The single-vehicle profitability of BYD’s auto business has been analyzed before, and it has been in an unstable state before. This year, with the increase in the sales volume of the automobile business, the single-vehicle profitability has obviously improved to a higher level. However, by analyzing the data of the financial report, it can be seen that the profit figures in BYD’s financial report have been treated conservatively.
This is the profit figure of BYD’s auto business in a single quarter in the past 14 quarters, which is roughly converted to the profitability of a single vehicle. This picture has also been missed before. It is very intuitive that the profitability of BYD’s auto business has stabilized for the first time.
The profitability of BYD Auto’s bicycles reported in the past four and a half years is as follows:
In the first half of 2019, 4,722 yuan
In the first half of 2020, 225 yuan
In the first half of 2021, 379 yuan
In the first half of 2022, 4,917 yuan
I analyzed the semi-annual reports for the past four years and compared the four expenses (sales, management, R&D, finance) and depreciation and amortization trends of BYD’s auto business, as shown in the figure below.
Then divide the above data by BYD’s car sales, make the four fees for a bicycle, and compare the depreciation data
These four expenses and amortization are closely related to net profit. Because the more detailed cost data in the financial report is not available. So some trends can be seen from these data.
From a bicycle point of view,
In terms of sales expenses alone, the bicycle has been reduced by 3.271 yuan on average this year, the management cost has been reduced by 3.292 yuan, the research and development expenses, the bicycle has been reduced by 48 yuan, the financial expenses, the bicycle has been reduced by 5.180 yuan, the depreciation and amortization, the bicycle has been reduced by 8.912 yuan, because For the above five expenses, the profitability of BYD’s bicycles increased by 20,703 yuan in the first half of this year compared with the same period last year. However, according to the financial report, the profitability of BYD’s auto business in the first half of this year only increased by 4.538 yuan compared with the first half of last year.
So the 20,703 yuan generated by the four expenses and depreciation, more than 16,000 yuan were offset by other expenses. The bulk of this may be the rise in upstream raw material prices.
With BYD’s deployment of upstream lithium carbonate and the fall in raw material prices, BYD’s sales scale will be further expanded, and BYD’s profitability will be strong.
BYD’s semi-annual report this year is relatively conservative from the analysis of the above figures. In the case of the withdrawal of new energy subsidies next year, BYD is also able to stabilize the level of bicycle profit exceeding 10,000.
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