On April 2 1 day, BYD released its 20 19 annual performance report. During the reporting period, the company achieved operating income of 65.438+027.739 billion yuan, net profit attributable to shareholders of listed companies of 65.438+066.5438+04 billion yuan, and net cash flow generated by the company's operating activities of 206.5438+047.41773.8 million yuan, up 65.438+07.78 million yuan year-on-year.
BYD stated in its 20 19 annual report that the Group will continue to open its supply chain system and promote the independent operation and marketization of its subsidiaries. Through BYD's recent business activities and financial report data, it can be found that the spin-off business has become one of BYD's new business strategies. In short, BYD is ready to sell more auto parts.
In the eyes of car forecasters, to some extent, BYD 20 19 needs to pay more attention to the adjustment behind its revenue, the change of internal business strategy and the tendency of talent system.
1
The market share of new energy vehicles remains the first.
According to the annual report of 20 19, the sales volume of BYD brand in 20 19 was 46 1 10,000 vehicles, which decreased by 1 1.39% year-on-year. Among them, the sales volume of new energy vehicles was 229,000, a year-on-year decrease of 7.39%; The sales volume of fuel vehicles was 232,000, down 65,438+05.02% year-on-year. Compared with 20 18, the sales volume of new energy vehicles decreased slightly, but the sales structure remained stable, with new energy and fuel close to 50:50.
In terms of splitting, BYD sold 228,072 vehicles in the first half of the year, including new energy vehicles145,653 vehicles. The data of new energy vehicles in the first half of the year shows that the sales of new energy vehicles are 1 vehicle.
At the end of June 20 19, the "subsidy transition period" ended, and many car companies rushed to sell cars in the second quarter, which overdrawn the sales in the third quarter to some extent. However, it can be found that BYD still maintained a good momentum and achieved steady development in the second half of the year. Therefore, BYD's domestic market share of new energy vehicles continues to rank first.
2
Annual income remains stable? Automobile business accounts for 50%?
BYD 20 19? The annual report shows that the operating income is 1277.39? 100 million yuan, a year-on-year decrease of 1.78%. Among them, the income of automobiles and related products reached 63.265 billion yuan, accounting for 49.53% of the total income, which was lower than the income of 76 billion yuan in 2065438+2008. In this regard, BYD said in the financial report that the decline of 65,438+06.76% in the operating income of automobiles and related products was caused by the decline in the automobile market and the decline in subsidies. It is worth noting that the benefits of rechargeable batteries and photovoltaics, mobile phone components and assembly have been significantly improved.
20 19 financial report shows that the business income of automobile and related products was 32.238 billion yuan in the first half of the year and 3102.7 billion yuan in the second half. Many people in the industry believe that the subsidy retreat overdraws the consumption demand of new energy vehicles in the second half of the year, and consumption is released in advance.
By combing BYD's financial reports in different quarters, Car Prophet found that the sales volume of new energy vehicles in the third quarter was 47,000, and fuel vehicles became the protagonist of the sales structure in the third quarter, about 60,800, up 3% year-on-year. But overall, the revenue of BYD auto and related products in the first half of the year is almost the same as that in the second half. In the fourth quarter, BYD models gradually showed sales resilience.
three
Auto business returns to profitability.
20 19 financial report shows that the net profit attributable to shareholders of listed companies is161400 million yuan, down by 4 1.93% year-on-year, and this figure is also the lowest net profit of BYD in recent five years, ranging from 20 15 to 20/kloc.
BYD said that this is mainly due to the influence of industry and policy changes and the increase of R&D expenses. The financial report shows that in 20 18, BYD's subsidy was 2.332 billion yuan, while in 20 19, it fell to170.7 billion yuan. In 20 19, BYD spent 5.629 billion yuan on R&D, up 12.83% year-on-year.
In terms of products, the profitability of automobiles and related products has recovered, with the gross profit margin increasing by 2. 10% to 2 1.88% year-on-year, and the gross profit contribution of automobile business 138.46? 1 billion yuan.
four
R&D attaches importance to long-term investment.
According to the financial report, the R&D expenditure in 20 19 was 5.629 billion yuan, a year-on-year increase of 12.83%. In the eyes of the industry, R&D expenses will affect the current profits and tend to lag behind the improvement of performance. But in the long run, continuous R&D investment will help enterprises maintain their technological advantages and consolidate their leading position.
In this period, the R&D investment was 8.4265438 billion yuan, of which 2.796 billion yuan was capitalized, accounting for 3.3.15%, down 8.4% from the previous year. Generally speaking, capitalized R&D investment is regarded as long-term R&D, which is different from "one-time expenditure" of R&D expenses. Capitalized investments are included in asset capital and deducted through depreciation and amortization during the service life.
According to the research report, medium and long-term investment will pay more attention to the new energy vehicle business. With the continuous investment in research and development, BYD has achieved independent control of the core technologies of the new energy vehicle industry chain in terms of power batteries and semiconductors. On April 22nd, BYD revealed in a conference call that all new BYD models will be loaded with blade batteries in 2020 and 20021year.
five
Cash flow increased by 2.2 billion? Net inflow for three consecutive years
It is worth noting that the net cash flow generated by the company's operating activities is 20 147.4 1 100 million, an increase of 221800 million compared with the same period of last year, and an increase of 177 1% year-on-year, and it has maintained a net inflow for three consecutive years. At the same time, the balance of monetary funds was 654.38+02.65 billion, maintaining a high level and abundant cash.
In this regard, BYD said that the improvement of operating cash flow is mainly due to the Group's good cash flow management and further speeding up the cash flow, and will continue to adjust the debt structure through various financing channels to reduce the cost of capital.
According to the insiders, sufficient cash flow can enable BYD to deal with the impact of COVID-19 on the automobile market and the operating pressure brought by the adjustment of subsidy policy for new energy vehicles more effectively.
six
85.56 million salary? Technical posts are higher than management posts.
In the 20 19 annual report of more than 0/kloc-0 listed car companies, BYD once again topped the list of car companies with a total management fee of 85.56 million, becoming the enterprise with the highest executive compensation among private car companies. There is no doubt that the executive compensation of automobile enterprises can not only reflect the financial and operating conditions of automobile enterprises, but also reflect the changes and trends of capital and talents in the automobile market.
The financial report shows that Wang Chuanfu, chairman of BYD, earned an annual salary of 5.34 million yuan before tax. It is worth noting that Lian Yubo, senior vice president of BYD and president of Engineering Research Institute, earned an annual salary before tax of 654.38+005600 yuan, while Luo Hongbin, vice president, and Ren Lin, vice president, earned 72.65438+000 yuan and 7.04 million yuan respectively. Car Prophet learned that Luo Hongbin is the president of Electric Power Research Institute and Ren Lin is the president of Light Rail Research Institute. It can be found that in the salary structure of BYD executives, the salary of technicians accounts for more.
Lian Yubo once said: "BYD has formed an engineer culture. In BYD, engineers have the highest status and the best treatment. " By the end of the reporting period of 20 19, the number of employees in BYD's R&D had increased to 35,788, an increase of15.1%,accounting for 15.62% of the total number of the group.
seven
Open supply and marketing system? Cultivate 30 billion market value subsidiaries
The financial report shows that in terms of business strategy, BYD will continue to open its supply chain system, actively seek strategic cooperation and deepen the marketization process of its business supply chain. Therefore, BYD's recent actions attract people's attention: First, promote lithium ferrous phosphate "blade battery"; The second is to set up five Foday companies to complete the business split of the main parts of new energy vehicles, accelerate the external sales of core parts of new energy vehicles and accelerate marketization; Third, the subsidiary BYD Semiconductor Co., Ltd. (Shenzhen BYD Microelectronics Co., Ltd.) completed internal restructuring.
It can be found that BYD is promoting the independent operation and marketization of its subsidiaries. In the opinion of analysts, such measures will open up profit and valuation space and release the market potential of subsidiaries. At the same time, BYD has indicated that it plans to split the battery business before the end of 2022.
At present, BYD's financial report divides products and services into business units, and * * * is divided into three report divisions. According to the project of "Reporting Financial Information of Divisions" in the financial report, the income of "rechargeable batteries and photovoltaics" includes external transaction income and inter-division transaction (internal transaction) income. In the financial report of 20 19, the sales of the above-mentioned external and internal sectors were 65.438+0.0506 billion yuan and 65.438+0.20.1300 million yuan respectively, an increase of 654.38+07.39% and a decrease of 27.68% compared with 20 18.
Judging from the changing proportion, the external business of this sector is growing, which also confirms BYD's business goal of turning from domestic sales to external supply. In addition, compared with the power battery business, BYD's semiconductor business is smaller. According to public information, BYD's semiconductor business mainly covers the production and sales of R&D, power semiconductors, intelligent control ic, intelligent sensors and photoelectric semiconductors. 15 In April, BYD announced that it had completed the internal reorganization of its wholly-owned subsidiary BYD Microelectronics (renamed BYD Semiconductor Co., Ltd.) through equity transfer and business transfer between subsidiaries, and BYD Microelectronics acquired the 0/00% equity of Ningbo BYD Semiconductor Co., Ltd. and Guangdong BYD Energy Saving Technology Co., Ltd. 100% equity. Acquisition of intelligent photoelectricity, LED light source and LED application related businesses of Huizhou BYD Industrial Co., Ltd., BYD Semiconductor plans to introduce a strategy. According to this statement, BYD Semiconductor will form a diversified shareholder structure and seek independent listing.
Citigroup, a financial institution, once pointed out in a research report that if BYD's semiconductor business goes public independently, it will greatly improve the cash situation of listed companies and lay the foundation for the IPO of battery business. Relevant data show that the global passenger car electrification market space is about 60 billion. If BYD Semiconductor can achieve a global market share of 15%, corresponding to10 billion revenue, its spin-off market value will be about 30 billion yuan.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.