The highest pre-sale price is 1.5 million yuan! Jianghuai teamed up with Huawei to enter the high-end car. Can we use the ＂number one project＂ to make a comeback？

According to The Paper news, Jianghuai Automobile is trying to make a comeback through Zunjie, and even shouted "All for Zunjie, all for Zunjie".

On the afternoon of November 26th, at Huawei Mate Brand Festival, Zunjie S800 jointly built by Huawei and Jianghuai Automobile made its first public appearance.

Yu Chengdong, managing director of Huawei, chairman of BG, and chairman of BU, a smart car solution, introduced that the pre-sale price of Zunjie S800 was 1 million-1.5 million yuan, with an intention of 20,000 yuan, and the pre-sale started on 26th.

Due to the similar positioning, vehicle type and color matching, many people in the industry compare Zunjie with Maibakh S-class sedan. According to the Securities Times’ previous report, Yu Chengdong once revealed: "We have far surpassed the level of Maibakh and Rolls-Royce Phantom, and are more luxurious, higher-end and more comfortable than them. That (Zunjie) sells more than one million yuan, which is very high-end."

After the press conference, Yu Chengdong released Weibo, saying that when he came down to look at his mobile phone, a friend directly sent him 60,000 yuan via WeChat and wanted to order three Zunjie (S800). At the same time, he also reminded that if you want to book a car and go to Huawei Mall, you can’t accept the transfer.

The appearance of Zunjie S800, for Huawei, is a collection of "four realms" and a section of HarmonyOS Zhixing million-class executive car. Huawei HarmonyOS Zhixing’s automobile brands are Wen Jie, Xiang Jie, Zunjie and Zhi Jie respectively, and they are jointly built with Celeste, BAIC, JAC and Chery Automobile. Previously, Yu Chengdong once introduced that you should respect the definition of ultra-high-end cars, enjoy the definition of high-end cars, and intelligently define the mid-range and mid-to-high-end. The main focus of the world is on SUVs.

But for JAC, the significance of Zunjie S800 is much more significant.

Jianghuai Automobile: Give all high-quality resources to Zunjie.

After the release of Zunjie S800, Xiang Xingchu, Party Secretary, Chairman and General Manager of Jiangqi Group Holding Company, spoke highly of Huawei as a partner.

At the press conference, Xiang Xingchu said that in the process of jointly building a respected world with Huawei, he deeply realized that Huawei is not only a technology company that attaches great importance to R&D and innovation, but also a company that truly practices the concept of "customer-centric" and has extremely high requirements for quality, delivery and service. It is a respectable enterprise.

Jianghuai Automobile said that since the cooperation between the two parties, Jiangqi Group has started the road of all-round, deep and systematic benchmarking learning, and established broader and deeper cooperation with Huawei to achieve multi-field integration and development.

Zunjie S800 is the first product on the ultra-luxury platform with deep cooperation between Jiangqi Group and Huawei. Xiang Xingchu said that all high-quality resources will be given to Zunjie, and the product development, manufacturing, quality delivery and service guarantee of Zunjie will be promoted as the "number one project".

Xiang Xingchu even shouted the slogan "All for the respect of the boundary, all for the respect of the boundary", which shows that the respect of the boundary is of great significance to Jianghuai.

The Zunjie project was first made public at the end of last year. On December 1, 2023, Jianghuai Automobile issued the "Announcement on Signing the Cooperation Agreement on Intelligent New Energy Vehicles with Huawei Terminal Co., Ltd.", saying that it will join forces with Huawei terminals to build a luxury intelligent networked electric vehicle. Jianghuai is generally responsible for development and manufacturing, and Huawei is responsible for sales channels.

Why does JAC need respect?

Car companies that have been involved in Huawei’s smart car selection business from the early days and are deeply bound to Huawei are actually not the most competitive car companies, and Jianghuai Automobile is no exception.

Jianghuai Automobile is called "the unveiler of Anhui automobile industry". In 1964, Hefei Jianghuai Automobile Factory, the predecessor of Anhui Jianghuai Automobile Group Co., Ltd., was established; In 1968, a 2.5-ton light truck was born in Hefei, which opened the curtain of Anhui automobile industry.

Jiangqi Group was established in 2013, and Volkswagen (China) Investment Co., Ltd. and Anhui State-owned Assets Supervision and Administration Commission each hold 50% of the company’s shares. Jianghuai Automobile (600418) is a listed company of Jiangqi Group, and it is also the main body of business.

Previously, JAC had also cooperated with Weilai, but JAC, as a foundry, did not obviously benefit from the brand or products. In 2023, the OEM cooperation between the two parties was terminated. Jianghuai Automobile received assets such as Weilai Automobile Factory from Weilai Automobile at a price of 3.158 billion yuan, ending the OEM for nearly ten years.

The financial report shows that Jianghuai Automobile’s revenue in the third quarter was 10.908 billion yuan, down 5.57% year-on-year; The net profit was 324 million yuan, a year-on-year increase of 1028.38%; Non-net profit was-323 million yuan, compared with-285 million yuan in the same period last year. From January to September, the company achieved operating income of 32.206 billion yuan, down 5.06% year-on-year; The net profit was 625 million yuan, a year-on-year increase of 239.86%; The non-net profit deducted was-231 million yuan, which was significantly narrower than the loss of-529 million yuan in the same period last year.

It is worth noting that the deduction of non-net profit of JAC is still negative, and the substantial increase of JAC’s net profit due to its homecoming is not due to the improvement of business fundamentals. According to previous financial reports, from 2021 to 2023, the non-net profit deducted by Jianghuai Automobile was-1.884 billion yuan,-2.795 billion yuan and-1.718 billion yuan respectively, and the accumulated loss for three years reached 6.397 billion yuan. The third quarter report shows that in the first three quarters of this year, the gain and loss of Jianghuai Automobile’s disposal of illiquid assets was 580 million yuan; The government subsidy included in the current profit and loss is 202 million yuan.

In terms of sales volume, Jianghuai Automobile sold a total of 39,600 vehicles in September, up 2.82% year-on-year; In the first three quarters, the cumulative sales volume of Jianghuai Automobile was 315,300 units, down 4.72% year-on-year. In terms of new energy vehicles, the sales volume of new energy passenger cars totaled 3,044 in September, down 15.93% year-on-year; This year, the cumulative sales volume was 21,600 vehicles, up 1.48% year-on-year.

At present, China’s million-dollar luxury car market is still dominated by Land Rover, Porsche and Mercedes-Benz S-class. BYD’s Wangwang is trying to squeeze into this market, but there is still a gap compared with foreign brands. The plate of a million-dollar luxury car is not large. It is almost impossible for Jianghuai to rely on Zunjie to boost sales, but in terms of brand power and Huawei endorsement, Jianghuai is bound to benefit.

As Jianghuai introduced, since the cooperation between the two parties, Jiangqi Group has embarked on an all-round, in-depth and systematic benchmarking study, and established a broader and deeper cooperation with Huawei.

Judging from the market reaction, since the deep cooperation between JAC and Huawei was reported in the middle of last year, JAC’s share price rose from around 12 yuan to 37.19 yuan per share, an increase of more than 200%.

Original title: The highest pre-sale price is 1.5 million yuan! Jianghuai teamed up with Huawei to enter the high-end car. Can we use the "number one project" to make a comeback?

Editor: Li Shu Editor: Wu Zhonglan Audit: Feng Fei