原来比亚迪造车这么不赚钱，最大营收竟靠手机代工

So BYD Doesn't Make Much Money from Cars After All — Its Largest Revenue Comes from Phone Manufacturing

比亚迪真面目竟是“深圳富士康”？

Is BYD's True Identity Actually "Shenzhen Foxconn"?

比亚迪大利空？

Bad News for BYD?

刚刚发布的半年报显示，这家市值8104.76亿的中国新能源汽车龙头，今年上半年只赚了11.74亿。

The just-released semi-annual report shows that this Chinese new energy vehicle giant, with a market value of 810.476 billion RMB, only made 1.174 billion RMB in net profit in the first half of this year.

说“只赚”，是相比自主品牌头部车企的长城、吉利等等对手，它们的上半年利润分别是35.29亿、24亿，并且这两家市值远不及比亚迪。

By saying "only made," compared to peers among independent brand automakers like Great Wall and Geely, whose first-half profits were 3.529 billion RMB and 2.4 billion RMB respectively, and both have market values far below BYD's.

这业绩好像是有点…

This performance seems a bit...

而且，从比亚迪集团全局来看，手机代工业务超过汽车，成为最大的营收版块。

Moreover, from BYD Group's overall perspective, the mobile phone manufacturing business has surpassed the automotive business to become the largest revenue segment.

难道比亚迪真面目竟是“深圳富士康”？

Is BYD's true identity actually "Shenzhen Foxconn"?

离谱吗？

Is that absurd?

这还不是最离谱的。汽车业务不挣钱的背后，竟然还有产销增幅过50%的业绩。

And that's not even the most absurd part. Behind the automotive business's lack of profitability, there's actually a production and sales growth of over 50%.

看不懂了。

I don't get it.

车卖得越好越不挣钱，新能源一哥比亚迪，这半年发生了什么？

The better the cars sell, the less money they make — what happened to BYD, the No.1 new energy vehicle maker, in the first half of the year?

“深圳富士康”？

"Shenzhen Foxconn"?

比亚迪上半年财报透露出的经营状况，用喜忧参半来形容再合适不过。

The operating conditions revealed in BYD's first-half financial report can best be described as mixed.

喜从何来？

Where does the good news come from?

先看营收，今年上半年，比亚迪实现总营收908.85亿元人民币，同比上期增长50.22%。

Looking first at revenue, BYD achieved total revenue of 90.885 billion RMB in the first half of this year, a year-on-year increase of 50.22%.

与此同时，在营收构成上，也出现了一些有意思的变化。

At the same time, some interesting changes have appeared in the revenue composition.

以往比亚迪最大业务板块——汽车业务，上半年实现营收391.57亿元人民币，同比上期增加22.09%。

BYD's previously largest business segment — the automotive business — generated 39.157 billion RMB in revenue in the first half, a year-on-year increase of 22.09%.

营收上涨当然是车卖得更红火了。根据财报，比亚迪上半年汽车销量累计达到24.67万辆，同比上期增加55.51%。

The revenue increase is, of course, because cars are selling better. According to the financial report, BYD's cumulative vehicle sales in the first half reached 246,700 units, a year-on-year increase of 55.51%.

其中，新能源车销量15.46万辆，同比增幅达到154.76%，占到总体销量的62.67%。

Among these, new energy vehicle sales reached 154,600 units, a year-on-year increase of 154.76%, accounting for 62.67% of total sales.

虽然有所增长，但是作为“车企”的比亚迪，汽车板块失掉了集团内“C位”。汽车业务营收从去年同期的53.01%下降到43.08%，降幅将近10个百分点。

Although there was growth, BYD as an "automaker" saw its automotive segment lose the "center stage" position within the group. The automotive business's revenue share dropped from 53.01% in the same period last year to 43.08%, a decline of nearly 10 percentage points.

瓜分汽车业务份额的，是手机部件及组装业务和二次充电电池及光伏业务。

The share taken from the automotive business went to the mobile phone components and assembly business and the secondary rechargeable battery and photovoltaic business.

根据财报，上半年比亚迪的手机部件及组装业务贡献了431.32亿元人民币营收，同比上期大增84.48%。

According to the financial report, BYD's mobile phone components and assembly business contributed 43.132 billion RMB in revenue in the first half, a massive year-on-year increase of 84.48%.

在营收占比上，由原来的38.64%增加到47.46%，手机部件及组装业务成为营收贡献最大的板块。

In terms of revenue share, it increased from 38.64% to 47.46%, making the mobile phone components and assembly business the segment contributing the most revenue.

除此之外，二次充电电池及光伏业务也有所增加，上半年实现营收82.87亿元人民币，同比增加72.97%。

In addition, the secondary rechargeable battery and photovoltaic business also increased, generating 8.287 billion RMB in revenue in the first half, a year-on-year increase of 72.97%.

营收占比涨幅不大，由去年同期的7.92增加到9.12%。、

The revenue share increase was modest, rising from 7.92% in the same period last year to 9.12%.

没想到吧？

You didn't expect that, did you?

当大家都以为比亚迪是电池起家的自主新能源汽车领军者时，实际上手机代工业务才是人家最大的营收来源。

When everyone thinks of BYD as an independent new energy vehicle leader that started with batteries, in reality, the mobile phone manufacturing business is its largest revenue source.

但营收和销量双双增长，钱却没赚多少。

But both revenue and sales grew, yet not much profit was made.

财报显示，上半年比亚迪实现归属上市公司股东净利润11.74亿元人民币，同比上期减少29.41%。

The financial report shows that BYD achieved a net profit attributable to shareholders of listed companies of 1.174 billion RMB in the first half, a year-on-year decrease of 29.41%.

如果除去政府补助等非经常性损益，归属上市公司股东净利润就只剩下3.67亿元人民币，同比大跌60%。

If non-recurring gains and losses such as government subsidies are excluded, the net profit attributable to shareholders of listed companies drops to only 367 million RMB, a sharp year-on-year decline of 60%.

问题到底出在哪儿了？

So where exactly is the problem?

卖车不好赚了？

Is selling cars no longer profitable?

先看毛利率。

Let's look at gross profit margin first.

上半年，比亚迪毛利率12.76%，较去年同期下滑6.84个百分点。

In the first half, BYD's gross profit margin was 12.76%, down 6.84 percentage points from the same period last year.

分业务来看，汽车业务上半年毛利率19.53%，虽然高于整体水平，但是较上年同期也下滑4.4个百分点。

By business segment, the automotive business had a gross profit margin of 19.53% in the first half — higher than the overall level — but it was still down 4.4 percentage points from the same period last year.

而对营收贡献最大的手机组装代工业务，上半年毛利率只有7%，较上年同期下滑6.64个百分点。

For the mobile phone assembly business, which contributes the most to revenue, the first-half gross profit margin was only 7%, down 6.64 percentage points from the same period last year.

结合比亚迪业务结构的变动可以看出，利润丰厚的汽车业务占比下降，只能赚点“辛苦钱”的手机代工却成了最大的营收来源。

Combined with the changes in BYD's business structure, it can be seen that the proportion of the highly profitable automotive business has declined, while the mobile phone manufacturing business, which can only earn "hard-earned money," has become the largest revenue source.

除了业务结构的变动，还有一个变化值得注意，不管是哪一块，比亚迪上半年的毛利率都在下跌。

In addition to the change in business structure, another change worth noting is that regardless of the segment, BYD's gross profit margins declined in the first half.

引起这一变动的，是电子产品、新能源相关的原材料价格上涨所致。

The cause of this change is the rising prices of raw materials related to electronics and new energy.

公开消息显示，最近一年来，国际铜价、铝价涨幅约50%。

Public information shows that over the past year, international copper and aluminum prices have risen by about 50%.

比亚迪电池生产重要原材料碳酸锂全年上升幅度甚至达90%。

The price of lithium carbonate, an important raw material for BYD's battery production, even rose by as much as 90% over the year.

六氟磷酸锂从20年7月的不足7万元/吨上涨至21年7月的40万元/吨，期间涨幅近470%。

Lithium hexafluorophosphate rose from less than 70,000 RMB/ton in July 2020 to 400,000 RMB/ton in July 2021, an increase of nearly 470% during the period.

△资料来自钢联数据

△ Data source: Ganglian Data

而伊维经济研究院测算，磷酸铁锂正极材料上涨对磷酸铁锂电池影响比例为3.77%，主流三元正极材料上涨对三元锂电池影响相对较高，影响比例超过10%。

According to estimates by the Evi Economic Research Institute, the impact of rising prices of lithium iron phosphate cathode materials on lithium iron phosphate batteries is 3.77%, while the impact of rising prices of mainstream ternary cathode materials on ternary lithium batteries is relatively higher, exceeding 10%.

除此之外，手机组装代工行业重要的成本构成——人工成本的增加也是压缩比亚迪利润空间的重要因素。

In addition, the increase in labor costs — an important cost component in the mobile phone assembly industry — is also a significant factor compressing BYD's profit margins.

财报显示，上半年比亚迪用于短期薪酬支出较上期增加124.08亿元人民币，其中劳务派遣费用支出增加22.13亿元。

The financial report shows that BYD's short-term compensation expenses in the first half increased by 12.408 billion RMB compared to the previous period, of which labor dispatch expenses increased by 2.213 billion RMB.

比亚迪挣“辛苦钱”

BYD Earns "Hard-Earned Money"

加量不加价、增收不增利，比亚迪这个中国新能源龙头，到底咋回事？

Increased volume without increased price, increased revenue without increased profit — what exactly is going on with BYD, China's new energy leader?

长期以来，比亚迪集团的汽车业务贡献营收一半、利润70%左右，手机代工业务营收尽管过4成，但利润徘徊在20%左右。

For a long time, BYD Group's automotive business has contributed about half of revenue and about 70% of profits. Although the mobile phone manufacturing business accounts for over 40% of revenue, its profits hover around 20%.

手机代工企业虽有硬核实力，但赚的却是辛苦钱，比亚迪也不例外，其集团绝对主力一直都是汽车业务。

Mobile phone manufacturing companies may have solid capabilities, but they earn hard-earned money — BYD is no exception. Its group's absolute mainstay has always been the automotive business.

但如今毛利低的手机板块业绩占比提升，毛利高的汽车板块业绩占比下降，这本来和企业的逐利本性是不相符的。

But now the proportion of the low-margin mobile phone segment has increased, while the proportion of the high-margin automotive segment has decreased. This is inherently inconsistent with a company's profit-seeking nature.

比亚迪自己给出的主要原因是原材料成本增加。

BYD itself attributes the main reason to increased raw material costs.

此话不假。确切的说，是整个制造业上游成本增加，大家的日子都不太好过。

That's true. To be precise, upstream costs across the entire manufacturing industry have increased, and everyone is having a tough time.

数据显示，7月工业企业利润同比增速已降至八个月新低，尤其中下游企业盈利空间不断受到挤压。

Data shows that the year-on-year growth rate of industrial enterprise profits fell to an eight-month low in July, with profit margins of midstream and downstream enterprises being particularly squeezed.

△资料来源：招商银行研究院、Macrobond

△ Source: China Merchants Bank Research Institute, Macrobond

一个直观证据是，体现经济走势强弱的制造业采购经理人指数，7月官方数据降至50.4，创17个月最低。

A direct piece of evidence: the official Manufacturing PMI — a gauge of economic strength — fell to 50.4 in July, hitting a 17-month low.

简单理解，超过50则扩张，低于50则萎缩。

Simply put, above 50 indicates expansion, below 50 indicates contraction.

制造业挣扎在荣枯线附近，是普遍现象，比亚迪自然不能幸免。

Manufacturing hovering near the boom-bust line is a common phenomenon, and BYD is naturally no exception.

对于比亚迪来说，它的上游包括采矿、原材料制造（钢铁、橡胶等等）等等，7月这两个行业利润同比分别增长2.03倍、50.9%。

For BYD, its upstream includes mining and raw material manufacturing (steel, rubber, etc.). In July, profits in these two industries increased by 203% and 50.9% year-on-year, respectively.

当然，还有最重要的，锂业。这也是比亚迪区别于其他车企最明显的“新能源”标签的根本。

And of course, most importantly, the lithium industry. This is also the fundamental reason for BYD's most distinctive "new energy" label, setting it apart from other automakers.

自去年第四季以来，锂原料成本大涨，上面已经列举。

Since the fourth quarter of last year, the cost of lithium raw materials has risen sharply, as listed above.

这也是为何同是制造业巨头的长城、吉利，在原材料价格上涨情况下，却能守住利润基本盘。

This is also why Great Wall and Geely, both manufacturing giants, were able to hold onto their profit base despite rising raw material prices.

因为，它们都是燃油车大户，和比亚迪根本不在一个生态位。

Because they are both major players in fuel vehicles and are not in the same ecological niche as BYD at all.

上游成本普遍增加，且动力电池成本又来了一波精准打击，比亚迪最成功的的“招牌”成了最严重的“灾区”，产销大涨也挽救不了。

With upstream costs generally increasing, and power battery costs delivering a precise blow, BYD's most successful "calling card" has become its most severely affected area, and even substantial growth in production and sales cannot save it.

所以，这半年比亚迪看似车卖得风生水起，市占率达16%，把新能源一哥的位置坐得更稳，实际却不得不靠手机代工那份“辛苦钱”弥补利润下滑。

So, in the first half of the year, while BYD appeared to be selling cars like hotcakes with a market share of 16%, solidifying its position as the No.1 new energy maker, it actually had to rely on the "hard-earned money" from mobile phone manufacturing to make up for declining profits.

都看到做大哥风光，谁了解大哥背后的辛苦…

Everyone sees the glory of being the big brother, but who knows the hardships behind it...

那么，接下来比亚迪会怎么办？

So, what will BYD do next?

根据公开数据，销量上，比亚迪已经超越特斯拉成国产新能源第一，寄予厚望的旗舰车型汉，累计销售10万辆，成为市场强力车型。

According to public data, BYD has already surpassed Tesla in sales to become China's No.1 new energy vehicle maker. The highly anticipated flagship model Han has sold a cumulative total of 100,000 units, becoming a strong model in the market.

另外，比亚迪一直在憋的一个“大招”是一系列DM-i混动车型。

In addition, a "big move" BYD has been working on is a series of DM-i hybrid models.

上半年中，6月销售DM车型20100辆，同比增长536.7%；7月销售DM车型25061辆，同比增长650.6%。

In the first half, DM model sales reached 20,100 units in June, up 536.7% year-on-year; and 25,061 units in July, up 650.6% year-on-year.

在国内日系“两田”混动夹击下，月销过两万已经是竞争力的证明。

Under the pressure of Japanese "two-hybrid" models in the domestic market, monthly sales exceeding 20,000 is already proof of competitiveness.

况且这还是DM-i混动车型刚刚上市，产能尚未完全释放的情况。

And this is still when the DM-i hybrid models have just been launched and production capacity has not yet been fully released.

所以只要守住市场份额，捱过这波原材料成本波动，总能迎来希望。

So as long as it holds onto market share and rides out this wave of raw material cost fluctuations, hope will eventually come.

此外，在品牌上，比亚迪计划年底将发布高端品牌，首款车型预计明年亮相。

In addition, in terms of branding, BYD plans to launch a high-end brand by the end of this year, with the first model expected to debut next year.

通过拉高品牌调性，增加溢价，的确是提高利润率的好办法。

Raising brand positioning and increasing premium pricing is indeed a good way to improve profit margins.

只是，冲击高端绝非有雄心就能实现，“手机不挣钱”的小米雷军，可能更知其味。

However, breaking into the high-end market is by no means achievable through ambition alone. Lei Jun of Xiaomi, who "doesn't make money from phones," probably knows this all too well.

对了，今年早些时候王传福还苦口婆心劝雷军造车需谨慎，现在是不是需要向这位“友商”讨教品牌高端化经验了？

By the way, earlier this year, Wang Chuanfu earnestly advised Lei Jun to be cautious about car manufacturing. Does he now need to seek advice from this "friend-in-competition" on brand premium strategies?