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Crazy Q
2025-05-26
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2025-05-19
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Crazy Q
2025-05-12
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Crazy Q
2025-05-05
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Crazy Q
2025-04-28
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2025-04-21
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2025-04-14
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Crazy Q
2025-04-07
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2025-03-31
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Crazy Q
2025-03-24
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Crazy Q
2025-01-27
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2025-01-24
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Crazy Q
2024-11-25
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Crazy Q
2024-08-12
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Crazy Q
2021-08-28
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With both gross profit margin and net profit declining, is BYD failing its "midterm exam"? | Kichi Research Institute
Crazy Q
2021-07-13
6
State Administration for Market Regulation: Tencent's acquisition of Sogou equity has been unconditionally approved
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Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/813929740","repostId":"2162024217","repostType":2,"repost":{"id":"2162024217","kind":"highlight","pubTimestamp":1630079105,"share":"https://ttm.financial/m/news/2162024217?lang=en_US&edition=fundamental","pubTime":"2021-08-27 23:45","market":"hk","language":"zh","title":"With both gross profit margin and net profit declining, is BYD failing its \"midterm exam\"? | Kichi Research Institute","url":"https://stock-news.laohu8.com/highlight/detail?id=2162024217","media":"华尔街见闻","summary":"比亚迪净利润同比下降29.41%，同时毛利率也由去年同期的18.05%下降至11.13，到底发生了什么？","content":"<p><html><body>On the evening of August 27,<a href=\"https://laohu8.com/S/002594\">BYD</a>BYD announced its first-half results, showing revenue of 89.131 billion yuan, a year-on-year increase of 53.60%. However, the net profit attributable to the parent company was RMB 1.174 billion, compared with RMB 1.527 billion in the same period last year, a year-on-year decrease of 29.41%. At the same time, the gross profit margin also decreased from 18.05% in the first half of 2020 to 11.13% in the first half of this year. Looking at the quarterly figures, Q2 revenue was 49.893 billion yuan, a year-on-year increase of 22.21% and a quarter-on-quarter increase of 21.71%; Net profit was 936 million yuan, a year-on-year decrease of 39.58%.<img src=\"https://wpimg.wallstcn.com/e0b8e9e9-1d7f-485e-8445-3aa384956242.png\"/>By business segment, BYD's revenue from its three major businesses—automobiles, automotive-related products, and other products—reached 38.146 billion yuan in the first half of the year, a year-on-year increase of 25.41%. Revenue from mobile phone components, assemblies and other products reached 42.822 billion yuan, a year-on-year increase of 86.26%; Revenue from rechargeable batteries and photovoltaics reached 7.847 billion yuan, a year-on-year increase of 70.47%. A detailed breakdown shows that the three major businesses accounted for 42.80%, 48.04%, and 8.83% of total revenue, respectively. The proportion of automobiles, automotive-related products and other products has shrunk significantly (52% in the same period last year), while the proportion of mobile phone components, assemblies and other products has increased from 40% to 48% today.<img src=\"https://wpimg.wallstcn.com/2013128c-b224-4634-b725-35fb8f97f134.png\"/></p><p><h2>Net profit declined by 29.41% year-on-year, and gross profit margin declined by 6.92 percentage points year-on-year.</h2>BYD's net profit and gross profit margin both declined significantly in the first half of the year, and the reasons for this need to be broken down. In the first half of the year, BYD's automotive-related products and other products business not only saw its share decline by nearly 10 percentage points, but its revenue growth rate was also the lowest among the three businesses (25.41%).</p><p><strong>Wall Street Insights Institute</strong>It is believed that the main reasons are the fluctuations in the mask business and the price increase of upstream raw materials. The severe pandemic in the first half of last year significantly impacted BYD's other two businesses, resulting in a generally low base. However, BYD's mask business, with revenue exceeding 8 billion yuan, was not listed separately but was instead included in the automotive and related products segment, with profits expected to be around 1.3-1.5 billion yuan. This resulted in the overall performance of the automotive business not being greatly affected. At the same time, the additional high gross profit contribution of the mask business also made BYD's total gross profit margin last year (19.38%) the highest since 2017.</p><p><img src=\"https://wpimg.wallstcn.com/7eafd63f-25c2-4d43-8171-c759216a7cee.png\"/></p><p>Meanwhile, the prices of upstream raw materials for lithium batteries have increased significantly this year, with prices for products such as hexafluoride, lithium carbonate, and even upstream spodumene doubling in value. This has also affected the gross profit margins of battery manufacturers to some extent, and this is also reflected in other battery manufacturers.</p><p>1) Leading lithium battery company<a href=\"https://laohu8.com/S/300750\">CATL</a>In the first half of this year, the gross profit margin of power battery systems was 23%, down 3.5 percentage points year-on-year and 3.56 percentage points quarter-on-quarter.</p><p>2）<a href=\"https://laohu8.com/S/300014\">EVE Energy</a>The gross profit margin of the lithium-ion battery business in the first half of this year was 22.95%, a year-on-year decrease of 1.31% and a quarter-on-quarter decrease of 3.18 percentage points.</p><p>3）<a href=\"https://laohu8.com/S/002074\">Guoxuan High-Tech</a>The gross profit margin of the power lithium battery business in the first half of this year was 19.27%, a decrease of 5.45 percentage points compared to the previous period.</p><p><h2>Electric vehicles and gasoline vehicles are polarizing, and the automotive business is expected to see a significant increase in performance in the second half of the year.</h2>As mentioned earlier, BYD's automotive business revenue growth rate in the first half of the year was only 25.41%, the lowest among the three major businesses. Another important factor is that BYD's blockbuster model, the DMI, was actually launched in April, and production capacity has been ramping up. Although there are many orders, sales were not high in the early stages. Considering that BYD's new energy vehicle sales have repeatedly hit new highs since June, the automotive business is expected to see a significant increase in performance in the second half of the year.</p><p>This year, BYD's electric and gasoline vehicles showed a clear polarization trend. In the first half of 2021, BYD achieved total sales of 247,000 vehicles, a year-on-year increase of 56%. In terms of new energy vehicles, passenger vehicle sales reached 150,000 units, a year-on-year increase of 161% (including 93,000 pure electric vehicles and 5.7 plug-in hybrid vehicles), and 4,000 new energy commercial vehicles, a year-on-year increase of 35%. In the first half of the year, the global sales ranking of pure electric vehicles was second only to<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(390,000 vehicles) and SAIC-GM-Wuling (190,000 vehicles), but gasoline vehicle sales have repeatedly suffered setbacks.</p><p>According to the latest July data, benefiting from BYD's flagship DMI and BYD Han, BYD's new energy vehicle production and sales accounted for 87.95%, with monthly sales exceeding 50,000 units. Hybrid and pure electric vehicles each accounted for 50%. However, monthly sales of gasoline vehicles have been declining repeatedly since the second quarter of this year, with monthly sales exceeding 20,000 and 10,000 units respectively. In July, sales were only 6,918 units, accounting for 12%. In the future, BYD may turn into a pure electric car company.</p><p>It is worth mentioning that in addition to pure electric vehicles, essential hybrid vehicles have also gained market recognition. Since its launch and delivery in April, the DM-i has received excellent market feedback. Currently, the DM-i has a large backlog of orders and a delivery cycle of 3-4 months. In the plug-in hybrid vehicle market, although BYD's highly sought-after DMI was actually launched in April, it still performed well in the hybrid vehicle market, ranking fourth with a year-on-year increase of 428%, second only to BMW, Mercedes-Benz and Volvo. In addition, BYD's new e-platform 3.0 models, the Dolphin and Yuan Plus, have been announced by the Ministry of Industry and Information Technology and are expected to be launched successively in the third quarter. After launch, they are expected to continue the advantages of the previous BYD Han and DMI and continue to seize the gasoline vehicle market in the same price range.<img src=\"https://wpimg.wallstcn.com/386a690c-46b3-4a8e-b44d-a348372074f9.png\"/></p><p><h2>Power batteries hold a solid position, and the expansion cycle continues.</h2>Since the beginning of this year, the ranking of the TOP 10 power battery installations has been unstable. Apart from CATL in first place and BYD in second place, the rankings of other battery manufacturers have fluctuated considerably. For example, due to the large fluctuations in monthly sales of Tesla, the main supporting automaker, LG Chem, which used to be a regular in the TOP 3, fell out of the TOP three in April, and even saw a significant drop in installations in July (from 0.71 GWh in June to 0.2 GWh in July), once falling to tenth place. BYD mainly supplies its own batteries, which naturally solidifies its second-place position as its new energy vehicle sales repeatedly reach new highs.</p><p>Of course, due to limited battery production capacity, BYD mostly supplied its own batteries. However, this does not mean that BYD lacked the capacity to supply externally. BYD's cumulative installed capacity from January to July this year was approximately 15.708 GWh, exceeding BYD's total installed capacity of power batteries for the whole of 2020 (9.01 GWh). The total installed capacity of externally supplied batteries has also gradually increased to around 0.3 GWh. Supporting companies include...<a href=\"https://laohu8.com/S/000625\">Changan Automobile</a>FAW Group, Jinkang Automobile, etc. Moreover, at the previous Ford Mustang electric vehicle launch event, Ford also announced that its battery uses BYD's high-nickel ternary lithium battery (811).</p><p>Since the beginning of this year, lithium iron phosphate batteries have been highly favored by end users. In July, the installed capacity of power batteries in my country was 11.3 GWh, up 125.0% year-on-year and 1.7% month-on-month. Of these, a total of 5.5 GWh of ternary lithium batteries were installed, up 67.5% year-on-year and down 8.2% month-on-month; A total of 5.8 GWh of lithium iron phosphate batteries were installed, up 235.5% year-on-year and 13.4% month-on-month. It is worth noting that this is the first time in three years that the number of lithium iron phosphate batteries installed in vehicles has exceeded that of ternary lithium batteries. This is another significant step forward, following the fact that lithium iron phosphate batteries (8.8 GWh) surpassed ternary lithium batteries (5 GWh) in production in May and achieved a sales surpass in June. With the expansion of BYD's Chongqing Blade Battery Phase II, the commissioning of its Guiyang Blade Battery Factory, and the construction of multiple local production lines such as Xi'an Blade Battery Pack, BYD's blade batteries will not only complete its self-supply tasks but also achieve external supply scale, which is expected to elevate BYD's market share of power batteries, especially lithium iron phosphate.<img src=\"https://wpimg.wallstcn.com/a3d73da0-b6d1-4dd9-84fc-846bc6a91bc4.png\"/>Of course, BYD did not blindly expand production without preparation. From the perspective of upstream equipment and materials, BYD's continuous investment in batteries since July is aligned with...<a href=\"https://laohu8.com/S/002759\">Tianji Shares</a>subsidiaries,<a href=\"https://laohu8.com/S/002407\">Do-fluoride</a>、<a href=\"https://laohu8.com/S/002411\">Yan'an Bicon</a>The subsidiary signed a supply agreement for lithium hexafluorophosphate materials, reserving approximately 21,000 tons of materials for 2H2021-2022. Terminal sales have repeatedly hit new highs, with new energy vehicle sales exceeding 50,000 units for the first time in July, reaching 50,492 units. This shows that both the initial material preparation work and the later terminal sales are capable of absorbing this wave of production expansion.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>With both gross profit margin and net profit declining, is BYD failing its \"midterm exam\"? | Kichi Research Institute</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWith both gross profit margin and net profit declining, is BYD failing its \"midterm exam\"? | Kichi Research Institute\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-27 23:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>On the evening of August 27,<a href=\"https://laohu8.com/S/002594\">BYD</a>BYD announced its first-half results, showing revenue of 89.131 billion yuan, a year-on-year increase of 53.60%. However, the net profit attributable to the parent company was RMB 1.174 billion, compared with RMB 1.527 billion in the same period last year, a year-on-year decrease of 29.41%. At the same time, the gross profit margin also decreased from 18.05% in the first half of 2020 to 11.13% in the first half of this year. Looking at the quarterly figures, Q2 revenue was 49.893 billion yuan, a year-on-year increase of 22.21% and a quarter-on-quarter increase of 21.71%; Net profit was 936 million yuan, a year-on-year decrease of 39.58%.<img src=\"https://wpimg.wallstcn.com/e0b8e9e9-1d7f-485e-8445-3aa384956242.png\"/>By business segment, BYD's revenue from its three major businesses—automobiles, automotive-related products, and other products—reached 38.146 billion yuan in the first half of the year, a year-on-year increase of 25.41%. Revenue from mobile phone components, assemblies and other products reached 42.822 billion yuan, a year-on-year increase of 86.26%; Revenue from rechargeable batteries and photovoltaics reached 7.847 billion yuan, a year-on-year increase of 70.47%. A detailed breakdown shows that the three major businesses accounted for 42.80%, 48.04%, and 8.83% of total revenue, respectively. The proportion of automobiles, automotive-related products and other products has shrunk significantly (52% in the same period last year), while the proportion of mobile phone components, assemblies and other products has increased from 40% to 48% today.<img src=\"https://wpimg.wallstcn.com/2013128c-b224-4634-b725-35fb8f97f134.png\"/></p><p><h2>Net profit declined by 29.41% year-on-year, and gross profit margin declined by 6.92 percentage points year-on-year.</h2>BYD's net profit and gross profit margin both declined significantly in the first half of the year, and the reasons for this need to be broken down. In the first half of the year, BYD's automotive-related products and other products business not only saw its share decline by nearly 10 percentage points, but its revenue growth rate was also the lowest among the three businesses (25.41%).</p><p><strong>Wall Street Insights Institute</strong>It is believed that the main reasons are the fluctuations in the mask business and the price increase of upstream raw materials. The severe pandemic in the first half of last year significantly impacted BYD's other two businesses, resulting in a generally low base. However, BYD's mask business, with revenue exceeding 8 billion yuan, was not listed separately but was instead included in the automotive and related products segment, with profits expected to be around 1.3-1.5 billion yuan. This resulted in the overall performance of the automotive business not being greatly affected. At the same time, the additional high gross profit contribution of the mask business also made BYD's total gross profit margin last year (19.38%) the highest since 2017.</p><p><img src=\"https://wpimg.wallstcn.com/7eafd63f-25c2-4d43-8171-c759216a7cee.png\"/></p><p>Meanwhile, the prices of upstream raw materials for lithium batteries have increased significantly this year, with prices for products such as hexafluoride, lithium carbonate, and even upstream spodumene doubling in value. This has also affected the gross profit margins of battery manufacturers to some extent, and this is also reflected in other battery manufacturers.</p><p>1) Leading lithium battery company<a href=\"https://laohu8.com/S/300750\">CATL</a>In the first half of this year, the gross profit margin of power battery systems was 23%, down 3.5 percentage points year-on-year and 3.56 percentage points quarter-on-quarter.</p><p>2）<a href=\"https://laohu8.com/S/300014\">EVE Energy</a>The gross profit margin of the lithium-ion battery business in the first half of this year was 22.95%, a year-on-year decrease of 1.31% and a quarter-on-quarter decrease of 3.18 percentage points.</p><p>3）<a href=\"https://laohu8.com/S/002074\">Guoxuan High-Tech</a>The gross profit margin of the power lithium battery business in the first half of this year was 19.27%, a decrease of 5.45 percentage points compared to the previous period.</p><p><h2>Electric vehicles and gasoline vehicles are polarizing, and the automotive business is expected to see a significant increase in performance in the second half of the year.</h2>As mentioned earlier, BYD's automotive business revenue growth rate in the first half of the year was only 25.41%, the lowest among the three major businesses. Another important factor is that BYD's blockbuster model, the DMI, was actually launched in April, and production capacity has been ramping up. Although there are many orders, sales were not high in the early stages. Considering that BYD's new energy vehicle sales have repeatedly hit new highs since June, the automotive business is expected to see a significant increase in performance in the second half of the year.</p><p>This year, BYD's electric and gasoline vehicles showed a clear polarization trend. In the first half of 2021, BYD achieved total sales of 247,000 vehicles, a year-on-year increase of 56%. In terms of new energy vehicles, passenger vehicle sales reached 150,000 units, a year-on-year increase of 161% (including 93,000 pure electric vehicles and 5.7 plug-in hybrid vehicles), and 4,000 new energy commercial vehicles, a year-on-year increase of 35%. In the first half of the year, the global sales ranking of pure electric vehicles was second only to<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(390,000 vehicles) and SAIC-GM-Wuling (190,000 vehicles), but gasoline vehicle sales have repeatedly suffered setbacks.</p><p>According to the latest July data, benefiting from BYD's flagship DMI and BYD Han, BYD's new energy vehicle production and sales accounted for 87.95%, with monthly sales exceeding 50,000 units. Hybrid and pure electric vehicles each accounted for 50%. However, monthly sales of gasoline vehicles have been declining repeatedly since the second quarter of this year, with monthly sales exceeding 20,000 and 10,000 units respectively. In July, sales were only 6,918 units, accounting for 12%. In the future, BYD may turn into a pure electric car company.</p><p>It is worth mentioning that in addition to pure electric vehicles, essential hybrid vehicles have also gained market recognition. Since its launch and delivery in April, the DM-i has received excellent market feedback. Currently, the DM-i has a large backlog of orders and a delivery cycle of 3-4 months. In the plug-in hybrid vehicle market, although BYD's highly sought-after DMI was actually launched in April, it still performed well in the hybrid vehicle market, ranking fourth with a year-on-year increase of 428%, second only to BMW, Mercedes-Benz and Volvo. In addition, BYD's new e-platform 3.0 models, the Dolphin and Yuan Plus, have been announced by the Ministry of Industry and Information Technology and are expected to be launched successively in the third quarter. After launch, they are expected to continue the advantages of the previous BYD Han and DMI and continue to seize the gasoline vehicle market in the same price range.<img src=\"https://wpimg.wallstcn.com/386a690c-46b3-4a8e-b44d-a348372074f9.png\"/></p><p><h2>Power batteries hold a solid position, and the expansion cycle continues.</h2>Since the beginning of this year, the ranking of the TOP 10 power battery installations has been unstable. Apart from CATL in first place and BYD in second place, the rankings of other battery manufacturers have fluctuated considerably. For example, due to the large fluctuations in monthly sales of Tesla, the main supporting automaker, LG Chem, which used to be a regular in the TOP 3, fell out of the TOP three in April, and even saw a significant drop in installations in July (from 0.71 GWh in June to 0.2 GWh in July), once falling to tenth place. BYD mainly supplies its own batteries, which naturally solidifies its second-place position as its new energy vehicle sales repeatedly reach new highs.</p><p>Of course, due to limited battery production capacity, BYD mostly supplied its own batteries. However, this does not mean that BYD lacked the capacity to supply externally. BYD's cumulative installed capacity from January to July this year was approximately 15.708 GWh, exceeding BYD's total installed capacity of power batteries for the whole of 2020 (9.01 GWh). The total installed capacity of externally supplied batteries has also gradually increased to around 0.3 GWh. Supporting companies include...<a href=\"https://laohu8.com/S/000625\">Changan Automobile</a>FAW Group, Jinkang Automobile, etc. Moreover, at the previous Ford Mustang electric vehicle launch event, Ford also announced that its battery uses BYD's high-nickel ternary lithium battery (811).</p><p>Since the beginning of this year, lithium iron phosphate batteries have been highly favored by end users. In July, the installed capacity of power batteries in my country was 11.3 GWh, up 125.0% year-on-year and 1.7% month-on-month. Of these, a total of 5.5 GWh of ternary lithium batteries were installed, up 67.5% year-on-year and down 8.2% month-on-month; A total of 5.8 GWh of lithium iron phosphate batteries were installed, up 235.5% year-on-year and 13.4% month-on-month. It is worth noting that this is the first time in three years that the number of lithium iron phosphate batteries installed in vehicles has exceeded that of ternary lithium batteries. This is another significant step forward, following the fact that lithium iron phosphate batteries (8.8 GWh) surpassed ternary lithium batteries (5 GWh) in production in May and achieved a sales surpass in June. With the expansion of BYD's Chongqing Blade Battery Phase II, the commissioning of its Guiyang Blade Battery Factory, and the construction of multiple local production lines such as Xi'an Blade Battery Pack, BYD's blade batteries will not only complete its self-supply tasks but also achieve external supply scale, which is expected to elevate BYD's market share of power batteries, especially lithium iron phosphate.<img src=\"https://wpimg.wallstcn.com/a3d73da0-b6d1-4dd9-84fc-846bc6a91bc4.png\"/>Of course, BYD did not blindly expand production without preparation. From the perspective of upstream equipment and materials, BYD's continuous investment in batteries since July is aligned with...<a href=\"https://laohu8.com/S/002759\">Tianji Shares</a>subsidiaries,<a href=\"https://laohu8.com/S/002407\">Do-fluoride</a>、<a href=\"https://laohu8.com/S/002411\">Yan'an Bicon</a>The subsidiary signed a supply agreement for lithium hexafluorophosphate materials, reserving approximately 21,000 tons of materials for 2H2021-2022. Terminal sales have repeatedly hit new highs, with new energy vehicle sales exceeding 50,000 units for the first time in July, reaching 50,492 units. This shows that both the initial material preparation work and the later terminal sales are capable of absorbing this wave of production expansion.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3639078\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/431bc32c61991963aae176a1ed8a3a68","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3639078","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162024217","content_text":"8月27日晚上，比亚迪公布了上半年的业绩，上半年比亚迪营收达到891.31亿元，同比增长53.60%；但归母净利润为11.74亿元，去年同期为15.27亿元，同比下降29.41%，同时毛利率也由2020年上半年的18.05%下降至今年上半年的11.13%。分季度来看，Q2营收498.93亿元，同比增长22.21%，环比增长21.71%；净利润9.36亿元，同比下滑39.58%。 分业务来看，比亚迪的三大业务中汽车、汽车相关产品及其他产品上半年营收为381.46亿元，同比增长25.41%；手机部件、组装及其他产品营收为428.22亿元，同比增长86.26%；二次充电电池及光伏营收为78.47亿元，同比增长70.47%。细分类看三大业务分别占总收入的42.80%、48.04%和8.83%。汽车、汽车相关产品及其他产品的占比有不小的缩小（去年同期52%），手机部件、组装及其他产品的占比则从40涨至如今的48%。\n净利润同比下滑29.41%，毛利率同比下滑6.92 pcts\n比亚迪上半年净利润和毛利率都有不小的下滑，其中原因需要拆分来看。比亚迪上半年汽车相关产品及其他产品这一业务不仅占比下滑了近10pcts，而且营收的增长率也是三种业务中最低的（25.41%）。\n华尔街见闻·见智研究所认为主要原因在于口罩业务的波动影响和上游原材料的涨价。去年上半年疫情严重，比亚迪其他两个业务都受到不小的影响，导致基数普遍偏低，但比亚迪营收超80亿元人民币的口罩业务并未单独列出，而是归入到了汽车及相关产品板块，利润预计在13-15个亿左右，这导致汽车业务的总业绩未受到太大影响，同时口罩业务额外的高毛利贡献也使得比亚迪去年的总毛利率（19.38%）是2017年以来最高。\n\n同时今年以来锂电上游原材料的涨价幅度都较大，其中如六氟、碳酸锂乃至最上游的锂辉石等都有翻倍的涨幅，使得电池厂商的毛利率也受到一定程度的影响，这点在其他电池厂商身上也有体现：\n\n1）锂电龙头宁德时代今年上半年动力电池系统毛利率为23%，同比下滑3.5pcts，环比下降3.56 pcts。\n2）亿纬锂能锂离子电池业务今年上半年的毛利率是22.95%，同比下滑1.31%，环比下滑3.18pcts。\n3）国轩高科的动力锂电池业务今年上半年的毛利率是19.27%，环比下滑5.45pcts。\n\n电动车和燃油车两极分化，汽车业务下半年业绩有望大增\n前文提到比亚迪上半年汽车业务营收增速只有25.41%，是三大业务中最低的，还有一个重要因素，就是比亚迪的爆款车型DMI真正上市时间其实是4月份，而且产能一直在爬坡，虽然订单很多但是销量初期并不高，考虑到比亚迪新能源车型销量6月以来的屡创新高，下半年汽车业务有望迎来业绩大增。\n今年比亚迪的电动车和燃油车呈现明显的两极分化趋势，2021年上半年比亚迪实现总销量24.7万辆，同比增长56%。新能源车型方面，乘用车方面销售15.0万辆，同比增长161%（其中纯电动车型9.3万辆、插电式混动5.7辆）以及新能源商用车0.4万辆，同比增长35%。上半年全球纯电动汽车销量排名仅次于特斯拉（39万辆）和上汽通用五菱（19万辆），但燃油车销量却屡遭滑铁卢。\n从最新的7月数据来看，受益于比亚迪的王牌DMI和比亚迪汉，比亚迪的新能源汽车产销占比达到87.95%，单月销量突破5万大关，其中混动和纯动各自占比50%，而燃油车月销量今年二季度以来可谓是一降再降，月销量连破2万、1万大关，7月销量甚至仅仅只有6918辆，占比12%，未来比亚迪或将转为纯电动的车企。\n值得一提的是，除了纯电动，必要的混动也受到了市场的认可，DM-i在4月上市交付以来市场反馈优异，目前DM-i积压订单较多，交货周期达3-4个月。插电混动汽车市场上，虽然比亚迪备受市场追捧的DMI真正上市时间是4月份，但是依旧在混动汽车市场上有着不错的销量表现，排名第四，销量同比大增428%，仅次于宝马、奔驰和沃尔沃。此外，比亚迪e平台3.0全新车型：海豚、元Plus 已进入工信部公告，预计将于3季度陆续上市，上市后有望延续此前比亚迪汉和DMI的优势，继续抢占同价格区间的燃油车市场。\n动力电池地位牢固，扩产周期持续进行\n今年以来，动力电池装车量TOP 10排名并不稳定，除了第一的宁德时代和第二的比亚迪，其他电池厂商的排名都有不小的波动，例如由于主要配套的车企特斯拉月销量波动较大，曾经的TOP3常客LG化学在4月就跌出了前三，甚至在7月装车量上出现大幅下降（从6月的0.71GWh装车量下降到7月的0.2GWh），一度掉到了第十名。而比亚迪的电池主要是自供，自然是随着自家新能源汽车销量的屡创新高而越发稳固自身第二的地位。\n当然此前由于电池产能受限，比亚迪电池多为自供，但是这并不意味着比亚迪没有外供能力，比亚迪今年1-7月累计装机总量约为 15.708GWh，已经超过2020年比亚迪全年的动力电池装机量（9.01GWh），外供电池装机总量也逐渐增加到0.3GWh左右，配套企业包括长安汽车、中国一汽、金康汽车等。而且在此前的福特野马电动车发布会上，福特也公布了其电池采用的是比亚迪高镍三元电池（811）。\n今年以来，磷酸铁锂电池备受终端青睐，7月我国动力电池装车量11.3GWh，同比上升125.0%，环比上升1.7%。其中三元电池共计装车5.5GWh，同比上升67.5%,环比下降8.2%；磷酸铁锂电池共计装车5.8GWh，同比上升235.5%，环比上升13.4%。值得注意的是，这是3年以来首次磷酸铁锂电池的装车量超过三元锂电池。这也是继5月磷酸铁锂电池（8.8GWh）在产量上实现反超三元锂电池（5GWh），6月完成了销量的超越后的又一次有力进展。随着比亚迪重庆刀片电池二期扩建、贵阳刀片电池工厂投产、西安刀片电池Pack等多地产线投建，比亚迪的刀片电池除了完成自供任务还能形成外供规模，有望让比亚迪的动力电池尤其是磷酸铁锂的市占率跨上一个台阶。 当然，比亚迪也并不是毫无准备的盲目扩产，从上游设备和材料端来看，7月以来比亚迪在电池上的连连布局，与天际股份子公司、多氟多、延安必康子公司签署六氟磷酸锂材料供货协议，为2H2021-2022年储备了约2.1万吨材料。终端销量来看也是屡屡创新高，7月新能源汽车销量更是首度突破5万大关达到50,492辆，可见不管是前期材料准备工作还是后期终端的销量都具备消化这波扩产规模。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142657575,"gmtCreate":1626148424697,"gmtModify":1703754322957,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142657575","repostId":"1166626096","repostType":4,"repost":{"id":"1166626096","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626142521,"share":"https://ttm.financial/m/news/1166626096?lang=en_US&edition=fundamental","pubTime":"2021-07-13 10:15","market":"other","language":"zh","title":"State Administration for Market Regulation: Tencent's acquisition of Sogou equity has been unconditionally approved","url":"https://stock-news.laohu8.com/highlight/detail?id=1166626096","media":"老虎资讯综合","summary":"7月13日，国家市场监管总局官网今日披露《2021年7月5日-7月12日无条件批准经营者集中案件列表》。列表显示，腾讯控股有限公司收购搜狗公司股权已获无条件批准。","content":"<p>On July 13, the official website of the State Administration for Market Regulation released the \"List of Cases of Unconditional Approval of Undertaking Concentration from July 5 to July 12, 2021\". The list displays,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>Acquisition by limited liability company<a href=\"https://laohu8.com/S/SOGO\">Sogou</a>The company's equity interests have been unconditionally approved.</p><p><img src=\"https://static.tigerbbs.com/3d0e0bb65314c4f4da8ed32ec28a883a\" tg-width=\"920\" tg-height=\"763\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/567aebc3241ec37316004f6689d59849\" tg-width=\"913\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9b9c5638acd7340b8815d9b28619ff59\" tg-width=\"911\" tg-height=\"583\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>State Administration for Market Regulation: Tencent's acquisition of Sogou equity has been unconditionally approved</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\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: 12.5px; color: #7E829C; margin: 0;}\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\">\nState Administration for Market Regulation: Tencent's acquisition of Sogou equity has been unconditionally approved\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-13 10:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 13, the official website of the State Administration for Market Regulation released the \"List of Cases of Unconditional Approval of Undertaking Concentration from July 5 to July 12, 2021\". The list displays,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>Acquisition by limited liability company<a href=\"https://laohu8.com/S/SOGO\">Sogou</a>The company's equity interests have been unconditionally approved.</p><p><img src=\"https://static.tigerbbs.com/3d0e0bb65314c4f4da8ed32ec28a883a\" tg-width=\"920\" tg-height=\"763\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/567aebc3241ec37316004f6689d59849\" tg-width=\"913\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9b9c5638acd7340b8815d9b28619ff59\" tg-width=\"911\" tg-height=\"583\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/46ab5990394814236e7e7ba7ba376177","relate_stocks":{"TCEHY":"腾讯控股ADR","00700":"腾讯控股","QNETCN":"纳斯达克中美互联网老虎指数","SOGO":"搜狗"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166626096","content_text":"7月13日，国家市场监管总局官网今日披露《2021年7月5日-7月12日无条件批准经营者集中案件列表》。列表显示，腾讯控股有限公司收购搜狗公司股权已获无条件批准。","news_type":1,"symbols_score_info":{"00700":0.9,"QNETCN":0.9,"TCEHY":0.9,"SOGO":0.9}},"isVote":1,"tweetType":1,"viewCount":1512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":419081472463528,"gmtCreate":1743356485073,"gmtModify":1743356489715,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566959746574224","authorIdStr":"3566959746574224"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/b4bb2a162daec7992189c6c90991cb1d","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/419081472463528","isVote":1,"tweetType":1,"viewCount":5019,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4118478555761512","authorId":"4118478555761512","name":"Marcochen123","avatar":"https://community-static.tradeup.com/news/2515b33fc0425fd62a822f8607d37b22","crmLevel":11,"crmLevelSwitch":0,"idStr":"4118478555761512","authorIdStr":"4118478555761512"},"content":"Holy shit, when did you build the warehouse?","text":"Holy shit, when did you build the warehouse?","html":"Holy shit, when did you build the warehouse?"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":396853181104600,"gmtCreate":1737910302331,"gmtModify":1737910308463,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566959746574224","authorIdStr":"3566959746574224"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/ec06d6736a0414325c9a6bae61556034","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/396853181104600","isVote":1,"tweetType":1,"viewCount":2082,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":374627040612768,"gmtCreate":1732502143911,"gmtModify":1732502279702,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566959746574224","authorIdStr":"3566959746574224"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/75305e446e92328e70873947f83981ba","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374627040612768","isVote":1,"tweetType":1,"viewCount":2490,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":337515649434000,"gmtCreate":1723440740788,"gmtModify":1723440745016,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566959746574224","authorIdStr":"3566959746574224"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/c7f613d129f418ac2490260d7705ba50","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/337515649434000","isVote":1,"tweetType":1,"viewCount":1974,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":813929740,"gmtCreate":1630122886580,"gmtModify":1676530230515,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566959746574224","authorIdStr":"3566959746574224"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/813929740","repostId":"2162024217","repostType":2,"repost":{"id":"2162024217","kind":"highlight","pubTimestamp":1630079105,"share":"https://ttm.financial/m/news/2162024217?lang=en_US&edition=fundamental","pubTime":"2021-08-27 23:45","market":"hk","language":"zh","title":"With both gross profit margin and net profit declining, is BYD failing its \"midterm exam\"? | Kichi Research Institute","url":"https://stock-news.laohu8.com/highlight/detail?id=2162024217","media":"华尔街见闻","summary":"比亚迪净利润同比下降29.41%，同时毛利率也由去年同期的18.05%下降至11.13，到底发生了什么？","content":"<p><html><body>On the evening of August 27,<a href=\"https://laohu8.com/S/002594\">BYD</a>BYD announced its first-half results, showing revenue of 89.131 billion yuan, a year-on-year increase of 53.60%. However, the net profit attributable to the parent company was RMB 1.174 billion, compared with RMB 1.527 billion in the same period last year, a year-on-year decrease of 29.41%. At the same time, the gross profit margin also decreased from 18.05% in the first half of 2020 to 11.13% in the first half of this year. Looking at the quarterly figures, Q2 revenue was 49.893 billion yuan, a year-on-year increase of 22.21% and a quarter-on-quarter increase of 21.71%; Net profit was 936 million yuan, a year-on-year decrease of 39.58%.<img src=\"https://wpimg.wallstcn.com/e0b8e9e9-1d7f-485e-8445-3aa384956242.png\"/>By business segment, BYD's revenue from its three major businesses—automobiles, automotive-related products, and other products—reached 38.146 billion yuan in the first half of the year, a year-on-year increase of 25.41%. Revenue from mobile phone components, assemblies and other products reached 42.822 billion yuan, a year-on-year increase of 86.26%; Revenue from rechargeable batteries and photovoltaics reached 7.847 billion yuan, a year-on-year increase of 70.47%. A detailed breakdown shows that the three major businesses accounted for 42.80%, 48.04%, and 8.83% of total revenue, respectively. The proportion of automobiles, automotive-related products and other products has shrunk significantly (52% in the same period last year), while the proportion of mobile phone components, assemblies and other products has increased from 40% to 48% today.<img src=\"https://wpimg.wallstcn.com/2013128c-b224-4634-b725-35fb8f97f134.png\"/></p><p><h2>Net profit declined by 29.41% year-on-year, and gross profit margin declined by 6.92 percentage points year-on-year.</h2>BYD's net profit and gross profit margin both declined significantly in the first half of the year, and the reasons for this need to be broken down. In the first half of the year, BYD's automotive-related products and other products business not only saw its share decline by nearly 10 percentage points, but its revenue growth rate was also the lowest among the three businesses (25.41%).</p><p><strong>Wall Street Insights Institute</strong>It is believed that the main reasons are the fluctuations in the mask business and the price increase of upstream raw materials. The severe pandemic in the first half of last year significantly impacted BYD's other two businesses, resulting in a generally low base. However, BYD's mask business, with revenue exceeding 8 billion yuan, was not listed separately but was instead included in the automotive and related products segment, with profits expected to be around 1.3-1.5 billion yuan. This resulted in the overall performance of the automotive business not being greatly affected. At the same time, the additional high gross profit contribution of the mask business also made BYD's total gross profit margin last year (19.38%) the highest since 2017.</p><p><img src=\"https://wpimg.wallstcn.com/7eafd63f-25c2-4d43-8171-c759216a7cee.png\"/></p><p>Meanwhile, the prices of upstream raw materials for lithium batteries have increased significantly this year, with prices for products such as hexafluoride, lithium carbonate, and even upstream spodumene doubling in value. This has also affected the gross profit margins of battery manufacturers to some extent, and this is also reflected in other battery manufacturers.</p><p>1) Leading lithium battery company<a href=\"https://laohu8.com/S/300750\">CATL</a>In the first half of this year, the gross profit margin of power battery systems was 23%, down 3.5 percentage points year-on-year and 3.56 percentage points quarter-on-quarter.</p><p>2）<a href=\"https://laohu8.com/S/300014\">EVE Energy</a>The gross profit margin of the lithium-ion battery business in the first half of this year was 22.95%, a year-on-year decrease of 1.31% and a quarter-on-quarter decrease of 3.18 percentage points.</p><p>3）<a href=\"https://laohu8.com/S/002074\">Guoxuan High-Tech</a>The gross profit margin of the power lithium battery business in the first half of this year was 19.27%, a decrease of 5.45 percentage points compared to the previous period.</p><p><h2>Electric vehicles and gasoline vehicles are polarizing, and the automotive business is expected to see a significant increase in performance in the second half of the year.</h2>As mentioned earlier, BYD's automotive business revenue growth rate in the first half of the year was only 25.41%, the lowest among the three major businesses. Another important factor is that BYD's blockbuster model, the DMI, was actually launched in April, and production capacity has been ramping up. Although there are many orders, sales were not high in the early stages. Considering that BYD's new energy vehicle sales have repeatedly hit new highs since June, the automotive business is expected to see a significant increase in performance in the second half of the year.</p><p>This year, BYD's electric and gasoline vehicles showed a clear polarization trend. In the first half of 2021, BYD achieved total sales of 247,000 vehicles, a year-on-year increase of 56%. In terms of new energy vehicles, passenger vehicle sales reached 150,000 units, a year-on-year increase of 161% (including 93,000 pure electric vehicles and 5.7 plug-in hybrid vehicles), and 4,000 new energy commercial vehicles, a year-on-year increase of 35%. In the first half of the year, the global sales ranking of pure electric vehicles was second only to<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(390,000 vehicles) and SAIC-GM-Wuling (190,000 vehicles), but gasoline vehicle sales have repeatedly suffered setbacks.</p><p>According to the latest July data, benefiting from BYD's flagship DMI and BYD Han, BYD's new energy vehicle production and sales accounted for 87.95%, with monthly sales exceeding 50,000 units. Hybrid and pure electric vehicles each accounted for 50%. However, monthly sales of gasoline vehicles have been declining repeatedly since the second quarter of this year, with monthly sales exceeding 20,000 and 10,000 units respectively. In July, sales were only 6,918 units, accounting for 12%. In the future, BYD may turn into a pure electric car company.</p><p>It is worth mentioning that in addition to pure electric vehicles, essential hybrid vehicles have also gained market recognition. Since its launch and delivery in April, the DM-i has received excellent market feedback. Currently, the DM-i has a large backlog of orders and a delivery cycle of 3-4 months. In the plug-in hybrid vehicle market, although BYD's highly sought-after DMI was actually launched in April, it still performed well in the hybrid vehicle market, ranking fourth with a year-on-year increase of 428%, second only to BMW, Mercedes-Benz and Volvo. In addition, BYD's new e-platform 3.0 models, the Dolphin and Yuan Plus, have been announced by the Ministry of Industry and Information Technology and are expected to be launched successively in the third quarter. After launch, they are expected to continue the advantages of the previous BYD Han and DMI and continue to seize the gasoline vehicle market in the same price range.<img src=\"https://wpimg.wallstcn.com/386a690c-46b3-4a8e-b44d-a348372074f9.png\"/></p><p><h2>Power batteries hold a solid position, and the expansion cycle continues.</h2>Since the beginning of this year, the ranking of the TOP 10 power battery installations has been unstable. Apart from CATL in first place and BYD in second place, the rankings of other battery manufacturers have fluctuated considerably. For example, due to the large fluctuations in monthly sales of Tesla, the main supporting automaker, LG Chem, which used to be a regular in the TOP 3, fell out of the TOP three in April, and even saw a significant drop in installations in July (from 0.71 GWh in June to 0.2 GWh in July), once falling to tenth place. BYD mainly supplies its own batteries, which naturally solidifies its second-place position as its new energy vehicle sales repeatedly reach new highs.</p><p>Of course, due to limited battery production capacity, BYD mostly supplied its own batteries. However, this does not mean that BYD lacked the capacity to supply externally. BYD's cumulative installed capacity from January to July this year was approximately 15.708 GWh, exceeding BYD's total installed capacity of power batteries for the whole of 2020 (9.01 GWh). The total installed capacity of externally supplied batteries has also gradually increased to around 0.3 GWh. Supporting companies include...<a href=\"https://laohu8.com/S/000625\">Changan Automobile</a>FAW Group, Jinkang Automobile, etc. Moreover, at the previous Ford Mustang electric vehicle launch event, Ford also announced that its battery uses BYD's high-nickel ternary lithium battery (811).</p><p>Since the beginning of this year, lithium iron phosphate batteries have been highly favored by end users. In July, the installed capacity of power batteries in my country was 11.3 GWh, up 125.0% year-on-year and 1.7% month-on-month. Of these, a total of 5.5 GWh of ternary lithium batteries were installed, up 67.5% year-on-year and down 8.2% month-on-month; A total of 5.8 GWh of lithium iron phosphate batteries were installed, up 235.5% year-on-year and 13.4% month-on-month. It is worth noting that this is the first time in three years that the number of lithium iron phosphate batteries installed in vehicles has exceeded that of ternary lithium batteries. This is another significant step forward, following the fact that lithium iron phosphate batteries (8.8 GWh) surpassed ternary lithium batteries (5 GWh) in production in May and achieved a sales surpass in June. With the expansion of BYD's Chongqing Blade Battery Phase II, the commissioning of its Guiyang Blade Battery Factory, and the construction of multiple local production lines such as Xi'an Blade Battery Pack, BYD's blade batteries will not only complete its self-supply tasks but also achieve external supply scale, which is expected to elevate BYD's market share of power batteries, especially lithium iron phosphate.<img src=\"https://wpimg.wallstcn.com/a3d73da0-b6d1-4dd9-84fc-846bc6a91bc4.png\"/>Of course, BYD did not blindly expand production without preparation. From the perspective of upstream equipment and materials, BYD's continuous investment in batteries since July is aligned with...<a href=\"https://laohu8.com/S/002759\">Tianji Shares</a>subsidiaries,<a href=\"https://laohu8.com/S/002407\">Do-fluoride</a>、<a href=\"https://laohu8.com/S/002411\">Yan'an Bicon</a>The subsidiary signed a supply agreement for lithium hexafluorophosphate materials, reserving approximately 21,000 tons of materials for 2H2021-2022. Terminal sales have repeatedly hit new highs, with new energy vehicle sales exceeding 50,000 units for the first time in July, reaching 50,492 units. This shows that both the initial material preparation work and the later terminal sales are capable of absorbing this wave of production expansion.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>With both gross profit margin and net profit declining, is BYD failing its \"midterm exam\"? | Kichi Research Institute</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWith both gross profit margin and net profit declining, is BYD failing its \"midterm exam\"? | Kichi Research Institute\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-27 23:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>On the evening of August 27,<a href=\"https://laohu8.com/S/002594\">BYD</a>BYD announced its first-half results, showing revenue of 89.131 billion yuan, a year-on-year increase of 53.60%. However, the net profit attributable to the parent company was RMB 1.174 billion, compared with RMB 1.527 billion in the same period last year, a year-on-year decrease of 29.41%. At the same time, the gross profit margin also decreased from 18.05% in the first half of 2020 to 11.13% in the first half of this year. Looking at the quarterly figures, Q2 revenue was 49.893 billion yuan, a year-on-year increase of 22.21% and a quarter-on-quarter increase of 21.71%; Net profit was 936 million yuan, a year-on-year decrease of 39.58%.<img src=\"https://wpimg.wallstcn.com/e0b8e9e9-1d7f-485e-8445-3aa384956242.png\"/>By business segment, BYD's revenue from its three major businesses—automobiles, automotive-related products, and other products—reached 38.146 billion yuan in the first half of the year, a year-on-year increase of 25.41%. Revenue from mobile phone components, assemblies and other products reached 42.822 billion yuan, a year-on-year increase of 86.26%; Revenue from rechargeable batteries and photovoltaics reached 7.847 billion yuan, a year-on-year increase of 70.47%. A detailed breakdown shows that the three major businesses accounted for 42.80%, 48.04%, and 8.83% of total revenue, respectively. The proportion of automobiles, automotive-related products and other products has shrunk significantly (52% in the same period last year), while the proportion of mobile phone components, assemblies and other products has increased from 40% to 48% today.<img src=\"https://wpimg.wallstcn.com/2013128c-b224-4634-b725-35fb8f97f134.png\"/></p><p><h2>Net profit declined by 29.41% year-on-year, and gross profit margin declined by 6.92 percentage points year-on-year.</h2>BYD's net profit and gross profit margin both declined significantly in the first half of the year, and the reasons for this need to be broken down. In the first half of the year, BYD's automotive-related products and other products business not only saw its share decline by nearly 10 percentage points, but its revenue growth rate was also the lowest among the three businesses (25.41%).</p><p><strong>Wall Street Insights Institute</strong>It is believed that the main reasons are the fluctuations in the mask business and the price increase of upstream raw materials. The severe pandemic in the first half of last year significantly impacted BYD's other two businesses, resulting in a generally low base. However, BYD's mask business, with revenue exceeding 8 billion yuan, was not listed separately but was instead included in the automotive and related products segment, with profits expected to be around 1.3-1.5 billion yuan. This resulted in the overall performance of the automotive business not being greatly affected. At the same time, the additional high gross profit contribution of the mask business also made BYD's total gross profit margin last year (19.38%) the highest since 2017.</p><p><img src=\"https://wpimg.wallstcn.com/7eafd63f-25c2-4d43-8171-c759216a7cee.png\"/></p><p>Meanwhile, the prices of upstream raw materials for lithium batteries have increased significantly this year, with prices for products such as hexafluoride, lithium carbonate, and even upstream spodumene doubling in value. This has also affected the gross profit margins of battery manufacturers to some extent, and this is also reflected in other battery manufacturers.</p><p>1) Leading lithium battery company<a href=\"https://laohu8.com/S/300750\">CATL</a>In the first half of this year, the gross profit margin of power battery systems was 23%, down 3.5 percentage points year-on-year and 3.56 percentage points quarter-on-quarter.</p><p>2）<a href=\"https://laohu8.com/S/300014\">EVE Energy</a>The gross profit margin of the lithium-ion battery business in the first half of this year was 22.95%, a year-on-year decrease of 1.31% and a quarter-on-quarter decrease of 3.18 percentage points.</p><p>3）<a href=\"https://laohu8.com/S/002074\">Guoxuan High-Tech</a>The gross profit margin of the power lithium battery business in the first half of this year was 19.27%, a decrease of 5.45 percentage points compared to the previous period.</p><p><h2>Electric vehicles and gasoline vehicles are polarizing, and the automotive business is expected to see a significant increase in performance in the second half of the year.</h2>As mentioned earlier, BYD's automotive business revenue growth rate in the first half of the year was only 25.41%, the lowest among the three major businesses. Another important factor is that BYD's blockbuster model, the DMI, was actually launched in April, and production capacity has been ramping up. Although there are many orders, sales were not high in the early stages. Considering that BYD's new energy vehicle sales have repeatedly hit new highs since June, the automotive business is expected to see a significant increase in performance in the second half of the year.</p><p>This year, BYD's electric and gasoline vehicles showed a clear polarization trend. In the first half of 2021, BYD achieved total sales of 247,000 vehicles, a year-on-year increase of 56%. In terms of new energy vehicles, passenger vehicle sales reached 150,000 units, a year-on-year increase of 161% (including 93,000 pure electric vehicles and 5.7 plug-in hybrid vehicles), and 4,000 new energy commercial vehicles, a year-on-year increase of 35%. In the first half of the year, the global sales ranking of pure electric vehicles was second only to<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(390,000 vehicles) and SAIC-GM-Wuling (190,000 vehicles), but gasoline vehicle sales have repeatedly suffered setbacks.</p><p>According to the latest July data, benefiting from BYD's flagship DMI and BYD Han, BYD's new energy vehicle production and sales accounted for 87.95%, with monthly sales exceeding 50,000 units. Hybrid and pure electric vehicles each accounted for 50%. However, monthly sales of gasoline vehicles have been declining repeatedly since the second quarter of this year, with monthly sales exceeding 20,000 and 10,000 units respectively. In July, sales were only 6,918 units, accounting for 12%. In the future, BYD may turn into a pure electric car company.</p><p>It is worth mentioning that in addition to pure electric vehicles, essential hybrid vehicles have also gained market recognition. Since its launch and delivery in April, the DM-i has received excellent market feedback. Currently, the DM-i has a large backlog of orders and a delivery cycle of 3-4 months. In the plug-in hybrid vehicle market, although BYD's highly sought-after DMI was actually launched in April, it still performed well in the hybrid vehicle market, ranking fourth with a year-on-year increase of 428%, second only to BMW, Mercedes-Benz and Volvo. In addition, BYD's new e-platform 3.0 models, the Dolphin and Yuan Plus, have been announced by the Ministry of Industry and Information Technology and are expected to be launched successively in the third quarter. After launch, they are expected to continue the advantages of the previous BYD Han and DMI and continue to seize the gasoline vehicle market in the same price range.<img src=\"https://wpimg.wallstcn.com/386a690c-46b3-4a8e-b44d-a348372074f9.png\"/></p><p><h2>Power batteries hold a solid position, and the expansion cycle continues.</h2>Since the beginning of this year, the ranking of the TOP 10 power battery installations has been unstable. Apart from CATL in first place and BYD in second place, the rankings of other battery manufacturers have fluctuated considerably. For example, due to the large fluctuations in monthly sales of Tesla, the main supporting automaker, LG Chem, which used to be a regular in the TOP 3, fell out of the TOP three in April, and even saw a significant drop in installations in July (from 0.71 GWh in June to 0.2 GWh in July), once falling to tenth place. BYD mainly supplies its own batteries, which naturally solidifies its second-place position as its new energy vehicle sales repeatedly reach new highs.</p><p>Of course, due to limited battery production capacity, BYD mostly supplied its own batteries. However, this does not mean that BYD lacked the capacity to supply externally. BYD's cumulative installed capacity from January to July this year was approximately 15.708 GWh, exceeding BYD's total installed capacity of power batteries for the whole of 2020 (9.01 GWh). The total installed capacity of externally supplied batteries has also gradually increased to around 0.3 GWh. Supporting companies include...<a href=\"https://laohu8.com/S/000625\">Changan Automobile</a>FAW Group, Jinkang Automobile, etc. Moreover, at the previous Ford Mustang electric vehicle launch event, Ford also announced that its battery uses BYD's high-nickel ternary lithium battery (811).</p><p>Since the beginning of this year, lithium iron phosphate batteries have been highly favored by end users. In July, the installed capacity of power batteries in my country was 11.3 GWh, up 125.0% year-on-year and 1.7% month-on-month. Of these, a total of 5.5 GWh of ternary lithium batteries were installed, up 67.5% year-on-year and down 8.2% month-on-month; A total of 5.8 GWh of lithium iron phosphate batteries were installed, up 235.5% year-on-year and 13.4% month-on-month. It is worth noting that this is the first time in three years that the number of lithium iron phosphate batteries installed in vehicles has exceeded that of ternary lithium batteries. This is another significant step forward, following the fact that lithium iron phosphate batteries (8.8 GWh) surpassed ternary lithium batteries (5 GWh) in production in May and achieved a sales surpass in June. With the expansion of BYD's Chongqing Blade Battery Phase II, the commissioning of its Guiyang Blade Battery Factory, and the construction of multiple local production lines such as Xi'an Blade Battery Pack, BYD's blade batteries will not only complete its self-supply tasks but also achieve external supply scale, which is expected to elevate BYD's market share of power batteries, especially lithium iron phosphate.<img src=\"https://wpimg.wallstcn.com/a3d73da0-b6d1-4dd9-84fc-846bc6a91bc4.png\"/>Of course, BYD did not blindly expand production without preparation. From the perspective of upstream equipment and materials, BYD's continuous investment in batteries since July is aligned with...<a href=\"https://laohu8.com/S/002759\">Tianji Shares</a>subsidiaries,<a href=\"https://laohu8.com/S/002407\">Do-fluoride</a>、<a href=\"https://laohu8.com/S/002411\">Yan'an Bicon</a>The subsidiary signed a supply agreement for lithium hexafluorophosphate materials, reserving approximately 21,000 tons of materials for 2H2021-2022. Terminal sales have repeatedly hit new highs, with new energy vehicle sales exceeding 50,000 units for the first time in July, reaching 50,492 units. This shows that both the initial material preparation work and the later terminal sales are capable of absorbing this wave of production expansion.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3639078\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/431bc32c61991963aae176a1ed8a3a68","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3639078","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162024217","content_text":"8月27日晚上，比亚迪公布了上半年的业绩，上半年比亚迪营收达到891.31亿元，同比增长53.60%；但归母净利润为11.74亿元，去年同期为15.27亿元，同比下降29.41%，同时毛利率也由2020年上半年的18.05%下降至今年上半年的11.13%。分季度来看，Q2营收498.93亿元，同比增长22.21%，环比增长21.71%；净利润9.36亿元，同比下滑39.58%。 分业务来看，比亚迪的三大业务中汽车、汽车相关产品及其他产品上半年营收为381.46亿元，同比增长25.41%；手机部件、组装及其他产品营收为428.22亿元，同比增长86.26%；二次充电电池及光伏营收为78.47亿元，同比增长70.47%。细分类看三大业务分别占总收入的42.80%、48.04%和8.83%。汽车、汽车相关产品及其他产品的占比有不小的缩小（去年同期52%），手机部件、组装及其他产品的占比则从40涨至如今的48%。\n净利润同比下滑29.41%，毛利率同比下滑6.92 pcts\n比亚迪上半年净利润和毛利率都有不小的下滑，其中原因需要拆分来看。比亚迪上半年汽车相关产品及其他产品这一业务不仅占比下滑了近10pcts，而且营收的增长率也是三种业务中最低的（25.41%）。\n华尔街见闻·见智研究所认为主要原因在于口罩业务的波动影响和上游原材料的涨价。去年上半年疫情严重，比亚迪其他两个业务都受到不小的影响，导致基数普遍偏低，但比亚迪营收超80亿元人民币的口罩业务并未单独列出，而是归入到了汽车及相关产品板块，利润预计在13-15个亿左右，这导致汽车业务的总业绩未受到太大影响，同时口罩业务额外的高毛利贡献也使得比亚迪去年的总毛利率（19.38%）是2017年以来最高。\n\n同时今年以来锂电上游原材料的涨价幅度都较大，其中如六氟、碳酸锂乃至最上游的锂辉石等都有翻倍的涨幅，使得电池厂商的毛利率也受到一定程度的影响，这点在其他电池厂商身上也有体现：\n\n1）锂电龙头宁德时代今年上半年动力电池系统毛利率为23%，同比下滑3.5pcts，环比下降3.56 pcts。\n2）亿纬锂能锂离子电池业务今年上半年的毛利率是22.95%，同比下滑1.31%，环比下滑3.18pcts。\n3）国轩高科的动力锂电池业务今年上半年的毛利率是19.27%，环比下滑5.45pcts。\n\n电动车和燃油车两极分化，汽车业务下半年业绩有望大增\n前文提到比亚迪上半年汽车业务营收增速只有25.41%，是三大业务中最低的，还有一个重要因素，就是比亚迪的爆款车型DMI真正上市时间其实是4月份，而且产能一直在爬坡，虽然订单很多但是销量初期并不高，考虑到比亚迪新能源车型销量6月以来的屡创新高，下半年汽车业务有望迎来业绩大增。\n今年比亚迪的电动车和燃油车呈现明显的两极分化趋势，2021年上半年比亚迪实现总销量24.7万辆，同比增长56%。新能源车型方面，乘用车方面销售15.0万辆，同比增长161%（其中纯电动车型9.3万辆、插电式混动5.7辆）以及新能源商用车0.4万辆，同比增长35%。上半年全球纯电动汽车销量排名仅次于特斯拉（39万辆）和上汽通用五菱（19万辆），但燃油车销量却屡遭滑铁卢。\n从最新的7月数据来看，受益于比亚迪的王牌DMI和比亚迪汉，比亚迪的新能源汽车产销占比达到87.95%，单月销量突破5万大关，其中混动和纯动各自占比50%，而燃油车月销量今年二季度以来可谓是一降再降，月销量连破2万、1万大关，7月销量甚至仅仅只有6918辆，占比12%，未来比亚迪或将转为纯电动的车企。\n值得一提的是，除了纯电动，必要的混动也受到了市场的认可，DM-i在4月上市交付以来市场反馈优异，目前DM-i积压订单较多，交货周期达3-4个月。插电混动汽车市场上，虽然比亚迪备受市场追捧的DMI真正上市时间是4月份，但是依旧在混动汽车市场上有着不错的销量表现，排名第四，销量同比大增428%，仅次于宝马、奔驰和沃尔沃。此外，比亚迪e平台3.0全新车型：海豚、元Plus 已进入工信部公告，预计将于3季度陆续上市，上市后有望延续此前比亚迪汉和DMI的优势，继续抢占同价格区间的燃油车市场。\n动力电池地位牢固，扩产周期持续进行\n今年以来，动力电池装车量TOP 10排名并不稳定，除了第一的宁德时代和第二的比亚迪，其他电池厂商的排名都有不小的波动，例如由于主要配套的车企特斯拉月销量波动较大，曾经的TOP3常客LG化学在4月就跌出了前三，甚至在7月装车量上出现大幅下降（从6月的0.71GWh装车量下降到7月的0.2GWh），一度掉到了第十名。而比亚迪的电池主要是自供，自然是随着自家新能源汽车销量的屡创新高而越发稳固自身第二的地位。\n当然此前由于电池产能受限，比亚迪电池多为自供，但是这并不意味着比亚迪没有外供能力，比亚迪今年1-7月累计装机总量约为 15.708GWh，已经超过2020年比亚迪全年的动力电池装机量（9.01GWh），外供电池装机总量也逐渐增加到0.3GWh左右，配套企业包括长安汽车、中国一汽、金康汽车等。而且在此前的福特野马电动车发布会上，福特也公布了其电池采用的是比亚迪高镍三元电池（811）。\n今年以来，磷酸铁锂电池备受终端青睐，7月我国动力电池装车量11.3GWh，同比上升125.0%，环比上升1.7%。其中三元电池共计装车5.5GWh，同比上升67.5%,环比下降8.2%；磷酸铁锂电池共计装车5.8GWh，同比上升235.5%，环比上升13.4%。值得注意的是，这是3年以来首次磷酸铁锂电池的装车量超过三元锂电池。这也是继5月磷酸铁锂电池（8.8GWh）在产量上实现反超三元锂电池（5GWh），6月完成了销量的超越后的又一次有力进展。随着比亚迪重庆刀片电池二期扩建、贵阳刀片电池工厂投产、西安刀片电池Pack等多地产线投建，比亚迪的刀片电池除了完成自供任务还能形成外供规模，有望让比亚迪的动力电池尤其是磷酸铁锂的市占率跨上一个台阶。 当然，比亚迪也并不是毫无准备的盲目扩产，从上游设备和材料端来看，7月以来比亚迪在电池上的连连布局，与天际股份子公司、多氟多、延安必康子公司签署六氟磷酸锂材料供货协议，为2H2021-2022年储备了约2.1万吨材料。终端销量来看也是屡屡创新高，7月新能源汽车销量更是首度突破5万大关达到50,492辆，可见不管是前期材料准备工作还是后期终端的销量都具备消化这波扩产规模。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142657575,"gmtCreate":1626148424697,"gmtModify":1703754322957,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566959746574224","authorIdStr":"3566959746574224"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142657575","repostId":"1166626096","repostType":4,"repost":{"id":"1166626096","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626142521,"share":"https://ttm.financial/m/news/1166626096?lang=en_US&edition=fundamental","pubTime":"2021-07-13 10:15","market":"other","language":"zh","title":"State Administration for Market Regulation: Tencent's acquisition of Sogou equity has been unconditionally approved","url":"https://stock-news.laohu8.com/highlight/detail?id=1166626096","media":"老虎资讯综合","summary":"7月13日，国家市场监管总局官网今日披露《2021年7月5日-7月12日无条件批准经营者集中案件列表》。列表显示，腾讯控股有限公司收购搜狗公司股权已获无条件批准。","content":"<p>On July 13, the official website of the State Administration for Market Regulation released the \"List of Cases of Unconditional Approval of Undertaking Concentration from July 5 to July 12, 2021\". The list displays,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>Acquisition by limited liability company<a href=\"https://laohu8.com/S/SOGO\">Sogou</a>The company's equity interests have been unconditionally approved.</p><p><img src=\"https://static.tigerbbs.com/3d0e0bb65314c4f4da8ed32ec28a883a\" tg-width=\"920\" tg-height=\"763\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/567aebc3241ec37316004f6689d59849\" tg-width=\"913\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9b9c5638acd7340b8815d9b28619ff59\" tg-width=\"911\" tg-height=\"583\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>State Administration for Market Regulation: Tencent's acquisition of Sogou equity has been unconditionally approved</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\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: 12.5px; color: #7E829C; margin: 0;}\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\">\nState Administration for Market Regulation: Tencent's acquisition of Sogou equity has been unconditionally approved\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-13 10:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 13, the official website of the State Administration for Market Regulation released the \"List of Cases of Unconditional Approval of Undertaking Concentration from July 5 to July 12, 2021\". The list displays,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>Acquisition by limited liability company<a href=\"https://laohu8.com/S/SOGO\">Sogou</a>The company's equity interests have been unconditionally approved.</p><p><img src=\"https://static.tigerbbs.com/3d0e0bb65314c4f4da8ed32ec28a883a\" tg-width=\"920\" tg-height=\"763\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/567aebc3241ec37316004f6689d59849\" tg-width=\"913\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9b9c5638acd7340b8815d9b28619ff59\" tg-width=\"911\" tg-height=\"583\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/46ab5990394814236e7e7ba7ba376177","relate_stocks":{"TCEHY":"腾讯控股ADR","00700":"腾讯控股","QNETCN":"纳斯达克中美互联网老虎指数","SOGO":"搜狗"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166626096","content_text":"7月13日，国家市场监管总局官网今日披露《2021年7月5日-7月12日无条件批准经营者集中案件列表》。列表显示，腾讯控股有限公司收购搜狗公司股权已获无条件批准。","news_type":1,"symbols_score_info":{"00700":0.9,"QNETCN":0.9,"TCEHY":0.9,"SOGO":0.9}},"isVote":1,"tweetType":1,"viewCount":1512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":439112076734664,"gmtCreate":1748240503026,"gmtModify":1748240506017,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy 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