BYD: Profits dropped by nearly half, and sales of new energy vehicles dropped by 7%.
According to the 20 19 annual performance report released by BYD, BYD achieved operating income of1277.39 billion yuan in 20 19, down1.78% year-on-year; Operating profit was 2.32 billion yuan, down 45.31%year-on-year; The net profit attributable to shareholders of listed companies161200 million yuan, down 42.03% year-on-year. From the data point of view, BYD's operating income in 20 19 was basically the same as that in 20 18, but the company's profit was "not very good-looking". BYD explained in the financial report that "it is mainly due to changes in industries and policies, and the increase in R&D expenses in this period".
Indeed, 20 19 is not very friendly to BYD. Although the net profit increased by 203.6% in the first half of the year, with the decline of new energy subsidies in the second half of the year and the implementation of the policy of "changing the country from five to six", BYD suffered a loss in its annual profit.
In 20 19, BYD's cumulative sales volume was 46 1400 vehicles, down1/0/.39% year-on-year. Among them, the sales volume of fuel vehicles was 2310.9 million, down15.02% year-on-year; New energy vehicles sold 229,500 vehicles, down 7.39% year-on-year. As can be seen from the sales structure, new energy vehicles have become one of BYD's core business sectors, almost equivalent to the sales of fuel vehicles, so once the policy fluctuates and the market goes down, BYD's profits will naturally be greatly affected.
As for R&D investment, BYD has not disclosed the specific R&D investment figure of 20 19, but we can find some clues from the number of patent applications. According to the data of global automobile patent database service platform, in 2065,438+09, BYD applied for 2,463 patents, an increase of 36.6% compared with 65,438+0,803 in 2065,438+08. Moreover, it is worth mentioning that BYD's inventions account for more than 50% of the patent applications. That is to say, of the 2,463 patents, more than 1200 patents are independently developed by BYD, and its R&D investment can be imagined.
In fact, BYD owns more than just the car business. BYD Co., Ltd. has three business segments, namely automobile and related products business, IT business and new energy business. Among them, IT business alone involves a variety of products. Automobile business is not only a well-known passenger car, but also urban rail transit, commercial vehicles and special vehicles. However, the specific financial situation of other businesses has not been announced, so we have no way of knowing. Although the information is limited, it does have a significant impact on BYD's profitability in terms of sales data and R&D investment. The known news in 2020 is that BYD will launch a brand-new sports version of Han and Song, and there will be a number of modified models on the market. Let's look forward to BYD's market performance in 2020.
FAW Car: Sales and revenue increased, but profits decreased by over 70%.
The 20 19 financial report released by FAW Car shows that the cumulative sales of 20 17800 vehicles of FAW Car increased by 3.11%year-on-year; The annual operating income was 27.664 billion yuan, an increase of 8.38%; The net profit was 52.77 million yuan, a year-on-year decrease of 74.05%. From the data point of view, FAW Car achieved double growth in sales and revenue in 20 19, but its profit decreased by more than 70%. This is the first time we have seen such a big contrast between these car companies.
FAW Car said in the financial report that the company was affected by the decline of the domestic passenger car market, the switch between the national five and the national six, the rise of the precious metal market price, the rise of the yen exchange rate and the alternation of new and old models of the company, and the financial indicators such as product gross profit margin declined; In addition, the comprehensive factors such as new product research and development expenses, increased asset impairment, and decreased confirmed investment income have led to different degrees of decline in various business indicators.
Then the question is, where is the loss of FAW Car?
Although the overall sales volume of FAW cars has increased, the sales volume of FAW Mazda, as a "profit cow", has declined year-on-year. In 20 19, the sales volume of FAW Mazda was 9 1400, down 16. 1% year-on-year. The decline in sales led to the net profit of FAW Mazda in 20 19 being only 50 million yuan, down 82% year-on-year. Don't forget, in 20 17, FAW Car turned losses into profits by relying on the 34% year-on-year sales growth of FAW Mazda and the net profit of1990,000 yuan. So from this point of view, the decline of FAW Mazda's net profit is one of the important reasons for the sharp decline of FAW Car's net profit.
On the other hand, it is the increase of operating cost of FAW car. The financial report shows that the operating cost of FAW Car in 20 19 was 22.494 billion yuan, a year-on-year increase of 1 1%, which was higher than the year-on-year increase of revenue of 8.38%. Specifically, R&D investment was 728 million yuan, a year-on-year increase of 57.23%; Management expenses165438+32 million yuan, up 8.12% year-on-year; Financial expenses11323,200 yuan, up by161.17% year-on-year; Sales expenses were 2.602 billion yuan, a year-on-year decrease of 65,438+0.66%.
The investment in R&D is mainly to build Pentium T series family. At present, Pentium brand has launched three SUV models, T33, T77 and T99, and initially completed the product layout of T series, which has achieved good market response. The excellent performance of T series also enabled Pentium brand to achieve 33.4% growth in the downward state of 20 19 automobile market. Last year, the sales volume reached 120500, accounting for more than half of the sales volume in the FAW car system, becoming the main force for the sales growth of FAW cars.
According to the plan, Pentium will launch four product series of "B, E, S and T" in the future, covering A0 to B-class cars. This year, it will launch a pure electric car, an A0-class car and an SUV. Its goal is to make a brand with an annual production and sales of one million in about five years. At present, Pentium is working hard in this direction and has a long way to go. Come on, Pentium!
Dongfeng Motor: Revenue decreased year-on-year, and the joint venture company was polarized.
Dongfeng Motor Group's 20 19 annual performance report shows that Dongfeng Motor achieved revenue of10108.7 billion yuan in 20 19, down 3.3% year-on-year; The profit attributable to the parent company was 65.438+02.858 billion yuan, down 0.93% year-on-year. In terms of sales volume, the cumulative sales volume of Dongfeng Motor in 20 19 reached 2.932 million vehicles, down 3.9% year-on-year, but it was still better than the 8.3% decline of the overall automobile market and outperformed the market.
In the case of the overall car market decline, it should be good for Dongfeng Motor to have such a performance, but it is not good enough. Why do you say that? Because Dongfeng Motor Group has eight joint venture brands, namely, Dongfeng Honda, Dongfeng Nissan, Dongfeng Citroen, Dongfeng Peugeot, Dongfeng Renault, Dongfeng Da Yue Kia, Dongfeng Ying finidi and Nazhijie, among which, except Dongfeng Honda and Dongfeng Nissan, other joint venture brands are in the stage of market contraction.
In particular, the sales volume of Renault 20 18600 vehicles decreased by 62.87% year-on-year, while the overall sales volume of Citroen and Peugeot under Shenlong Company was only 1 13600 vehicles, down by 55. 17% year-on-year. The sales of these three brands fell sharply and became Dongfeng Motor.
Fortunately, Dongfeng Honda and Dongfeng Nissan, the two pillars, have enabled Dongfeng Group to barely maintain the profit level similar to that in 20 18. In 20 19, the cumulative sales volume of Dongfeng Honda was 788,900 vehicles, up by13.2% year-on-year; The cumulative sales volume of Dongfeng Nissan is1170,000 vehicles, up by 0.3% year-on-year. Among them, Dongfeng Honda brought a profit contribution of 47 16 billion yuan to Dongfeng Motor, an increase of 379 million yuan compared with 20 18, so it can be said that it is a powerful minister.
In terms of independent brands, Dongfeng Motor has five independent brands: Qichen, Fengshen, Fashion, Scenery and Manner. Not much to say about the grace brand. At present, it has only one MX6 model, barely alive. For the other four brands, the cumulative sales volume of Qichen in 20 19 was 122800, down 8.6% year-on-year; Fengshen sold 75,000 vehicles, up 8.5% year-on-year; Cumulative sales of popular models 1 16200, down19% year-on-year; The cumulative sales volume of scenery 155700 vehicles, down 1 1.85% year-on-year.
It can be seen that only Fengshen sales increased year-on-year, and the other three brands all decreased year-on-year. These five brands add up to more than 40 models on sale, and the products can be said to be quite rich, but the total sales volume is less than 500 thousand. The reason is the lack of products that can stand out and become a pillar. For Dongfeng Motor, the five independent brands are fighting for each other and have not played a very good supporting role. Resource integration may be the way out.
2020 will also be a test for Dongfeng Motor. After all, Dongfeng Motor was the hardest hit in the hardest hit area. In the first two months of this year, the cumulative sales volume of Dongfeng Motor was only 1.32 million units, down 29.66% year-on-year, and the cumulative output in the first two months was 1.39 million units, down 39.69% year-on-year. Even so, Dongfeng Motor has not adjusted the overall sales target of 3.75 million vehicles in 2020. As for how to reach the standard? Let's wait for Dongfeng Motor to exert its strength in the second half of the year!
Write at the end:
After reading two financial reports, I want to tell you that sales and profit figures are very important, but they are not the only indicators to evaluate the performance of car companies. Some car companies look miserable and lose money in book figures, but they are doubling their investment for long-term development. Some car companies look beautiful, and the book figures are profit growth, but in fact they face many foreseeable problems. Therefore, for the financial reports of car companies, it is still necessary to analyze and then draw conclusions, and we cannot generalize only by numbers.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.