Recently, BYD (SZ.002594) released its 2022 financial report. Since listed companies have already issued performance forecasts before, the outside world has long expected their "explosive" performance. However, after reading BYD's complete financial report, Che Yi felt that there should be another key word besides the bursting performance evaluation-madness.
In 2022, BYD, like a "king with a big stomach", took advantage of not having too many competitors, frantically grabbed food and rapidly expanded its body in order to seize as much market share as possible, so in its financial report, we can not only see its amazing "earning ability", but also its amazing "spending ability".
When the volume and price rise together, deduct the non-net profit growth 1 1 times.
The financial report shows that in 2022, BYD's operating income was 424.06 billion yuan, a year-on-year increase of 96.20%; The net profit was 654.38+0.66 billion yuan, a year-on-year increase of 445.86%; After non-deduction, the net profit was 65.438+05.6 billion yuan, which was more than 654.38+065.438+0 times that of the same period last year.
Among them, the operating income of automobiles, automobile-related products and other products was 324.69 billion yuan, up by 15 1.78% year-on-year, accounting for 76.57% of the total revenue, and 59.66% in 20021year; The operating income of mobile phone parts, assembly and other products was 98.82 billion yuan, up by 14.30% year-on-year, and the proportion of the total revenue decreased from 40% in 2026 to 5438+0 to 23.3% in 2022.
In terms of sales volume, BYD's annual vehicle sales volume was 6.5438+0.8 million units, a year-on-year increase of 654.38+0.49%; The sales volume of new energy vehicles was 6.5438+0.78 million, passenger cars were 6.5438+0.782 million, and commercial vehicles were 5,839. The sales revenue was 272.2 billion yuan and 7.87 billion yuan respectively, up by 242.8% and 19.06% respectively.
Although BYD's financial report includes the business of mobile phone parts, assembly and other products, it can be clearly seen from the relevant performance of the automobile business that the automobile business has not only become the absolute main business of listed companies, but also achieved an increase in volume and profit in 2022.
In 2022, BYD's bicycle income reached 6.5438+0.8 million yuan, and the bicycle income of new energy passenger cars was 6.5438+0.53 million yuan; The gross profit margin of automobile business was 20.39%, a year-on-year increase of 3.69%. If the net profit and non-net profit including mobile phone business are roughly calculated, BYD's bicycle net profit and non-net profit including mobile phone business last year were 9222 yuan and 8666 yuan respectively. Of course, considering the net profit including mobile phone business, this figure will be higher than the real data.
Even so, BYD's gross profit margin is among the best among new energy car companies. On a quarterly basis, the sales volume, revenue and net profit of enterprises have increased quarter by quarter in the last four quarters. The gross profit margin of automobile business reached 22.83% in the fourth quarter, up 0.07% compared with the third quarter, indicating that the profitability of enterprises is also improving quarter by quarter, which is behind the gradual improvement of higher-end models such as BYD Han Family and Seals and the sales structure last year.
But it must be noted that BYD's outstanding performance is supported by huge subsidies. The financial report shows that the company's new energy subsidy income in 2022 totaled 654.38+004 billion yuan. If this subsidy is included in the performance in 2022, the deducted non-net profit of BYD's 654.38+056 billion yuan will probably decrease.
Even if there is a lag in subsidies, they are counted in batches. Judging from the subsidies of listed companies in 20021and 2022 104 billion, BYD's net profit in 2022 is not small, which shows that it is really difficult for new energy vehicles to make money at present.
Expenditure has soared, and the construction in progress has increased by 62 billion pounds every year.
The explosive growth of BYD's sales volume is accompanied by a substantial increase in expenditure, and it is an all-round growth, from the "three fees" to the number of employees to the projects under construction and inventory, showing a jaw-dropping growth.
First look at three expenses. In 2022, BYD's sales expenses were 65.438+0.506 billion yuan, a year-on-year increase of 65.438+0.47%, and the sales expense ratio was 3.55%. According to the official, the increase was mainly due to the increase in after-sales service expenses and employees' wages in this period, of which the after-sales service expenses were 6.5 billion yuan, up 4,465.438+0% year-on-year. The salary of employees was 3.4 billion yuan, which doubled year-on-year.
The management expense was 654.38+000 billion yuan, up 75.25% year-on-year, and the expense rate was 2.36%, which was mainly due to the increase of employees' salary and material consumption, including employees' salary of 6.9 billion yuan, which doubled year-on-year.
Thanks to the increase in exchange income and interest income, BYD's financial expenses in 2022 decreased by 654.38+0.6 billion yuan.
R&D expenditure was 65.438+0.865 billion yuan, up 654.38+0.33.44% year-on-year, mainly due to the increase in personnel salaries and material consumption; Among them, the salary of employees was 65.438+004 billion yuan, up 65.438+081%year-on-year, and the material consumption was 5.2 billion yuan, doubling year-on-year. The total investment of R&D was 20.223 billion yuan, up 90.3 1% year-on-year, accounting for 4.77% of the operating income, down 0. 15% compared with the same period of last year.
Secondly, let's look at the staff cost. Judging from the three expenses, the salary of personnel has increased substantially, which can correspond to the rapid expansion of BYD's personnel scale in 2022. In 2022, the number of employees of listed companies reached an astonishing 570,000, while in 20021year it was 290,000, which doubled. Such a scale of employees can be called a "big MAC" in the automobile industry.
In contrast, Geely Holding Group, which sold more than 2.3 million vehicles last year, has only 6.5438+0.2 million employees worldwide, only about one-fifth of BYD's employees.
For such a situation, I don't know whether I think BYD is doing a good job in solving employment problems or whether I am worried about its low automation rate. But what is certain is that with such a large personnel scale, once the economic recovery brings about an increase in labor costs, BYD's labor costs will also increase rapidly.
Let's take a look at the projects under construction. In order to achieve sustained and high-speed sales growth, BYD must rapidly increase its production capacity, so it is necessary to build factories nationwide, but its scale is still amazing. In 2022, the budget of BYD's projects under construction is as high as 654.38+023.3 billion yuan, which is higher than the annual revenue of many vehicle manufacturers. In that year, it increased by 62 billion yuan, of which 39 billion yuan was transferred to fixed assets, and the balance at the end of the year was 37.3 billion yuan.
In terms of fixed assets, BYD's book value at the beginning of 2022 was 610.20 billion yuan, and at the end of 2022, the book value was10.3/kloc-0.20 billion yuan, with a net increase of 70.7 billion yuan.
BYD's generosity can also be felt in the cash flow generated by investment activities. In 2022, BYD's cash outflow from investment activities was 65.438+0.339 billion yuan, a year-on-year increase of 65.438+0.30%; Among them, the cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets was 97.5 billion yuan, up by161%year-on-year; The net cash flow used in investment activities is an outflow of 654.38+020.6 billion yuan.
Finally, look at inventory. In 2022, the book value of BYD's inventory was 79 1 100 million yuan, up 82% year-on-year; Among them, raw materials/kloc-0.73 billion yuan, in-process products 26.8 billion yuan, inventory goods 3/kloc-0.80 billion yuan, and turnover materials 3.2 billion yuan. Although BYD's current inventory is normal, if raw materials such as lithium carbonate and cathode materials were purchased at high prices last year, I am afraid that listed companies will have a lot of provisions according to this year's price.
In addition, in 2022, the liabilities of listed companies also increased significantly, reaching 372.5 billion yuan, an increase of 18 1 billion yuan year-on-year, nearly doubling, of which accounts payable reached140.4 billion yuan; The asset-liability ratio is 75%, which is not low.
Continue to soar, with a target of 3.6 million vehicles in 2023.
Based on the above data, BYD's development rhythm is "faster and faster". Grab the cake first. In 2023, BYD will continue to be arrogant.
At the performance conference after the release of the financial report, Wang Chuanfu, chairman of BYD, said that BYD's goal this year is to start from 3 million vehicles and strive to double to 3.6 million vehicles. Among them, Tengshi will achieve monthly sales of 20,000 vehicles by the end of the year, and Tengshi D9 aims to sell 65,438+0,000 vehicles per month.
BYD will continue to increase R&D, and in the next 2-3 years, it will still use crowd tactics and a large number of R&D personnel to maintain the ability of subversion and iteration, strive for engineers, vertical integration, market strategy and scale advantages. "As for a certain technology, it is not the most important for us. There are many fish in our technical pool, and we will catch one when it is critical. "
In terms of intelligence, BYD will cooperate with NVIDIA in the future to launch optional driver assistance function, with a fare increase of about 5,000 yuan.
He emphasized that in the transformation and transformation of the industry, the most important thing is "fast". The speed of industry change should be the first priority, and core technologies should also be available. Need to have real core technology and accurate strategic judgment. Be firm in your heart, it is impossible to sell trams and fuel cars at the same time. Hesitation and ambiguity are taboos.
"Fast is the first, technology is the second and strategy is the third. These three points determine the future share after the change of regime. " Wang Chuanfu said.
This article comes from Che Yi, the author of Che Hao, and the copyright belongs to the author. Please contact the author for any form of reprint. The content only represents the author's point of view and has nothing to do with the car reform.