The "opening of the sun" transcript of the automotive circle: BYD's half -year profit has exceeded the whole year of last year, and the net profit of upstream companies increased by 11937%

In the first half of 2022, factors such as rising raw materials, the suspension of supply chain suspension in some regions, and geopolitical conflicts made the automotive industry's pressure significant. However, after a short twisting, the domestic car market is accelerating.

Facing multiple challenges, the recent semi -annual reports of the upstream and downstream listed companies in the car are also uneven in hot and cold, and some companies rose against the trend. "Daily Economic News" reporters combed and found that in the OEMs, BYD (SZ002594, the stock price of 272.94 yuan, and a market value of 794.6 billion yuan) became the "most profitable" car company. The supply chain sector has benefited from the rise in raw materials this year, and the new energy supply chain has risen. Tianqi Lithium (SZ002466, the stock price is 110.77 yuan, and the market value is 181.8 billion yuan). However, under the influence of the epidemic, a number of car dealers had a situation of double losses in revenue and profit.

With the continuous introduction of the car consumption policy, the consumption potential of the automotive market is also expected to be further released. The competition in the second half has begun. Who can maintain an advantage and who can turn around the wind?

BYD's six -year profit exceeded the whole year last year

At present, BYD, the highest market value in China, has become the "most profitable" vehicle factory in the first half of this year. According to the financial report, BYD achieved operating income of about 150.607 billion yuan in the first half of the year, an increase of 65.71%year -on -year; net profit attributable to shareholders of listed companies was 3.595 billion yuan, an increase of 206.35%year -on -year. It is worth noting that BYD's net profit in the first half of this year has exceeded the net profit of 30.45 billion yuan last year.

Photo source: Photo by reporter Wang Jing (data map)

Behind the eye -catching performance is the best performance of BYD terminal sales. In the first half of this year, BYD's cumulative sales were about 641,400 units, while BYD sold 603,800 units last year. According to the latest data, in the first eight months of this year, the cumulative sales of BYD's new energy passenger cars were about 974,300 vehicles, and they were about to enter the "Million Club". BYD's sales target this year is 1.5 million. BYD Chairman Wang Chuanfu revealed at the recent call meeting that BYD is currently 700,000 in hand.

Also "bulging up the pocket" is the Great Wall Motors (SH601633, the stock price of 3184 yuan, a market value of 291.6 billion yuan), Changan Automobile (SZ000625, a stock price of 14.55 yuan, a market value of 144.4 billion yuan), GAC Group (SH601238, shares of 13.98 yuan, 146.3 billion yuan Yuan) Wait. Specifically, the net profit of Changan Automobile in the first half of this year was about 5.858 billion yuan. Among them, some of the equity of Avita Technology contributed a net profit of 2.13 billion yuan to Changan Automobile. Judging from the recent action of Changan Automobile, the new car has become its next work focus. A few days ago, the long -safe new pickup truck previewer appeared, equipped with a new generation of blue whale 2.0T power pickup version. In the next three years, Changan Automobile will also launch a number of pickup products mainly based on new energy; Great Wall Motor's net profit returned to his mother in the first half of the year, 5.6 billion yuan, an increase of 58.72%year -on -year; GAC Group's total operating income in the first half of the year was 48.689 billion yuan, which was year -on The increase in the net profit attributable to shareholders of listed companies was 5.751 billion yuan, an increase of 32.61%year -on -year.

It is worth noting that due to the epidemic in the first half of this year, the total revenue of SAIC Group (SH600104, a stock price of 15.42 yuan, a market value of 180.2 billion yuan) fell 13.69%year -on -year, and net profit fell 48.1%year -on -year. SAIC Group explained that the epidemic rebound caused a serious impact on the automotive industry chain supply chain, resulting in a decrease in the company's sales revenue. At the same time, the sharp rise in the price of tight supplies and power batteries such as power batteries adversely affects the gross profit margin of the product. In the second half of the year, it will make up the losses caused by the epidemic situation to make up for the various operating goals and tasks of the year.

The new forces of car building are still in a "loss" state that is difficult to self -hematopoietic. At present, Xiaopeng Automobile (HK09868, HK $ 64.85, market value of HK $ 111.7 billion) and ideal car (HK02015, HK $ 105.2, market value At 219.3 billion Hong Kong dollars) In the first half of this year, revenue was 14.891 billion yuan and 18.295 billion yuan, respectively, both achieved double growth. Essence

The upstream supply chain is "full of a lot", and the profit of Tianqi Lith

"At present, the cost of power battery accounts for 40%to 60%of the total cost of automobiles. Didn't I work for Ningde Times now?" At the 2022 World Power Battery Conference, Zeng Qinghong, chairman of Guangzhou Automobile Group, issued such questions.

In fact, in the first half of this year, the entire new energy upstream supply chain did earn "a lot of money." In the Ningde Times (SZ300750, the stock price of 455.2 yuan, and the market value of 1.11 trillion yuan) became the most profitable enterprise in the automotive industry chain. In the first half of the year, Ningde Times realized operating income of 112.97 billion yuan, an increase of 156.32%year -on -year, and the net profit attributable to listed companies was 8.17 billion yuan, an increase of 82.17%year -on -year. The net profit of deducting non -recurring profit and loss was 7.051 billion yuan, an increase of 79.95%year -on -year. However, in the first quarter of the Ningde Times, the profit fell 23.62%year -on -year in the first quarter of this year. It was not until the second quarter to achieve a net profit of returning home by 163.91%to 6.675 billion yuan, which reversed the decline. Regarding the reason for the significant increase in profits in the second quarter, the Ningde Times said that the company overcomes the challenges such as the recurrence of the new crown epidemic and the tight raw material supply. By strengthening the organization and construction, optimizing operational arrangements, and continuously exerting technological research and development, extreme manufacturing, and deep layout of the industrial chain, etc. Competitive Advantage. Picture source: Visual China

Tianqi Lithium industry has become the most profitable automobile industry chain related enterprise in the first half of this year. In the first half of the year, the company achieved approximately 14.3 billion yuan, an increase of 508%year -on -year; the net profit attributable to mothers was 10.3 billion yuan, an increase of 11937%year -on -year. Minsheng Securities Research reported that Tianqi Lithium Industry's bright performance benefited from the sharp rise in lithium prices. In the first half of the year, its gross profit margin of its lithium salt sector was as high as 87%.

As a supplier of lithium battery positive materials, Dangsheng Technology (SZ300073, a stock price of 77.82 yuan, a market value of 39.42 billion yuan) also tasted the "sweetness". 912 million yuan, a year -on -year increase of 104.06%. This also confirms the remarks of Chen Shihua, deputy secretary -general of the China Automobile Industry Association, "in the field of new energy vehicles, the profit of upstream companies has increased, but the downstream companies can't even drink soup".

However, Yimei Lithium Energy (SZ300014, the stock price of 9.4.8 yuan, and a market value of 180 billion yuan) has a "increasing income increase". In the first half of this year, its total revenue was 14.926 billion yuan, an increase of 127.54%year -on -year, and the mother was networked. The profit was about 1.359 billion yuan, a year -on -year decrease of 9.08%.

Some opinions believe that the performance of component companies meets or slightly exceeds expectations, but the market is still concerned about the growth rate of the third quarter and the future demand growth of the industry. At present, lithium ore companies in the new energy vehicle industry have obtained most of their profits, forcing mid -down reaches to carry out reform and innovation. On the one hand, the profit of the middle and lower reaches of the battery enterprises and the vehicle enterprises are under pressure; on the other hand, the upstream lithium ore companies also have uncertainty of future technology development replacement.

The word "loss" of multiple dealers is the head

Dealers located in the lower reaches of the automotive industry chain are not good in the first half of this year. Only Zhengtong Automobile (HK01728, HK $ 0.51, a market value of HK $ 1.4 billion) has achieved dual revenue growth in the first half of this year. , The stock price is HK $ 14.54, the market value of HK $ 18.54 billion) has not increased the income, Zhongsheng Holdings (HK00881, HK $ 34.5, a market value of HK $ 83.27 billion), Xinfengtai Group (HK01771, HK $ 1.42, and a market value of HK $ 852 million) The group has a double revenue and a double decline.

Photo source: Photo Network-500622325

Specifically, Zhengtong Automobile's revenue further recovered to 11.069 billion yuan, which also achieved a net profit of 8 million yuan in mother -in -law; US East Automobile achieved operating income of 12.658 billion yuan in the first half of the year, an increase of 7.20%year -on -year, but the net profit attributable to the parent company was 3.43 3.43 100 million yuan, a year -on -year decrease of 36.03%; Zhongsheng Holdings's operating income in the first half of this year was 86.029 billion yuan, a decrease of 1.5%from the same period in 2021; Xinfengtai Group's operating income in the first half of this year was 5.156 billion yuan, a decrease of 15.8%from the same period in 2021 Essence

The "Survey Report on the Survival Status of Dealers" recently released by the China Automobile Circulation Association shows that the overall profitability of automobile dealers in the first half of this year showed a downward trend. Only 27.3%of the auto dealers achieved profit. Dealers with losses account for 19.1%.

The industry believes that since the beginning of this year, factors such as epidemic control, supply chain interruption, and soaring freight have shocked the car sales and after -sales session. However, with favorable factors such as the continuous recovery of the industrial chain supply chain and the reduction of vehicle purchase tax policies, the downstream of the automobile has gradually recovered.

According to the news released by the Guotai Junan Research Institute, combined with the elasticity of sales brought by the previous policy cycle, the growth rate of automobile sales in the second half of the year is 13%to 19%, of which the growth of the third quarter this year is expected to reach 20%. With the advent of the "Golden Jiuyin Ten" traditional car sales season, the automotive terminal market in the second half of the year may usher in a new inflection point.

Daily Economic News

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