BYD's net profit fell by over 80% in the first quarter.
Facing the “golden three silver four†car sales season, BYD failed to make car sales record high. On May 8, BYD Co., Ltd. (hereinafter referred to as BYD, 002594.SZ) announced its April sales report. The data shows that in April 2018, BYD passenger vehicles sold a total of 36,550 vehicles, an increase of 19.6% year-on-year, but a decrease of 13.4% from the previous quarter. Among BYD’s four main businesses, automobiles accounted for “half of the country’s revenueâ€, and sales growth was weak, which had a significant impact on profit contribution. Data shows that BYD’s net profit fell by 19.51% for the whole year of 2017. In the first quarter of this year, the decline in net profit was as high as 83.09%. In its quarterly report, it forecasted its operating performance in January-June 2018, 2018. The range of net profit attributable to shareholders of listed companies for the period from January to June was 82.59 percent to -70.98%. The BYD public relations official admitted in an interview with the “Business School†interview that the decline in profits was mainly due to the impact of subsidy for new energy vehicles. Does BYD's downturn affect Wang Chuanfu's determination to "electricize"? Subsidy retreat causes new energy autos to slip The drop in BYD’s net profit caused the attention of the Shenzhen Stock Exchange and it received an “inquiry letter†from the Shenzhen Stock Exchange, which included the reasons for the decline in performance in the first quarter, the impact of changes in the subsidy policy on the company’s operations and the company’s response measures. In response to the "inquiry letter," BYD stated that the reason for the decline in profits was "mainly due to the drop in gross profit of automobile business and the increase in period expenses." In response to the new energy subsidy, the company believes that the new energy vehicle business will generate gross margin. There was a substantial decline; traditional fuel vehicles were affected by changes in product structure and sales volume, and operating margins showed an upward trend compared with the same period. In recent years, the new energy automobile industry in China has enjoyed rapid growth due to favorable policies. BYD is an early pioneer of China's new energy vehicles and has been the champion of sales of new energy vehicles in China for many years, with a high product category and market share. At the just-concluded 2018 Beijing International Auto Show, a reporter from the “Business School†noticed that in the past, the production vehicles for new energy vehicles were mainly concentrated in the self-owned brand area, but they were affected by the “dual-integration†policy. This show, almost all The joint venture auto companies have exhibited their own mass-production new energy vehicles. The models are more abundant and the future competition will be more intense. As early as the introduction of new energy vehicle subsidy policies, there were many experts and industry insiders believe that after the subsidy retreat or even no subsidies, China's new energy auto market will really go to market. Although BYD is a leader in China's new energy automotive industry, it is not difficult to see from the recent decline in profits that it has not yet emerged from the “subsidy development†cycle. Affected by the policy adjustment, the subsidy for new energy vehicle categories in the automotive business fell by 30% in the first quarter. At the beginning of this year, the “Circular on Adjusting and Perfecting the Financial Subsidy Policy for the Promotion and Application of New Energy Vehicles†stipulated that the new energy passenger vehicles and new energy buses on the brand will follow the previous transition period from February 12, 2018 to June 11, 2018. The standard 0.7 times subsidies, new energy trucks and special vehicles are subsidized by 0.4 times, and the fuel cell vehicle subsidy standard is unchanged. (BYD's new energy vehicles are mainly divided into new energy passenger vehicles and new energy passenger vehicles. Source: BYD sales report in April 2018) According to BYD Sales Bulletin, BYD’s new energy vehicles are mainly divided into new energy passenger cars and new energy passenger cars. It is concluded that in the transition period from February to June, BYD’s new energy car sales subsidies are Previously issued standards for 0.7 times the standard, BYD's new energy vehicle sales subsidies fell by 30%. In fact, the impact of changes in subsidy policy on new energy buses will be even greater. The new policy starts on June 11th, but before that, it will maintain terminal prices. BYD will also make up for some of the country’s reduced subsidies. Even so, according to BYD's first-quarter data, BYD’s non-recurring profit and loss in the first quarter still had 639 million yuan in government-related subsidies, which exceeded BYD’s revenue in the first quarter of 2.474 billion yuan. One quarter. BYD explained to the "Business School" reporter that the 639 million yuan in government subsidies related to automobiles did not include new energy vehicle sales subsidies, and sales subsidies for new energy vehicles have been calculated in the first quarter's revenue. It can be seen that in 2018, new energy vehicle sales accounted for nearly 30% of all car sales BYD, new energy vehicle subsidies in BYD's revenue occupies a pivotal position. Where is the next profit growth point? In October 2016, Pingshan, Shenzhen, a straddle-type rail transit “airbus†connected BYD’s “Hexagon†to factories and employees’ living quarters. In September 2017, the first cloud track was formally put into commercial operation in Yinchuan. At the completion of the cloud track, Wang Chuanfu said in an upbeat manner: "Recreate a BYD with the cloud in the next five years." Although BYD believes that the subsidy for new energy subsidies is the main reason for the decline of its profits, many industry insiders believe that the cloud is also BYD's current “burning†but not profitable business, which is also an important reason for the continuous decline of BYD’s profits. Zhang Xiang, an independent automotive consultant, analyzed the “School of Business†reporters. Compared with the traditional business of mobile phone components and their assembly, BYD, an emerging business such as cloud tracks, has been continuously investing. The long return period is also part of the reason for the decline in profits. Cao He, President of Quanlian Automobile Investment Management (Beijing) Co., Ltd., expressed the same opinion on the "Business School" reporter. Since the beginning of the cloud orbit, BYD has focused its attention on third- and fourth-tier cities. There are more than 200 three- and four-tier cities in China. If each city invests 50 billion in the completion of the construction of a cloud track, there will be 10 trillion yuan in market space. yuan. At present, the operation of the Yinchuan cloud track is effective for six months. In the next few years, BYD will continue to construct the cloud project in several domestic cities. Cao He believes that if the cloud has become a climate, many cities have followed the example of Yinchuan, which will become BYD's new profit growth point. According to the report of China Merchants Securities, BYD currently has signed projects with 20 cities and currently has 8 tracks under construction. It is expected that the cloud business will begin to contribute profits in 2018, and it is conservatively estimated that it will realize an annual revenue of 15 billion yuan. However, at the moment, the cloud track is still in the input period.
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