崔东树:新能源上市公司业绩总体较强 比亚迪(002594.SZ)及理想(02015)表现较优

Cui Dongshu: The overall performance of listed new energy companies is strong, and the performance of BYD (002594.SZ) and Ideal (02015) is better

Zhitong Finance ·  11/14/2023 20:51

On November 14, Cui Dongshu published an article stating that new energy vehicles in the past two years have contributed to the increase in sales in the automobile market. Their benefits and investment performance have also been sharply divided, and the profit and cash performance of some companies have been very good.

The Zhitong Finance App learned that on November 14, Cui Dongshu wrote that in the past two years, new energy vehicles have contributed to the increase in sales in the car market, and that their benefits and investment performance have also been sharply divided, and that the profit and cash performance of some companies are very good. Currently, the performance of listed new energy companies that have published information is generally strong. In particular, BYD (002594.SZ) and Ideal (02015) have performed well. Tesla (TSLA.US), on the other hand, performed relatively smoothly. Car companies such as Toyota and Great Wall (02333) are doing well.

Currently, the gross margins of mainstream car companies that have announced third-quarter results are relatively high, while BYD's gross margin is 18%, Great Wall's gross margin is 16%, which is also ideal at 22%, Tesla is at the level of 18%, and Toyota is at 20%. Overall gross margin is relatively high.

However, at the same time, we also saw that Tesla's gross margin ranged from 26% in the 2022 annual report to 19% in this year's interim report and 18% in the three-quarter report. Tesla's gross margin was clearly declining compared to the previous period.

From the perspective of R&D expenses, the major car companies of the new forces have a large difference in R&D expenses. NIO (09866) and Xiaopeng (09868) have a relatively high share of R&D, reaching a level of around 30%. The ideal level is around 9%.

Tesla's R&D expenses are around 4%. Overall, it is quite obvious that Tesla's R&D costs will be amortized as the scale increases.

Judging from the number of inventory turnover days, it should be said that the inventory turnover days of major car companies are generally at the level of around 50 days; BYD is 60 days, while Tesla is 52 days, and Great Wall, Toyota, etc. are all at the level of 58 days. Overall, it's relatively good. In particular, the ideal inventory turnover period is only 20 days, which is relatively significantly lower.

Judging from the cash flow from financing activities, the overall cash flow of most car companies this year's financing was not very high; in particular, the main car companies generated relatively little during the financing process. Great Wall's performance was quite good, and the cash flow during the financing process increased by 5 billion dollars.

The cash flow of BYD, which had a good market performance, and ideal operating activities increased extremely rapidly. BYD's operating cash flow increased to the level of 97.9 billion dollars.

However, the cash flow from investment activities is also relatively large. BYD, Great Wall, etc. all invest quite a bit, and the cash flow expenses from investment activities are also quite obvious. In particular, BYD's investment has reached a level of nearly 100 billion dollars.

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