小牛电动(NIU.US)今日盘前大跌15.43%,引发了投资者的广泛关注。此前小牛电动股价经历了一波疯狂飙升,但一直未能重拾昔日辉煌,最新的大跌或许能够说明其财务困境的根源所在。
作为以往中国"电驴界爱马仕",小牛电动自创立以来就定位于中高端电动车市场。在过去几年中,高端产品定位曾带来了一段良好发展期。但随着行业竞争"内卷"日趋严峻,消费者对两轮电动车性价比要求提高,其高端产品在市场上的竞争力逐渐减弱,销量增长乏力。
今年前三季度,小牛电动销量虽实现21.9%同比增长,收入也连续两个季度正增长,但企业未能扭亏为盈。原因在于其产品定位相对高端,平均单车收入高达3671元,超出消费者承受能力。为维持收入增长,公司不得不对产品进行降价,削弱了盈利能力。与此同时,行业新贵九号公司则通过丰富的中高端产品组合,毛利率远高于小牛电动。
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