BYD’s First-Quarter Story Is in The Margins


比亚迪为大幅降价的行动付出了代价，第一季度收入增长降至四年来最低点。但更值得关注的是利润率。


比亚迪第一季度毛利率实现增长。

全球最大的电动汽车制造商比亚迪(BYD)为大幅降价的行动付出了代价，第一季度收入增长降至四年来最低点。但更值得关注的是利润率。 6park.com
BYD, the world’s largest electric-vehicle maker, paid a price for aggressively cutting prices on its cars, grinding revenue growth to a four-year low in the first quarter. But the bigger story is in its margins. 6park.com
 
比亚迪本周公布的收入和利润增长疲软，很大程度上归咎于在中国市场上与特斯拉(Tesla)和理想汽车(Li Auto)等同行的价格战。虽然比亚迪第一季度汽车销量同比上升，但由于价格下降，加上销售费用和研发支出增加，比亚迪单车利润受到影响。据Jefferies分析师称，比亚迪第一季度单车利润环比减少21%。 6park.com
Weaker growth in both revenue and profit announced this week was largely the product of price wars with the likes of Tesla and Li Auto in China, the world’s biggest EV market. Although BYD sold more vehicles in the first quarter than it did a year ago, its profit per car was hurt by the lower prices, along with higher spending on sales expenses and research and development. According to Jefferies analysts, profit per car fell 21% quarter-on-quarter. 6park.com
 
但比亚迪的毛利润率表现突出，同比和环比均实现增长。第一季度毛利润率为21.9%，高于去年第四季度的21.2%和上年同期的17.9%，使比亚迪成为全球少数几家利润率接近或超过20%的电动汽车制造商之一。理想汽车和特斯拉也是高利润俱乐部的成员。竞争对手小鹏汽车(XPeng)、蔚来集团(NIO)和赛力斯(Seres)去年第四季度利润率仅为个位数。 6park.com
What stands out is BYD’s gross profit margin, which the carmaker managed to grow both on an annual and sequential basis. First-quarter GPM, a measure of how profitable sales are relative to input costs, rose to 21.9% from 21.2% in the fourth quarter, and from 17.9% a year ago. That keeps BYD among the few EV makers in the world with margins near or over 20%. Li Auto and Tesla are also members of the high-margin club. Margins for rivals XPeng, NIO and Seres languished in the single digits in the fourth quarter. 6park.com
 
比亚迪利润率的增长归功于较低的电池成本，以及去年年底夺得并维持至今的全球第一大电动汽车销售商的地位。 6park.com
BYD has lower battery costs and its newfound status as the world’s biggest seller of EVs, a title it has held since late last year, to thank for the margin growth. 6park.com
 
建银国际(CCB International)分析师曲克表示，这都和规模经济有关。他说，行业领先的销量让比亚迪更有能力与供应链展开价格谈判。 6park.com
“It’s all about economies of scale,” said CCB International analyst Qu Ke. Industry-leading sales volumes give the company more power to negotiate prices with its supply chain, he said. 6park.com
 
从根本上说，比亚迪的相对销货成本正在下降。 6park.com
Essentially, BYD’s relative cost of goods sold is falling. 6park.com
 
花旗(Citi)分析师在一份报告中指出，强劲的利润率显示出“比亚迪成本控制的协同效应”。分析师表示，比亚迪乘用车部门利润率“尤其令人印象深刻”，达到28.1%，而乘用车部门是比亚迪的销售主力。他们预计本季度这一数字还将进一步上升。 6park.com
The strong margin showing implies “synergy from BYD’s cost control,” Citi analysts said in a note. Profit margins at BYD’s passenger-vehicles segment, which makes up the bulk of sales, was “particularly impressive” at 28.1%, the analysts added. They expect that number to rise further this quarter. 6park.com
 
高盛(Goldman Sachs)分析师也认为，比亚迪的利润率还有更大的上升空间。他们基于毛利润率上升的假设上调了比亚迪直至2026年的净利润预期，并预计第二季度单车净利润将环比增长26%。 6park.com
Goldman Sachs analysts also see more room for BYD’s margins to run higher. They have edged up net profit forecasts for the carmaker through 2026, citing higher gross margin assumptions, and project a 26% sequential rise in net profit per car in the second quarter. 6park.com
 
他们在一份报告中写道：“我们最近的渠道调研显示，在近期推出新车后，比亚迪的订单和销售势头强劲。” 6park.com
“Our recent channel check shows strong order and sales momentum for BYD” after recent launches, they wrote in a note. 6park.com
 
在经历过年初的低迷后，这家得到巴菲特(Warren Buffett)支持的汽车制造商在第一季度强势反弹，交付了626,263辆汽车，超过中国其他所有电动汽车制造商。分析师称，如果比亚迪能将月交付量维持在3月份的水平（当时超过了30万辆），其利润率将继续为业界所羡慕。 6park.com
After a slow start to the year, the Warren Buffett-backed automaker rallied to deliver 626,263 vehicles in the first quarter, beating all other EV makers in China. If BYD can maintain monthly deliveries around the same levels posted in March, when it topped 300,000 vehicles, its margins will continue to be the envy of the industry, analysts say. 6park.com
 
“只要比亚迪能将月销量维持在30万到35万辆，整体盈利能力应该就没问题，”建银国际的曲克说。“在当前的竞争态势下，比亚迪必须具备规模效益才能保持利润。” 6park.com
“As long as BYD can hold up its monthly volume in the 300,000 to 350,000 units range, the overall profitability should be all right,” CCB International’s Qu said. “BYD has to have the economies of scale to maintain its profit under current competition dynamics.” 6park.com
 
比亚迪周三表示，4月份售出了313,245辆汽车，同比增长49%。 6park.com
BYD on Wednesday said it sold 313,245 cars in April, up 49% on the year.