投資概要
三季度業績靚麗,領先地位穩固
2024 年前三季度,比亞迪實現總收入 5022.51 億元(人民幣,下同),同比+18.94%;
實現歸母淨利潤 252.38 億元,同比+18.12%,折合基本每股收益 8.68 元/股,去年同期
為 7.35 元/股。分季度看,公司一/二/三季度歸母淨利潤分別為 45.7/90.62/116.07 億
元,同比+10.62%/+32.8%/+11.47%,收入則分別為 1249.44/1761.82/2011.25 億元,同
比增速分別為+3.97%/+25.89%/+24.04%。
毛利率環比大幅修復,研發投入加大
第三季度公司毛利率 21.89%,同比略降 0.23 個百分點,位於上市以來第五高,環比大
幅提升 3.2 個百分點。主要原因在於二季度車市價格戰較為激烈,而三季度公司車型
銷售結構優化,DM5.0 的銷量占比提升,另外原材料價格回落和銷量擴大(Q3 銷量同
比大增 38%,突破百萬台)帶來的規模效應也貢獻了盈利能力。
第三季度銷售費用率 4.77%,同比+0.83 個百分點,主要系廣告展覽費和折舊及攤銷增
加所致;管理費用率 2.34%,同比+0.21 個百分點;為保持在電池技術和自動駕駛領域
的競爭優勢,公司加大了對研發的投入,研發費用達 137 億元,同比+52%,環比
+23.4%,研發費用率 6.81%,同比基本持平;財務費用率 0.48%,同比+0.58 個百分
點,主要系匯率變動影響匯兌損益變動所致。剔除比亞迪電子的數據,汽車業務相關
財務數據增速和整體增速基本一致,其歸母淨利潤 105.9 億元,同比+12.6%,環比
+28.1%。折算單車淨利潤 0.93 萬元/台,環比+7.3%,同比-17%,同比下降主要因 2 月
起公司推出榮耀版低價車型應對市場價格戰,單車均價有所下降;環比增長主要系王
朝和海洋兩網逐步推出定位更高的 DM-i 5.0 換代車型,拉高了單車均價及利潤。
三季度經營性現金流為淨流入 420.95 億元,同比環比分別+262 億和+381 億。截至 9
月底公司存貨周轉天數為 71.9 天、應收賬款周轉天數為 38.0 天,較上季度環比明顯改
善。
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Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.