Editor/Zhang Nan
Head of Design/Department
They all made a fortune, but the three private car companies showed three completely different atmospheres at the financial communication meeting.
"BYD's goal is to become the largest automobile manufacturer in China by the end of this year," said Wang Chuanfu, chairman of BYD, at the performance conference on March 29th. BYD's sales target this year starts from 3 million vehicles, and the target is to double to 3.6 million vehicles.
Now BYD is in the limelight, and its revenue in 2022 is basically equivalent to the total revenue of 1 Geely and two Great Walls.
Compared with the high morale displayed at BYD's financial report meeting, Geely's financial report meeting kicked off in the lack of discussion and finding the gap, and reflection became one of the key words of the financial report meeting.
Compared with the first two companies, Great Wall Motor's financial communication will be more routine, but Great Wall Motor, like Geely, maintains an attitude of being prepared for danger in times of peace and objectively analyzes the opportunities and challenges it and the whole industry are currently facing.
At the financial report meeting, BYD was in high spirits, Geely bowed its head and introspected, and the Great Wall continued to seek stability. It can be said that from the financial reports of the top three independent companies, we can also understand the past, present and future of China automobile brands.
The Great Wall strives for internal stability and accelerates external transformation.
Great Wall Motor is the latest car company among the three independent companies to release financial reports.
On March 30th, Great Wall Motor released its 2022 annual report. In 2022, Great Wall Motor achieved a total operating income of 654.38+037.34 billion yuan, a year-on-year increase of 0.69%; Realized an operating profit of 7.967 billion yuan, a year-on-year increase of 25.09%; The net profit attributable to shareholders of listed companies was 8.266 billion yuan, a year-on-year increase of 22.9%.
In 2022, the total R&D investment of Great Wall Motor was 65,438+0,265,438+0.865,438+0 billion yuan, a year-on-year increase of 34.34%, accounting for 8.87% of the operating income. Its production and sales reached1116000 and 106 17000 respectively, of which the annual overseas sales reached 172200, up by 23.09% year-on-year.
Great Wall actively adjusts its product structure while maintaining the million-dollar sales mark. The average selling price and gross profit margin of bicycles reached 129400 yuan and 19.37% respectively, up by 22900 yuan and 32 1 percentage point year-on-year.
In 2022, Great Wall Motor's sales declined and its net profit increased, which was attributed to the success of high-end brand building. In 2022, the penetration rate of smart cars of Great Wall Motor reached 86. 17%, the sales volume of cars with a price of over 200,000 yuan increased to 15.27%, and the average selling price of bicycles reached129,400 yuan, up by 2 1.47% year-on-year.
In 2023, the expected sales target of Great Wall Motor is 6.5438+0.6 million vehicles, of which the new energy penetration rate is about 40%, about 600,000 vehicles. In addition, Great Wall Motor also plans to deepen its brand and distribute sales in the EU, Brazil and ASEAN, with an overseas sales target of 250,000 vehicles.
In terms of profit expectation, Li Hongshuan, CFO and Secretary-General of Great Wall Motor, said that in the face of fierce market competition and price war, Great Wall Motor will stick to two dimensions to ensure that Great Wall Motor will remain in the middle and upper reaches of the industry.
One is based on the cost reduction and brand power improvement brought by technical iteration; The second is to maintain the product strength and brand strength of Great Wall Motor in multiple market segments, and continue to contribute cash flow and better profits. In addition, Great Wall Motor has also built its own vertical integration capability, especially in the overall layout of the three major power fields, in order to maintain profitability.
In terms of profitability, Great Wall Motor has been in the middle and upper reaches of the whole market. For the whole market performance in 2023, Great Wall Motor said that it would reserve some resources due to the price war and the creation of new energy sequences and new channels. It is estimated that the overall net profit in 2023 will be at the level of 6 billion yuan.
When talking about how to develop new energy sources, Great Wall Motor first divided and judged the market. Feng Mu, CEO of Great Wall Motor, said that in the past five years, the domestic new energy market was dumbbell-shaped, starting from the A00 market where the fuel vehicle market was blank, and then going to two more profitable markets with a price of more than 300,000 yuan, but now the competition has reached the waist core.
Great Wall Motor judges that it will be divided into three markets in the current price range of 6.5438+0.8 million-300,000 yuan: First, in the price range of 6.5438+0.8 million-300,000 yuan, it was originally a market firmly occupied by joint venture brands. With the transformation of the market to new energy, we can see that our own brand products are being electrified and intelligent, bringing consumers a brand-new consumption experience and driving experience, and the market is beginning to compete directly with joint ventures. Great Wall Motor's Wei brand will participate in this level of market competition with more models such as Blue Mountain.
Second, products represented by BYD, 654.38+0.4 million-0.2 million yuan. New energy and fuel vehicles have the same price strategy, and this level of new energy market has been successfully developed. This market, whether it is consumer experience or sales data, has shown that the transformation of new energy is unstoppable.
At the same time, the development of new energy in the market of 6.5438+0.4 million-0.2 million yuan, especially the decline of battery raw materials, may bring more price strategy adjustment, which makes the price range of fuel vehicle owners with sales of 6.5438+0.2 million-6.5438+0.4 million yuan move down by about 6.5438+0.5 million-0.2 million yuan, forming the third-level traditional fuel vehicle market.
In view of Haval brand's strong brand awareness of fuel vehicles among consumers, Great Wall Motor divides Haval's marketing strategy into civil war and foreign war.
Insider combat, that is, Harvard brand should consolidate its dominant position in the fuel vehicle market. External combat is an independent product sequence and independent product channel of Haval New Energy, which brings new cognition to users at the product end and consumption end.
"Harvard's overall transformation has maintained a stable rhythm and orderly movements, and it will not be black and white because of sudden market changes. This will bring great risks to the overall operation of the company and the overall operation of the brand. It is more inclined to give consideration to the first principle and the basic principles of brand building, and also consider a relatively stable strategy. " Feng Mu said.
How much does BYD earn?
"The gross profit margin of automobiles in the fourth quarter was 22.8% (dealer system). Assuming the cost of merging into the dealer system, BYD's gross profit margin in the fourth quarter is equivalent to or even better than Tesla's gross profit margin of 25.9% in the fourth quarter (direct sales system). Considering the low average selling price, BYD's vehicle cost management is obviously better than Tesla's. Finance is the most rational test, and this answer sheet is great! "
On March 29th, Li Xiang, founder, chairman and CEO of Li, commented on BYD's 2022 report card in Weibo.
On the evening of March 28th, BYD released its 2022 financial report. Its performance once exceeded expectations and attracted the attention of the industry. No matter in terms of sales volume, revenue, net profit or market share, this is the best report card handed over by BYD since its listing.
It is worth mentioning that BYD's annual net profit in 2022 exceeded10 billion yuan for the first time, up 445.86% year-on-year, and the fourth quarter of last year also set a record for single-quarter net profit. Since then, BYD has completely torn off the label of "increasing income without increasing profit" and started a crazy profit model.
How much does BYD earn?
As the first car in China, BYD's total revenue is almost the sum of Geely, Great Wall and Weixiaoli.
In the performance announcement, BYD attributed it to "the continued explosive growth of the new energy vehicle industry in 2022, and the company's new energy vehicle sales achieved strong growth year-on-year, winning the first place in the global new energy vehicle sales, promoting a substantial increase in profitability and effectively alleviating the cost pressure brought about by the rising prices of upstream raw materials."
In 2022, BYD's new energy vehicles beat Tesla to become the world's "No.1 in sales volume" with an annual sales volume of1863,500 vehicles, with an annual operating income of 424,066,5438 million yuan, a year-on-year increase of 96.2%. Among them, the net profit attributable to shareholders of listed companies was 65.438+06.622 billion, a year-on-year increase of 445.86%.
From the main business segment, the business income of BYD's automobiles, automobile-related products and other products was 324,696,5438+0 billion yuan, a year-on-year increase of 65,438+0,565,438+0.78%, accounting for 76.57% of the Group's total revenue; The business income of mobile phone parts, assembly and other products was 988.1500 million yuan, up 65.438+04.3% year-on-year, accounting for 23.3% of the Group's total revenue.
It can be seen that BYD is far ahead of domestic car companies in terms of delivery, total revenue, net profit and R&D investment.
How important is gross profit margin for car companies? At a media communication meeting in early March this year, Li wanted to call the gross profit margin the "blood" of enterprise operation. He said that for new energy automobile enterprises, the gross profit margin of more than 20% can ensure long-term healthy development, and enterprises can be "not embarrassed". "Tesla can maintain a gross profit margin of 20% even if it cuts prices on a large scale, and BYD has done it."
In 2022, the gross profit margin of BYD's automobile-related business was 20.39%, up 3.69 percentage points year-on-year. If the net profit is divided by the sales volume, BYD will earn 9000 yuan by selling a car in 2022. Compared with 202 1 "selling cars for 5000 yuan", its bicycle profitability has improved.
Take BYD's net profit in recent five years as an example.
From 20 17 to 202 1, BYD's net profit was 4.066 billion yuan, 2.78 billion yuan,161200 million yuan, 4.234 billion yuan and 3.045 billion yuan respectively, and * * was1575 million yuan. This also means that BYD's net profit in 2022 exceeded the sum of the past five years.
In 2022, BYD recorded a net profit of 65.438+06.622 billion yuan. In the past year, BYD earned almost 654.38+065.438+62 billion a day and more than 45 million a day.
Seven years ago or even two years ago, BYD was still trapped in the curse of 500,000 vehicles. Traditional fuel vehicles are halved, and new energy vehicles are growing.
We can find the answer from a set of figures: from 1 new energy vehicle to 1 ten thousand new energy vehicle used 1 year, from 1 ten thousand to 2 million universal time used 1 year, from 2 million to 3 million only took half a year. This also means that BYD's accumulation in the field of new energy vehicles, encountering the big market of new energy vehicles blowout, is the most important reason for its ride.
Auto business review takes Geely Automobile and Great Wall Motor as examples.
Looking back on the data of the past six years, Geely and the Great Wall have basically developed gradually in fluctuations, while BYD has almost achieved leap-forward development in the same period. 20 17 by 2022, BYD's sales volume, revenue and net profit are all 4-5 times that of five years ago, and the gap between BYD and Geely and Great Wall is widening. Especially in 2022, BYD's net profit not only surpassed that of Great Wall and Geely.
At the beginning of this year, new energy vehicles cut prices to grab shares, while fuel vehicles cut prices to survive. In the face of fierce "price war", Wang Chuanfu said that BYD has pricing power on the product price of 654.38+ 10,000-200,000 yuan, but the company also hopes to be stable. "Don't make everyone feel bad, others have no way out." In the face of competition, BYD's strategies are speed, technology and strategy.
Geely takes the initiative to reflect.
"We Geely Automobile lost the throne of the first national brand in China; On the road of the development of new energy vehicles, it has been pulled away by our best peers; As you can see, our share price has dropped from the highest time of HK$ 36 to today's closing price of HK$ 9.5. The gap is not too big. "
On the afternoon of March 2 1, at the 2022 financial report meeting of Geely Automobile, Gui Shengyue, CEO and executive director of Geely Holding, took the initiative to reflect that there were obvious deficiencies in the transformation of new energy vehicles from products to sales channels. No posturing, no beating around the bush, frank introspection and reflection throughout the communication meeting.
BYD's ride has put pressure on its competitors. Geely believes that its electrification transformation is slow and fails to continue its market advantage in the era of fuel vehicles.
Geely's reflection mainly focuses on three aspects: first, it has lost its throne as an independent brother; second, new energy vehicles have been left behind by the leaders; and third, its profitability has been declining year by year.
Gui Shengyue said that Geely's products had problems before. For example, the Emgrand L plug-in version launched last year has obvious shortcomings, such as no fast charging. In addition, Geely is not fully prepared for the sales of new energy products, and new energy vehicles and fuel vehicles are still sold through one channel. "Emgrand L, an immature hybrid product, will not happen in the future. In the past few years, we have fallen behind others. We have summed up the experience and lessons, and we are also sticking to our strategic strength. We must be anxious and not too anxious. "
Profitability is Geely's shortcoming. According to Geely's net profit of 4.6 billion yuan in 2022, it can be estimated that its bicycle profit is about 3,244 yuan, which is about half of the Great Wall today and almost 1/3 of BYD and the Great Wall at their peak.
However, Geely's financial report is actually quite good. In 2022, the sales volume was 1.43 million, up by 8% year-on-year, including Geely brand1.654,38+0.2 million, Lexus 1.8 million, krypton 72,000 and Ruilan 56,000. There were more than 350,000 new energy vehicles, a year-on-year increase of 300%, and the penetration rate of new energy vehicles increased from 6.2% in the previous year to 22.9%.
Its annual revenue was 654.38+0.48 billion yuan, a year-on-year increase of 45.6%; The net profit of homecoming increased by 8.5% year-on-year to 5.26 billion yuan, and the total cash level increased by 20.4% to 33.7 billion yuan. The gross profit margin was 14. 1%, down 3 percentage points year-on-year; The average income of bicycles increased by nearly 30% to 6,543.8+0.03 million yuan, and the gross profit of bicycles increased by 654.38+0.65.438+0.1%to 6,543.8+0.75 million yuan.
Compared with most friends from traditional car companies, Geely's performance in the field of new energy can be said to be very bright. In 2022, the sales volume of Geely Automobile's new energy products (including Geely, Geometry, Lectra, Krypton and Sharp Blue) was 328,727, a year-on-year increase of more than 300%, and the new energy penetration rate in a single month exceeded 30% for many times.
This was originally a very bright financial report, but the friendly business soared, and the transformation of other manufacturers was involved in the "fast forward" mode.
Geely's "fast-forward" this year includes the release of a brand-new high-end new energy series on February 23rd. The products are reorganized into three series: Jixing series focuses on fuel vehicles, Geometry series focuses on new energy below 654.38+0.5 million yuan, and Galaxy series focuses on high-end new energy market above 654.38+0.5 million yuan.
At the performance conference, the management of Geely Automobile also revealed the company's goal in 2023. In terms of sales volume, Geely Automobile's annual sales target in 2023 is 6.5438+0.65 million vehicles, of which the sales volume of new energy is doubled compared with that in 2022.
This article was originally published by auto business review.
Reprint or content cooperation, please contact the instructions.
Illegal reprinting will be investigated.
This article is from auto business review, the author of Yiche number, and the copyright belongs to the author. Please contact the author for any form of reprint. The content only represents the author's point of view and has nothing to do with the car reform.