先于其他电动车同行,小牛电动们还是望尘莫及。</p>\n<p><b>小牛电动,做新能源车能行么?</b></p>\n<p>作为李一男的创业明星项目,小牛电动仅用了4年时间成功在美国纳斯达克敲钟上市,诞生起就备受外界关注。</p>\n<p>从2015年开始,推出了首款智能锂电电动车,在电动车也早有布局,新势力造车都会面临新能源汽车生产资质问题,小牛电动的解决方法则是租赁产业园。</p>\n<p>更早有消息称小牛电动将通过收购北汽新能源常州工厂方式实现跨界造车,但是收购没有谈成,最终选择了大乘汽车工厂,据媒体报道,小牛电动是以租赁的方式使用大乘科技产业园。</p>\n<p>造车是一段漫长望不到重点的苦旅。同行已经走过了无数的坑,作为后来者,小牛电动预计也会重复前人来时的问题。</p>\n<p>造车属于传统制造业,自然避免不了重资本投入,像国内造车新势力蔚小理,每年都会投入巨额的资金来进行技术研发,自动驾驶这些新领域显然都是烧钱项目。如今亏损依然一眼望不到终点。新造车者更是携巨资入场,比如今年3月小米官宣入局造车,就计划将在首期投资100亿人民币,后续还有100亿美元累计投资。</p>\n<p>跟小米砸下的100亿元相比,小牛电动手握的现金流只有16亿元,单从投入规模看,小牛电动也没有明显优势,而且小牛造车主要聚焦的是智能高端新能源汽车,据说未来NIUTRON的车型也将以增程式和纯电动两个方向打造,高端汽车的成本必然不低,李一男如何保证充足的营收开支平衡,还是一个重要的问题。</p>\n<p>其次,新能源汽车行业一向是质量问题的集中爆发地,除了少数零部件和整车系统以外,小牛的电动汽车电池、电机、电控核心三大系统部件几乎全都来自供应商,这也让小牛电动品控的不确定性又多了一层,单靠从供应链收购工厂是不现实的,还是要在汽车的各个环节上多下功夫,打造出过硬的产品质量才行。</p>\n<p>此外,在锂电池上游价格飙升的情况下,从成立之初就使用锂电池的小牛电动,也会面临成本飙升的压力,这也是为什么“蔚小理”成本占收入比居高不下的原因。</p>\n<p>李一男的造车梦能否顺利实现?小牛电动还能靠新能源车打个漂亮的翻身仗么?面前的一切还是未知。</p>","source":"lsy1588993976395","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小牛电动,困在股价里\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-20 18:53 北京时间 <a href=https://mp.weixin.qq.com/s/Q6ZETBu2GHxWbsAEE9C7gA><strong>BT财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>李一男官宣造车的背后,是小牛电动在资本市场受到了“冷遇”,今年以来股价下滑明显。\n\n继小米、360之后,新能源汽车赛道又迎来了一个新玩家。\n12月15日,牛创新能源科技有限公司发布英文品牌“NIUTRON”,还有一个中文汽车品牌“自游家”。\n李一男官宣造车的背后,是小牛电动在资本市场受到了“冷遇”,今年以来股价下滑明显,从今年2月16日53.38美元/股的高点,到12月15日美股收盘,收盘价报...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/Q6ZETBu2GHxWbsAEE9C7gA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bb5cb3ba7ec21eb9d191f3714e676c89","relate_stocks":{"BK4555":"新能源车","BK4558":"双十一","BK4091":"摩托车制造商","NIU":"小牛电动"},"source_url":"https://mp.weixin.qq.com/s/Q6ZETBu2GHxWbsAEE9C7gA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148792276","content_text":"李一男官宣造车的背后,是小牛电动在资本市场受到了“冷遇”,今年以来股价下滑明显。\n\n继小米、360之后,新能源汽车赛道又迎来了一个新玩家。\n12月15日,牛创新能源科技有限公司发布英文品牌“NIUTRON”,还有一个中文汽车品牌“自游家”。\n李一男官宣造车的背后,是小牛电动在资本市场受到了“冷遇”,今年以来股价下滑明显,从今年2月16日53.38美元/股的高点,到12月15日美股收盘,收盘价报16.58美元,总市值跌去近7成,在11月三季度财报发布以后,小牛电动的股价更是出现了大幅度下跌。\n困在股价里的小牛电动,能凭造车翻身么?\n小牛电动,为何得不到市场青睐?\n靠卖电动二轮车,小牛电动很难画出新的增长曲线。从财报来看,小牛电动的净利增速并不亮眼。\n今年第三季度营收12.26亿元,较2020年同期的8.94亿元增长37.1%,然而净利的增速远远比不上营收增速,三季度小牛电动的净利润为0.92亿元,去年同期为0.80亿元,而今年二季度调整后的净利润为1.04亿元,环比甚至出现下滑。\n与之形成明显对比的是,小牛电动的销量还在大幅增长,公告数据显示,小牛电动第三季度两轮电动车售出397079辆,同比增长58.3%。\n在具体收入结构上,来自国内市场电动踏板车的营收为10.77亿元,同比增长45.4%;来自国际电动踏板车的营收4320万元,同比减少27.5%,二季度国际营收5770万,环比也有所下滑,如此来看,小牛电动的国际业务出现了明显的衰退。\n跟自己比,小牛电动的退步极其明显,更不用说放在整个二轮电动车市场,相比于其他对手如雅迪、爱玛、新日等,小牛电动与其的差距仍未有拉近。\n从销量上看,小牛电动还远落后于同行雅迪爱玛,2021年上半年,小牛电动销量40万余辆,而雅迪电动两轮车销量合计654万辆,爱玛上半年的销量预计400万辆以上。小牛电动仅是其销量的十分之一。\n为了增加销量,小牛电动这些年也没少折腾,主要打法就是开门店,持续扩大线下渠道规模,第三季度小牛电动在国内新增门店320家,截至9月底,公司在中国的门店数量已达到2686家。\n但就销量对比,无论是走下沉路线扩张门店,还是实施海外市场扩张策略,小牛电动并没有实现销量的明显提升,至少从目前看来,跟对手差的不是一星半点。\n折腾了一圈以后,所幸小牛电动的现金还算充沛。从财报上看,截至2021年9月30日,小牛电动持有的现金、定期存款和短期投资总值为15.526亿元。\n靠着海外扩张、门店扩张策略还暂时讲不出新故事,手握还算不错现金流的小牛电动,打起了四轮电动车的主意。\n最近李一男宣布要造车,牛创新能源科技有限公司最新发布了英文品牌“NIUTRON”,以及一个中文汽车品牌“自游家”。\n\n实际上这一造车项目,据说从2018年11月起便开始筹备,李一男早有进军新能源车的野心,其造车团队也初显规模,目前拥有核心研发人员接近1000人,平均工作年限10年以上。\n从时间上看,“自游家”跟蔚来、理想、小鹏三大造车新势力晚了几年,失去了在新能源车市场的先发优势。\n而且就在过去的一个月,三大造车新势力集体月销破万,新能源汽车市场竞争战火纷飞,小牛电动的自游家NV能否杀出重围?一切还存在极大的不确定性。\n小牛电动,并不太平\n小牛电动,一路走的并不太平。\n创始人李一男本身的经历就足够跌宕起伏。身披“前华为太子”光环,在职业巅峰时期选择了离开华为,创办港湾公司成为华为的竞争对手,最后又出售给华为。\n第二次创办牛电科技,但公司起步后不久,李一男又因“涉嫌内幕交易罪”入狱,并随后卸任公司CEO。\n彼时高管李一男入狱以后,小牛电动的日子也不好过,陆续被曝出产品问题,N1部分批次被曝光有安全隐患。\n在黑猫投诉上,关于小牛电动的投诉有1500余条,其中包括“中控67故障代码无法定位”、“g040续航与宣传严重不符”、“用了两个月电池坏”等投诉。\n最近,小牛电动在今年第三季度再次经历了核心高管变更,小牛电动首席财务官张鹏于2021年9月30日离职,而后由周雯娟接任。也让这家公司的未来处于迷雾中。\n回到小牛电动本身来看,其最初进军二轮电动车市场,选择了走高端差异路线,也就是特斯拉路线,提高产品组合定价获取市场,计划最终变成行业垄断地位。\n但理想很丰满,现实很骨感,高定价确实让小牛电动的毛利率变得较高,跟雅迪2021年前六个月的14.9%的毛利率相比,小牛电动第三季度20%的毛利率虽有优势,但这种优势随着小牛电动布局下沉市场、雅迪新日等对手布局高端市场后也逐渐变淡。\n受市场需求影响,二轮电动车一向在下沉市场更有普及空间,小牛电动近些年来开始布局下沉市场,产品定价也在逐渐降低,天风证券整理的数据显示,2020年,小牛电动车单车价格由2019年的4928元下降至4063元;单车净利润更是由451元下降至280元,几近腰斩。\n但无论是高端市场,抑或是下沉市场,产品质量永远是王道,但小牛电动的研发费用也不算高。跟对手相比更是相差甚远,比如雅迪的研发费用一直居高不下,2020年上半年雅迪研发投入2.15亿元,爱玛的研发支出费用更高,2020年为2.39亿元。\n早有媒体报道,小牛电动在今年二季度的研发费用占收入的百分比仅为3.3%,而销售和营销费用却是研发费用的两倍之多。\n智能化是二轮电动车行业未来的趋势,各大二轮电动车企都在布局智能化方向,纷纷投入重金打造智能化产品,也让整个行业的竞争变得愈加激烈,随着行业马太效应的凸显,只会更大程度地利好头部玩家,本就以“智能化”为卖点的小牛电动,在研发的投入表现上却很难真正打动消费者。\n这或许也是市场不看好小牛电动的原因,小牛电动上市便破发,IPO发行价为9美元/股,此后,小牛电动的股价开始了“过山车”的起伏,在2020年下旬以来股价持续走高,然而这一增长势态没能持续,今年2月以后,小牛电动的股价又开始陷入了下跌态势,市值12亿美元。\n在资本市场的态度上,与之形成鲜明对比的是雅迪控股,同样是二轮电动车概念,雅迪控股却俨然成了电动车的“特斯拉”,截至2021年5月20日盘中,市值达到533亿港元,目前股价虽有下跌,在470亿港元左右,但论量级依然遥遥领先于其他电动车同行,小牛电动们还是望尘莫及。\n小牛电动,做新能源车能行么?\n作为李一男的创业明星项目,小牛电动仅用了4年时间成功在美国纳斯达克敲钟上市,诞生起就备受外界关注。\n从2015年开始,推出了首款智能锂电电动车,在电动车也早有布局,新势力造车都会面临新能源汽车生产资质问题,小牛电动的解决方法则是租赁产业园。\n更早有消息称小牛电动将通过收购北汽新能源常州工厂方式实现跨界造车,但是收购没有谈成,最终选择了大乘汽车工厂,据媒体报道,小牛电动是以租赁的方式使用大乘科技产业园。\n造车是一段漫长望不到重点的苦旅。同行已经走过了无数的坑,作为后来者,小牛电动预计也会重复前人来时的问题。\n造车属于传统制造业,自然避免不了重资本投入,像国内造车新势力蔚小理,每年都会投入巨额的资金来进行技术研发,自动驾驶这些新领域显然都是烧钱项目。如今亏损依然一眼望不到终点。新造车者更是携巨资入场,比如今年3月小米官宣入局造车,就计划将在首期投资100亿人民币,后续还有100亿美元累计投资。\n跟小米砸下的100亿元相比,小牛电动手握的现金流只有16亿元,单从投入规模看,小牛电动也没有明显优势,而且小牛造车主要聚焦的是智能高端新能源汽车,据说未来NIUTRON的车型也将以增程式和纯电动两个方向打造,高端汽车的成本必然不低,李一男如何保证充足的营收开支平衡,还是一个重要的问题。\n其次,新能源汽车行业一向是质量问题的集中爆发地,除了少数零部件和整车系统以外,小牛的电动汽车电池、电机、电控核心三大系统部件几乎全都来自供应商,这也让小牛电动品控的不确定性又多了一层,单靠从供应链收购工厂是不现实的,还是要在汽车的各个环节上多下功夫,打造出过硬的产品质量才行。\n此外,在锂电池上游价格飙升的情况下,从成立之初就使用锂电池的小牛电动,也会面临成本飙升的压力,这也是为什么“蔚小理”成本占收入比居高不下的原因。\n李一男的造车梦能否顺利实现?小牛电动还能靠新能源车打个漂亮的翻身仗么?面前的一切还是未知。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690623671,"gmtCreate":1639665234679,"gmtModify":1639665234679,"author":{"id":"3576735227870515","authorId":"3576735227870515","name":"海虹99","avatar":"https://static.tigerbbs.com/87632149a3ce1812beef7ebdd66abb63","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576735227870515","idStr":"3576735227870515"},"themes":[],"htmlText":"<a 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