For a long time, Great Wall and Geely competed with each other and took turns to sit on the throne of China automobile market. Until 2022, the automobile market in China changed dramatically, and BYD rose suddenly. With the upsurge of new energy vehicles, the sales volume has increased exponentially. Before the end of the year, BYD has broken the inherent pattern of the domestic automobile market and become a new independent brother.
The rapid growth of sales performance has enabled BYD to hand over an excellent performance answer sheet, and key indicators such as revenue, net profit and R&D are in a leading position. Geely and BYD, once independent brothers, are not as eye-catching as BYD, but they are also in the growth channel.
Revenue growth depends on sales volume and product mix. BYD's annual report shows that the total operating income in 2022 was 42,4061billion yuan, an increase of 96.2% compared with 20021. Among them, the operating income related to the automobile industry reached 32,4691billion yuan, up 65.438+0.78% year-on-year, and the operating income of other businesses such as mobile phone parts and assembly reached 98.810.50 billion yuan, up 65.438+04.30% year-on-year.
The multiple growth of BYD's revenue benefited from the rapid growth of sales. Last year, BYD's sales of new energy vehicles showed a rapid growth trend, with the annual cumulative sales exceeding 6,543,800+0,860 vehicles, up 208.64% year-on-year.
Of course, the sales growth of high-end models has also helped BYD achieve rapid revenue growth. In 2022, BYD Korea's sales exceeded 30,000 for the fourth consecutive month, and the cumulative sales for the whole year exceeded 270,000. E-platform 3.0 series products have also achieved good sales performance.
Geely Automobile's operating income is much lower than BYD's. The annual report shows that in 2022, the operating income reached 654.38+04.8 billion yuan, a year-on-year increase of 45.6%, a record high.
The revenue of 654.38+048 billion yuan and the growth of 45.6% came from the increase of sales volume and the increase of the proportion of high-priced models. According to official statistics, in 2022, the cumulative sales volume of Geely Automobile reached 1.433 million, an increase of 8% compared with 20021,and the sales volume of new energy vehicles with relatively high prices exceeded 328,700, an increase of over 300%.
Great Wall Motor's revenue performance was slightly lower than Geely Automobile's, and its annual operating income was1373.4 billion yuan, a slight increase of 0.69% compared with 20021. Different from the growth of Geely and BYD, the small growth of Great Wall Motor's revenue is not due to the growth of sales.
According to statistics, Great Wall Motor sold a total of 1.0675 million new cars in 2022, which was 1.66% lower than that of 5438+0 in 2026, and the sales achievement rate was only 56. 1.09%. The sales of Haval brand, Wei brand, Great Wall pickup truck and Euler brand all showed a double-digit downward trend, and only the tank brand maintained its growth trend.
In the case of a sharp decline in sales, how can Great Wall Motor achieve a red performance? On the whole, the upward product structure has become the main reason. Relying on the upward development of the brand, the average sales price of Great Wall Motor Bicycles reached128,700 yuan in 2022, an increase of 20.8% compared with 202 1. The sales volume of vehicles above RMB 200,000 increased to 15.27%. The increase of average selling price and the increase of high-priced car sales promoted the increase of operating income.
There are different ways to make money. In terms of profitability, BYD is far higher than Geely and Great Wall. BYD's annual report shows that the net profit returned to the mother in 2022 was 65.438+06.622 billion yuan, a year-on-year increase of 445.86%; The net profit after deducting non-homecoming was 65.438+05.638 billion yuan, a year-on-year increase of 654.38+065.438+046.42%.
In contrast, Geely Automobile's pre-tax net profit in 2022 was 4,686,543.8 million yuan, up 0.36% year-on-year, and its net profit was 4,649 million yuan, up 6.8 1% year-on-year. The net profit of returning to the mother increased by 8.5% year-on-year to RMB 5.26 billion. Great Wall Motor achieved a net profit of 8.266 billion yuan, up 22.9% year-on-year, and deducted non-net profit of 4.477 billion yuan, up 6.5 1% year-on-year.
Although BYD, Geely and Great Wall have all achieved net profit growth, the ways of "making money" are different. BYD deducted non-net profit1563.8 billion yuan, on the one hand, it benefited from cost management. In 2022, the operating cost of automobile business was nearly 258.5 billion yuan, up 140.62% year-on-year, and the growth rate was lower than that of automobile business income, making the gross profit margin reach 20.39%. On the other hand, it is the financial subsidy brought by new energy vehicles. In 2022, BYD's new energy subsidy income reached 65.438+0.0438 billion yuan, a year-on-year increase of 77.89%.
Geely Automobile's net profit source is not only obtained by selling cars, but also created rich profit feedback for its technology going out to sea. According to the annual report, Geely Automobile achieved technology licensing revenue of 65.438+66 billion yuan in 2022, a year-on-year increase of 29.9%, further supporting the stable profit expectation in the future.
In addition, the net profit loss of Geely Automobile's krypton gas vehicle has affected the overall profitability to some extent. According to the annual report, in 2022, Extreme Krypton Automobile achieved an operating income of 310.787 billion yuan, a year-on-year increase of 1008.27%, and a net profit loss of 2.039 billion yuan (a loss of10.0/0.000 billion yuan in 2026 and a loss of 5438+in 2026)
Among the 8.266 billion yuan net profit of Great Wall Motor, the non-recurring profit reached 3.79 billion yuan, and the subsidy for new energy vehicles reached 65.438+0.75 billion yuan. In addition to the contribution of subsidies to profits, Great Wall Motor has also achieved good profit performance in the Russian market. According to the annual report, Russian Haval Automobile Manufacturing Co., Ltd. achieved a net profit of 2.779 billion yuan, and the net profit after deducting exchange gains and government subsidies was 559 million yuan.
Under the transformation, with the transformation of the automobile industry to electrification and intelligence and entering the deep water area, the R&D investment of automobile enterprises also shows an increasing trend.
Specific to BYD, Geely and Great Wall, the R&D investment of the three companies has shown a rapid growth trend. BYD invested 20.223 billion yuan in R&D, an increase of 90. 1% compared with 202 1.
It is worth noting that BYD's big investment in R&D is not limited to the automobile industry, but also involves photovoltaics and rail transit. According to the annual report, in 2022, BYD introduced large-size half-photovoltaic module technology, N-type high-efficiency battery and module technology, intelligent "Yunba" train and Yunba automatic operation system.
Adhering to the goal that the accumulated R&D investment will reach 65.438+000 billion yuan in 2025, Great Wall Motor spent 65.438+0.865438+000 billion yuan on R&D in 2022, a year-on-year increase of 34.34%, and the total R&D investment accounted for 8.87% of the operating income, far exceeding Geely and BYD.
The continuous R&D investment directly reflects the increase in the number of patents. The annual report of Great Wall Motor shows that in 2022, Great Wall Motor applied for 4,463 patents and authorized 2,263 patents. By the end of 2022, a total of12,675 patents had been granted, including 2 166 invention patents, 7,207 utility model patents and 3,302 design patents.
Geely Automobile's R&D expenditure in 2022 was 6.765 billion yuan, an increase of 23% compared with 20021,which was the smallest among the three enterprises with the least amount and the smallest increase.
This article comes from Yiqi Media, the author of Che Yi, 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.