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Crazy Q

Crazy Q

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05-26

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05-19

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05-19

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05-12

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05-05

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04-28

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04-21

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04-14

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04-07

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03-24

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01-27

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01-24

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2024-11-25

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2024-08-12

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2021-08-28

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Gross profit margin and net profit both declined, BYD failed the "mid-term exam"? | Jianzhi Research Institute

2021-07-13

6

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href=\"https://laohu8.com/S/002594\">BYD</a>Announced the results for the first half of the year. In the first half of the year, BYD's revenue reached 89.131 billion yuan, a year-on-year increase of 53.60%; However, the net profit attributable to the parent was 1.174 billion yuan, compared with 1.527 billion yuan in the same period last year, a year-on-year decrease of 29.41%. At the same time, the gross profit margin also dropped from 18.05% in the first half of 2020 to 11.13% in the first half of this year. In terms of quarters, 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\"/>In terms of business, BYD's three major businesses, automobiles, automobile-related products and other products, had revenue of 38.146 billion yuan in the first half of the year, a year-on-year increase of 25.41%; Revenue from mobile phone parts, assembly and other products was 42.822 billion yuan, a year-on-year increase of 86.26%; Secondary rechargeable battery and photovoltaic revenue was 7.847 billion yuan, a year-on-year increase of 70.47%. Breaking down, the three major businesses accounted for 42.80%, 48.04% and 8.83% of the total revenue respectively. The proportion of automobiles, automobile-related products and other products has decreased significantly (52% in the same period last year), while the proportion of mobile phone parts, assembly 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 fell 29.41% year-on-year, and gross profit margin fell 6.92 pcts 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 need to be separated. In the first half of the year, BYD's business of automobile-related products and other products not only fell by nearly 10pcts, but also its revenue growth rate was the lowest among the three businesses (25.41%).</p><p><strong>Wall Street Insights · Wisdom Institute</strong>It is believed that the main reason is the fluctuation of the mask business and the price increase of upstream raw materials. In the first half of last year, the epidemic was severe, and BYD's other two businesses were greatly affected, resulting in a generally low base. In the product sector, the profit is expected to be around 1.3-1.5 billion yuan, which has not affected the total performance of the automobile business. 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>At the same time, since the beginning of this year, the prices of upstream raw materials for lithium batteries have increased significantly. Among them, hexafluoride, lithium carbonate and even the most upstream spodumene have doubled, which has affected the gross profit margin of battery manufacturers to a certain extent. This is also reflected in other battery manufacturers:</p><p>1) Lithium battery faucet<a href=\"https://laohu8.com/S/300750\">Ningde era</a>In the first half of this year, the gross profit margin of power battery systems was 23%, a year-on-year decrease of 3.5 pcts and a month-on-month decrease of 3.56 pcts.</p><p>2）<a href=\"https://laohu8.com/S/300014\">EVE Lithium 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 month-on-month decrease of 3.18 pcts.</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%, down 5.45 pcts from the previous month.</p><p><h2>Electric vehicles and fuel vehicles are polarized, and the performance of the automotive business is expected to increase significantly in the second half of the year</h2>As mentioned earlier, BYD's auto business revenue growth rate in the first half of the year was only 25.41%, which was the lowest among the three major businesses. Another important factor is that BYD's popular model DMI was actually launched in April, and its production capacity has been climbing. Although there are many orders, the initial sales volume is not high. Considering that BYD's new energy vehicle sales have repeatedly hit record highs since June, the auto business is expected to usher in a significant increase in performance in the second half of the year.</p><p>This year, BYD's electric vehicles and fuel vehicles have shown an obvious trend of polarization. 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, 150,000 passenger cars were sold, a year-on-year increase of 161% (including 93,000 pure electric models and 5.7 plug-in hybrids) and 4,000 new energy commercial vehicles, a year-on-year increase of 35%. Global pure electric vehicle sales ranked second only to the first half of the year<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(390,000 units) and SAIC-GM-Wuling (190,000 units), but the sales of fuel vehicles have repeatedly suffered from Waterloo.</p><p>Judging from the latest July data, benefiting from BYD's ace DMI and BYD Han, BYD's new energy vehicle production and sales accounted for 87.95%, and its monthly sales exceeded the 50,000 mark, of which hybrid and pure vehicles each accounted for 50%, while the monthly sales of fuel vehicles have been falling again and again since the second quarter of this year, with monthly sales exceeding 20,000 and 10,000 marks in a row. In July, sales were even only 6,918 vehicles, accounting for 12%.</p><p>It is worth mentioning that in addition to pure electric vehicles, necessary hybrids have also been recognized by the market. Since DM-i was launched and delivered in April, the market has received excellent feedback. Currently, 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 has a good sales performance in the hybrid vehicle market, ranking fourth, with sales increasing by 428% year-on-year, second only to BMW, Mercedes-Benz and Volvo. In addition, BYD e-platform 3.0 new models: Dolphin and Yuan Plus have entered the announcement of the Ministry of Industry and Information Technology, and are expected to be launched one after another in the third quarter. After listing, they are expected to continue the previous advantages of BYD Han and DMI and continue to seize the fuel vehicle market in the same price range.<img src=\"https://wpimg.wallstcn.com/386a690c-46b3-4a8e-b44d-a348372074f9.png\"/></p><p><h2>Power batteries have a solid position and the production expansion cycle continues</h2>Since the beginning of this year, the ranking of the TOP 10 power battery installed vehicles has not been stable. Except for the first Ningde era and the second BYD, the rankings of other battery manufacturers have fluctuated a lot. For example, due to the monthly sales of the main supporting car company Tesla The volume fluctuated greatly. LG Chem, a former TOP3 frequent customer, fell out of the top three in April, and even experienced a sharp drop in installed vehicles in July (from 0.71 GWh in June to 0.2 GWh in July), once falling to tenth place. BYD's batteries are mainly self-supplied. Naturally, as the sales of its own new energy vehicles hit record highs, it has become more and more stable in its second position.</p><p>Of course, due to limited battery production capacity, BYD's batteries were mostly self-supplied, but this does not mean that BYD has no external supply capacity. BYD's cumulative installed capacity from January to July this year was about 15.708 GWh, which has exceeded BYD's annual power in 2020. The installed capacity of batteries (9.01 GWh), and the total installed capacity of externally supplied batteries has gradually increased to about 0.3 GWh. Supporting companies include<a href=\"https://laohu8.com/S/000625\">Changan Automobile</a>, China FAW, Jinkang Automobile, etc. Moreover, at the previous Ford Mustang electric vehicle launch conference, Ford also announced that its battery uses BYD high-nickel ternary battery (811).</p><p>Since the beginning of this year, lithium iron phosphate batteries have been favored by terminals. In July, my country's power battery installed capacity was 11.3 GWh, a year-on-year increase of 125.0% and a month-on-month increase of 1.7%. Among them, a total of 5.5 GWh of ternary batteries were installed in vehicles, a year-on-year increase of 67.5% and a month-on-month decrease of 8.2%; A total of 5.8 GWh of lithium iron phosphate batteries were installed in vehicles, a year-on-year increase of 235.5% and a month-on-month increase of 13.4%. It is worth noting that this is the first time in three years that the installed capacity of lithium iron phosphate batteries has exceeded that of ternary lithium batteries. This is another strong progress after lithium iron phosphate batteries (8.8 GWh) surpassed ternary lithium batteries (5GWh) in output in May and surpassed sales in June. With the expansion of the second phase of BYD's Chongqing blade battery, the commissioning of Guiyang blade battery factory, and the construction of Xi'an blade battery Pack and other real estate lines, BYD's blade battery can not only complete the self-supply task, but also form an external supply scale, which is expected to make BYD's power battery especially The market share of lithium iron phosphate has reached a higher level.<img src=\"https://wpimg.wallstcn.com/a3d73da0-b6d1-4dd9-84fc-846bc6a91bc4.png\"/>Of course, BYD is not blindly expanding production without preparation. From the perspective of upstream equipment and materials, BYD's continuous deployment of batteries since July is similar to<a href=\"https://laohu8.com/S/002759\">Skyline Shares</a>Subsidiaries,<a href=\"https://laohu8.com/S/002407\">Polyfluoropolyl</a>、<a href=\"https://laohu8.com/S/002411\">Yan'an Bikang</a>The subsidiary signed a lithium hexafluorophosphate material supply agreement, reserving approximately 21,000 tons of materials for 2H2021-2022. In terms of terminal sales, it has repeatedly hit new highs. In July, the sales volume of new energy vehicles exceeded the 50,000 mark for the first time and reached 50,492 units. It can be seen that both the preliminary material preparation work and the later terminal sales have the scale of digesting 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>Gross profit margin and net profit both declined, BYD failed the \"mid-term exam\"? | Jianzhi 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\">\nGross profit margin and net profit both declined, BYD failed the \"mid-term exam\"? | Jianzhi 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 27th,<a href=\"https://laohu8.com/S/002594\">BYD</a>Announced the results for the first half of the year. In the first half of the year, BYD's revenue reached 89.131 billion yuan, a year-on-year increase of 53.60%; However, the net profit attributable to the parent was 1.174 billion yuan, compared with 1.527 billion yuan in the same period last year, a year-on-year decrease of 29.41%. At the same time, the gross profit margin also dropped from 18.05% in the first half of 2020 to 11.13% in the first half of this year. In terms of quarters, 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\"/>In terms of business, BYD's three major businesses, automobiles, automobile-related products and other products, had revenue of 38.146 billion yuan in the first half of the year, a year-on-year increase of 25.41%; Revenue from mobile phone parts, assembly and other products was 42.822 billion yuan, a year-on-year increase of 86.26%; Secondary rechargeable battery and photovoltaic revenue was 7.847 billion yuan, a year-on-year increase of 70.47%. Breaking down, the three major businesses accounted for 42.80%, 48.04% and 8.83% of the total revenue respectively. The proportion of automobiles, automobile-related products and other products has decreased significantly (52% in the same period last year), while the proportion of mobile phone parts, assembly 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 fell 29.41% year-on-year, and gross profit margin fell 6.92 pcts 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 need to be separated. In the first half of the year, BYD's business of automobile-related products and other products not only fell by nearly 10pcts, but also its revenue growth rate was the lowest among the three businesses (25.41%).</p><p><strong>Wall Street Insights · Wisdom Institute</strong>It is believed that the main reason is the fluctuation of the mask business and the price increase of upstream raw materials. In the first half of last year, the epidemic was severe, and BYD's other two businesses were greatly affected, resulting in a generally low base. In the product sector, the profit is expected to be around 1.3-1.5 billion yuan, which has not affected the total performance of the automobile business. 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>At the same time, since the beginning of this year, the prices of upstream raw materials for lithium batteries have increased significantly. Among them, hexafluoride, lithium carbonate and even the most upstream spodumene have doubled, which has affected the gross profit margin of battery manufacturers to a certain extent. This is also reflected in other battery manufacturers:</p><p>1) Lithium battery faucet<a href=\"https://laohu8.com/S/300750\">Ningde era</a>In the first half of this year, the gross profit margin of power battery systems was 23%, a year-on-year decrease of 3.5 pcts and a month-on-month decrease of 3.56 pcts.</p><p>2）<a href=\"https://laohu8.com/S/300014\">EVE Lithium 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 month-on-month decrease of 3.18 pcts.</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%, down 5.45 pcts from the previous month.</p><p><h2>Electric vehicles and fuel vehicles are polarized, and the performance of the automotive business is expected to increase significantly in the second half of the year</h2>As mentioned earlier, BYD's auto business revenue growth rate in the first half of the year was only 25.41%, which was the lowest among the three major businesses. Another important factor is that BYD's popular model DMI was actually launched in April, and its production capacity has been climbing. Although there are many orders, the initial sales volume is not high. Considering that BYD's new energy vehicle sales have repeatedly hit record highs since June, the auto business is expected to usher in a significant increase in performance in the second half of the year.</p><p>This year, BYD's electric vehicles and fuel vehicles have shown an obvious trend of polarization. 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, 150,000 passenger cars were sold, a year-on-year increase of 161% (including 93,000 pure electric models and 5.7 plug-in hybrids) and 4,000 new energy commercial vehicles, a year-on-year increase of 35%. Global pure electric vehicle sales ranked second only to the first half of the year<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(390,000 units) and SAIC-GM-Wuling (190,000 units), but the sales of fuel vehicles have repeatedly suffered from Waterloo.</p><p>Judging from the latest July data, benefiting from BYD's ace DMI and BYD Han, BYD's new energy vehicle production and sales accounted for 87.95%, and its monthly sales exceeded the 50,000 mark, of which hybrid and pure vehicles each accounted for 50%, while the monthly sales of fuel vehicles have been falling again and again since the second quarter of this year, with monthly sales exceeding 20,000 and 10,000 marks in a row. In July, sales were even only 6,918 vehicles, accounting for 12%.</p><p>It is worth mentioning that in addition to pure electric vehicles, necessary hybrids have also been recognized by the market. Since DM-i was launched and delivered in April, the market has received excellent feedback. Currently, 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 has a good sales performance in the hybrid vehicle market, ranking fourth, with sales increasing by 428% year-on-year, second only to BMW, Mercedes-Benz and Volvo. In addition, BYD e-platform 3.0 new models: Dolphin and Yuan Plus have entered the announcement of the Ministry of Industry and Information Technology, and are expected to be launched one after another in the third quarter. After listing, they are expected to continue the previous advantages of BYD Han and DMI and continue to seize the fuel vehicle market in the same price range.<img src=\"https://wpimg.wallstcn.com/386a690c-46b3-4a8e-b44d-a348372074f9.png\"/></p><p><h2>Power batteries have a solid position and the production expansion cycle continues</h2>Since the beginning of this year, the ranking of the TOP 10 power battery installed vehicles has not been stable. Except for the first Ningde era and the second BYD, the rankings of other battery manufacturers have fluctuated a lot. For example, due to the monthly sales of the main supporting car company Tesla The volume fluctuated greatly. LG Chem, a former TOP3 frequent customer, fell out of the top three in April, and even experienced a sharp drop in installed vehicles in July (from 0.71 GWh in June to 0.2 GWh in July), once falling to tenth place. BYD's batteries are mainly self-supplied. Naturally, as the sales of its own new energy vehicles hit record highs, it has become more and more stable in its second position.</p><p>Of course, due to limited battery production capacity, BYD's batteries were mostly self-supplied, but this does not mean that BYD has no external supply capacity. BYD's cumulative installed capacity from January to July this year was about 15.708 GWh, which has exceeded BYD's annual power in 2020. The installed capacity of batteries (9.01 GWh), and the total installed capacity of externally supplied batteries has gradually increased to about 0.3 GWh. Supporting companies include<a href=\"https://laohu8.com/S/000625\">Changan Automobile</a>, China FAW, Jinkang Automobile, etc. Moreover, at the previous Ford Mustang electric vehicle launch conference, Ford also announced that its battery uses BYD high-nickel ternary battery (811).</p><p>Since the beginning of this year, lithium iron phosphate batteries have been favored by terminals. In July, my country's power battery installed capacity was 11.3 GWh, a year-on-year increase of 125.0% and a month-on-month increase of 1.7%. Among them, a total of 5.5 GWh of ternary batteries were installed in vehicles, a year-on-year increase of 67.5% and a month-on-month decrease of 8.2%; A total of 5.8 GWh of lithium iron phosphate batteries were installed in vehicles, a year-on-year increase of 235.5% and a month-on-month increase of 13.4%. It is worth noting that this is the first time in three years that the installed capacity of lithium iron phosphate batteries has exceeded that of ternary lithium batteries. This is another strong progress after lithium iron phosphate batteries (8.8 GWh) surpassed ternary lithium batteries (5GWh) in output in May and surpassed sales in June. With the expansion of the second phase of BYD's Chongqing blade battery, the commissioning of Guiyang blade battery factory, and the construction of Xi'an blade battery Pack and other real estate lines, BYD's blade battery can not only complete the self-supply task, but also form an external supply scale, which is expected to make BYD's power battery especially The market share of lithium iron phosphate has reached a higher level.<img src=\"https://wpimg.wallstcn.com/a3d73da0-b6d1-4dd9-84fc-846bc6a91bc4.png\"/>Of course, BYD is not blindly expanding production without preparation. From the perspective of upstream equipment and materials, BYD's continuous deployment of batteries since July is similar to<a href=\"https://laohu8.com/S/002759\">Skyline Shares</a>Subsidiaries,<a href=\"https://laohu8.com/S/002407\">Polyfluoropolyl</a>、<a href=\"https://laohu8.com/S/002411\">Yan'an Bikang</a>The subsidiary signed a lithium hexafluorophosphate material supply agreement, reserving approximately 21,000 tons of materials for 2H2021-2022. In terms of terminal sales, it has repeatedly hit new highs. In July, the sales volume of new energy vehicles exceeded the 50,000 mark for the first time and reached 50,492 units. It can be seen that both the preliminary material preparation work and the later terminal sales have the scale of digesting 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":1009,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142657575,"gmtCreate":1626148424697,"gmtModify":1703754322957,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy 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Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"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":"Gross profit margin and net profit both declined, BYD failed the \"mid-term exam\"? | Jianzhi 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 27th,<a href=\"https://laohu8.com/S/002594\">BYD</a>Announced the results for the first half of the year. In the first half of the year, BYD's revenue reached 89.131 billion yuan, a year-on-year increase of 53.60%; However, the net profit attributable to the parent was 1.174 billion yuan, compared with 1.527 billion yuan in the same period last year, a year-on-year decrease of 29.41%. At the same time, the gross profit margin also dropped from 18.05% in the first half of 2020 to 11.13% in the first half of this year. In terms of quarters, 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\"/>In terms of business, BYD's three major businesses, automobiles, automobile-related products and other products, had revenue of 38.146 billion yuan in the first half of the year, a year-on-year increase of 25.41%; Revenue from mobile phone parts, assembly and other products was 42.822 billion yuan, a year-on-year increase of 86.26%; Secondary rechargeable battery and photovoltaic revenue was 7.847 billion yuan, a year-on-year increase of 70.47%. Breaking down, the three major businesses accounted for 42.80%, 48.04% and 8.83% of the total revenue respectively. The proportion of automobiles, automobile-related products and other products has decreased significantly (52% in the same period last year), while the proportion of mobile phone parts, assembly 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 fell 29.41% year-on-year, and gross profit margin fell 6.92 pcts 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 need to be separated. In the first half of the year, BYD's business of automobile-related products and other products not only fell by nearly 10pcts, but also its revenue growth rate was the lowest among the three businesses (25.41%).</p><p><strong>Wall Street Insights · Wisdom Institute</strong>It is believed that the main reason is the fluctuation of the mask business and the price increase of upstream raw materials. In the first half of last year, the epidemic was severe, and BYD's other two businesses were greatly affected, resulting in a generally low base. In the product sector, the profit is expected to be around 1.3-1.5 billion yuan, which has not affected the total performance of the automobile business. 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>At the same time, since the beginning of this year, the prices of upstream raw materials for lithium batteries have increased significantly. Among them, hexafluoride, lithium carbonate and even the most upstream spodumene have doubled, which has affected the gross profit margin of battery manufacturers to a certain extent. This is also reflected in other battery manufacturers:</p><p>1) Lithium battery faucet<a href=\"https://laohu8.com/S/300750\">Ningde era</a>In the first half of this year, the gross profit margin of power battery systems was 23%, a year-on-year decrease of 3.5 pcts and a month-on-month decrease of 3.56 pcts.</p><p>2）<a href=\"https://laohu8.com/S/300014\">EVE Lithium 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 month-on-month decrease of 3.18 pcts.</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%, down 5.45 pcts from the previous month.</p><p><h2>Electric vehicles and fuel vehicles are polarized, and the performance of the automotive business is expected to increase significantly in the second half of the year</h2>As mentioned earlier, BYD's auto business revenue growth rate in the first half of the year was only 25.41%, which was the lowest among the three major businesses. Another important factor is that BYD's popular model DMI was actually launched in April, and its production capacity has been climbing. Although there are many orders, the initial sales volume is not high. Considering that BYD's new energy vehicle sales have repeatedly hit record highs since June, the auto business is expected to usher in a significant increase in performance in the second half of the year.</p><p>This year, BYD's electric vehicles and fuel vehicles have shown an obvious trend of polarization. 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, 150,000 passenger cars were sold, a year-on-year increase of 161% (including 93,000 pure electric models and 5.7 plug-in hybrids) and 4,000 new energy commercial vehicles, a year-on-year increase of 35%. Global pure electric vehicle sales ranked second only to the first half of the year<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(390,000 units) and SAIC-GM-Wuling (190,000 units), but the sales of fuel vehicles have repeatedly suffered from Waterloo.</p><p>Judging from the latest July data, benefiting from BYD's ace DMI and BYD Han, BYD's new energy vehicle production and sales accounted for 87.95%, and its monthly sales exceeded the 50,000 mark, of which hybrid and pure vehicles each accounted for 50%, while the monthly sales of fuel vehicles have been falling again and again since the second quarter of this year, with monthly sales exceeding 20,000 and 10,000 marks in a row. In July, sales were even only 6,918 vehicles, accounting for 12%.</p><p>It is worth mentioning that in addition to pure electric vehicles, necessary hybrids have also been recognized by the market. Since DM-i was launched and delivered in April, the market has received excellent feedback. Currently, 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 has a good sales performance in the hybrid vehicle market, ranking fourth, with sales increasing by 428% year-on-year, second only to BMW, Mercedes-Benz and Volvo. In addition, BYD e-platform 3.0 new models: Dolphin and Yuan Plus have entered the announcement of the Ministry of Industry and Information Technology, and are expected to be launched one after another in the third quarter. After listing, they are expected to continue the previous advantages of BYD Han and DMI and continue to seize the fuel vehicle market in the same price range.<img src=\"https://wpimg.wallstcn.com/386a690c-46b3-4a8e-b44d-a348372074f9.png\"/></p><p><h2>Power batteries have a solid position and the production expansion cycle continues</h2>Since the beginning of this year, the ranking of the TOP 10 power battery installed vehicles has not been stable. Except for the first Ningde era and the second BYD, the rankings of other battery manufacturers have fluctuated a lot. For example, due to the monthly sales of the main supporting car company Tesla The volume fluctuated greatly. LG Chem, a former TOP3 frequent customer, fell out of the top three in April, and even experienced a sharp drop in installed vehicles in July (from 0.71 GWh in June to 0.2 GWh in July), once falling to tenth place. BYD's batteries are mainly self-supplied. Naturally, as the sales of its own new energy vehicles hit record highs, it has become more and more stable in its second position.</p><p>Of course, due to limited battery production capacity, BYD's batteries were mostly self-supplied, but this does not mean that BYD has no external supply capacity. BYD's cumulative installed capacity from January to July this year was about 15.708 GWh, which has exceeded BYD's annual power in 2020. The installed capacity of batteries (9.01 GWh), and the total installed capacity of externally supplied batteries has gradually increased to about 0.3 GWh. Supporting companies include<a href=\"https://laohu8.com/S/000625\">Changan Automobile</a>, China FAW, Jinkang Automobile, etc. Moreover, at the previous Ford Mustang electric vehicle launch conference, Ford also announced that its battery uses BYD high-nickel ternary battery (811).</p><p>Since the beginning of this year, lithium iron phosphate batteries have been favored by terminals. In July, my country's power battery installed capacity was 11.3 GWh, a year-on-year increase of 125.0% and a month-on-month increase of 1.7%. Among them, a total of 5.5 GWh of ternary batteries were installed in vehicles, a year-on-year increase of 67.5% and a month-on-month decrease of 8.2%; A total of 5.8 GWh of lithium iron phosphate batteries were installed in vehicles, a year-on-year increase of 235.5% and a month-on-month increase of 13.4%. It is worth noting that this is the first time in three years that the installed capacity of lithium iron phosphate batteries has exceeded that of ternary lithium batteries. This is another strong progress after lithium iron phosphate batteries (8.8 GWh) surpassed ternary lithium batteries (5GWh) in output in May and surpassed sales in June. With the expansion of the second phase of BYD's Chongqing blade battery, the commissioning of Guiyang blade battery factory, and the construction of Xi'an blade battery Pack and other real estate lines, BYD's blade battery can not only complete the self-supply task, but also form an external supply scale, which is expected to make BYD's power battery especially The market share of lithium iron phosphate has reached a higher level.<img src=\"https://wpimg.wallstcn.com/a3d73da0-b6d1-4dd9-84fc-846bc6a91bc4.png\"/>Of course, BYD is not blindly expanding production without preparation. From the perspective of upstream equipment and materials, BYD's continuous deployment of batteries since July is similar to<a href=\"https://laohu8.com/S/002759\">Skyline Shares</a>Subsidiaries,<a href=\"https://laohu8.com/S/002407\">Polyfluoropolyl</a>、<a href=\"https://laohu8.com/S/002411\">Yan'an Bikang</a>The subsidiary signed a lithium hexafluorophosphate material supply agreement, reserving approximately 21,000 tons of materials for 2H2021-2022. In terms of terminal sales, it has repeatedly hit new highs. In July, the sales volume of new energy vehicles exceeded the 50,000 mark for the first time and reached 50,492 units. It can be seen that both the preliminary material preparation work and the later terminal sales have the scale of digesting 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>Gross profit margin and net profit both declined, BYD failed the \"mid-term exam\"? | Jianzhi 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\">\nGross profit margin and net profit both declined, BYD failed the \"mid-term exam\"? | Jianzhi 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 27th,<a href=\"https://laohu8.com/S/002594\">BYD</a>Announced the results for the first half of the year. In the first half of the year, BYD's revenue reached 89.131 billion yuan, a year-on-year increase of 53.60%; However, the net profit attributable to the parent was 1.174 billion yuan, compared with 1.527 billion yuan in the same period last year, a year-on-year decrease of 29.41%. At the same time, the gross profit margin also dropped from 18.05% in the first half of 2020 to 11.13% in the first half of this year. In terms of quarters, 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\"/>In terms of business, BYD's three major businesses, automobiles, automobile-related products and other products, had revenue of 38.146 billion yuan in the first half of the year, a year-on-year increase of 25.41%; Revenue from mobile phone parts, assembly and other products was 42.822 billion yuan, a year-on-year increase of 86.26%; Secondary rechargeable battery and photovoltaic revenue was 7.847 billion yuan, a year-on-year increase of 70.47%. Breaking down, the three major businesses accounted for 42.80%, 48.04% and 8.83% of the total revenue respectively. The proportion of automobiles, automobile-related products and other products has decreased significantly (52% in the same period last year), while the proportion of mobile phone parts, assembly 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 fell 29.41% year-on-year, and gross profit margin fell 6.92 pcts 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 need to be separated. In the first half of the year, BYD's business of automobile-related products and other products not only fell by nearly 10pcts, but also its revenue growth rate was the lowest among the three businesses (25.41%).</p><p><strong>Wall Street Insights · Wisdom Institute</strong>It is believed that the main reason is the fluctuation of the mask business and the price increase of upstream raw materials. In the first half of last year, the epidemic was severe, and BYD's other two businesses were greatly affected, resulting in a generally low base. In the product sector, the profit is expected to be around 1.3-1.5 billion yuan, which has not affected the total performance of the automobile business. 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>At the same time, since the beginning of this year, the prices of upstream raw materials for lithium batteries have increased significantly. Among them, hexafluoride, lithium carbonate and even the most upstream spodumene have doubled, which has affected the gross profit margin of battery manufacturers to a certain extent. This is also reflected in other battery manufacturers:</p><p>1) Lithium battery faucet<a href=\"https://laohu8.com/S/300750\">Ningde era</a>In the first half of this year, the gross profit margin of power battery systems was 23%, a year-on-year decrease of 3.5 pcts and a month-on-month decrease of 3.56 pcts.</p><p>2）<a href=\"https://laohu8.com/S/300014\">EVE Lithium 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 month-on-month decrease of 3.18 pcts.</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%, down 5.45 pcts from the previous month.</p><p><h2>Electric vehicles and fuel vehicles are polarized, and the performance of the automotive business is expected to increase significantly in the second half of the year</h2>As mentioned earlier, BYD's auto business revenue growth rate in the first half of the year was only 25.41%, which was the lowest among the three major businesses. Another important factor is that BYD's popular model DMI was actually launched in April, and its production capacity has been climbing. Although there are many orders, the initial sales volume is not high. Considering that BYD's new energy vehicle sales have repeatedly hit record highs since June, the auto business is expected to usher in a significant increase in performance in the second half of the year.</p><p>This year, BYD's electric vehicles and fuel vehicles have shown an obvious trend of polarization. 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, 150,000 passenger cars were sold, a year-on-year increase of 161% (including 93,000 pure electric models and 5.7 plug-in hybrids) and 4,000 new energy commercial vehicles, a year-on-year increase of 35%. Global pure electric vehicle sales ranked second only to the first half of the year<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(390,000 units) and SAIC-GM-Wuling (190,000 units), but the sales of fuel vehicles have repeatedly suffered from Waterloo.</p><p>Judging from the latest July data, benefiting from BYD's ace DMI and BYD Han, BYD's new energy vehicle production and sales accounted for 87.95%, and its monthly sales exceeded the 50,000 mark, of which hybrid and pure vehicles each accounted for 50%, while the monthly sales of fuel vehicles have been falling again and again since the second quarter of this year, with monthly sales exceeding 20,000 and 10,000 marks in a row. In July, sales were even only 6,918 vehicles, accounting for 12%.</p><p>It is worth mentioning that in addition to pure electric vehicles, necessary hybrids have also been recognized by the market. Since DM-i was launched and delivered in April, the market has received excellent feedback. Currently, 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 has a good sales performance in the hybrid vehicle market, ranking fourth, with sales increasing by 428% year-on-year, second only to BMW, Mercedes-Benz and Volvo. In addition, BYD e-platform 3.0 new models: Dolphin and Yuan Plus have entered the announcement of the Ministry of Industry and Information Technology, and are expected to be launched one after another in the third quarter. After listing, they are expected to continue the previous advantages of BYD Han and DMI and continue to seize the fuel vehicle market in the same price range.<img src=\"https://wpimg.wallstcn.com/386a690c-46b3-4a8e-b44d-a348372074f9.png\"/></p><p><h2>Power batteries have a solid position and the production expansion cycle continues</h2>Since the beginning of this year, the ranking of the TOP 10 power battery installed vehicles has not been stable. Except for the first Ningde era and the second BYD, the rankings of other battery manufacturers have fluctuated a lot. For example, due to the monthly sales of the main supporting car company Tesla The volume fluctuated greatly. LG Chem, a former TOP3 frequent customer, fell out of the top three in April, and even experienced a sharp drop in installed vehicles in July (from 0.71 GWh in June to 0.2 GWh in July), once falling to tenth place. BYD's batteries are mainly self-supplied. Naturally, as the sales of its own new energy vehicles hit record highs, it has become more and more stable in its second position.</p><p>Of course, due to limited battery production capacity, BYD's batteries were mostly self-supplied, but this does not mean that BYD has no external supply capacity. BYD's cumulative installed capacity from January to July this year was about 15.708 GWh, which has exceeded BYD's annual power in 2020. The installed capacity of batteries (9.01 GWh), and the total installed capacity of externally supplied batteries has gradually increased to about 0.3 GWh. Supporting companies include<a href=\"https://laohu8.com/S/000625\">Changan Automobile</a>, China FAW, Jinkang Automobile, etc. Moreover, at the previous Ford Mustang electric vehicle launch conference, Ford also announced that its battery uses BYD high-nickel ternary battery (811).</p><p>Since the beginning of this year, lithium iron phosphate batteries have been favored by terminals. In July, my country's power battery installed capacity was 11.3 GWh, a year-on-year increase of 125.0% and a month-on-month increase of 1.7%. Among them, a total of 5.5 GWh of ternary batteries were installed in vehicles, a year-on-year increase of 67.5% and a month-on-month decrease of 8.2%; A total of 5.8 GWh of lithium iron phosphate batteries were installed in vehicles, a year-on-year increase of 235.5% and a month-on-month increase of 13.4%. It is worth noting that this is the first time in three years that the installed capacity of lithium iron phosphate batteries has exceeded that of ternary lithium batteries. This is another strong progress after lithium iron phosphate batteries (8.8 GWh) surpassed ternary lithium batteries (5GWh) in output in May and surpassed sales in June. With the expansion of the second phase of BYD's Chongqing blade battery, the commissioning of Guiyang blade battery factory, and the construction of Xi'an blade battery Pack and other real estate lines, BYD's blade battery can not only complete the self-supply task, but also form an external supply scale, which is expected to make BYD's power battery especially The market share of lithium iron phosphate has reached a higher level.<img src=\"https://wpimg.wallstcn.com/a3d73da0-b6d1-4dd9-84fc-846bc6a91bc4.png\"/>Of course, BYD is not blindly expanding production without preparation. From the perspective of upstream equipment and materials, BYD's continuous deployment of batteries since July is similar to<a href=\"https://laohu8.com/S/002759\">Skyline Shares</a>Subsidiaries,<a href=\"https://laohu8.com/S/002407\">Polyfluoropolyl</a>、<a href=\"https://laohu8.com/S/002411\">Yan'an Bikang</a>The subsidiary signed a lithium hexafluorophosphate material supply agreement, reserving approximately 21,000 tons of materials for 2H2021-2022. In terms of terminal sales, it has repeatedly hit new highs. In July, the sales volume of new energy vehicles exceeded the 50,000 mark for the first time and reached 50,492 units. It can be seen that both the preliminary material preparation work and the later terminal sales have the scale of digesting 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。 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