比亞迪 (1211 HK) 多點開花,二季度業績顯著改善 May 14, 2020 72

投資概要
2019年盈利前高後低特徵明顯
比亞迪2019年實現營業收入1217.8億元,同比基本持平;歸母淨利潤同比下滑42%至16億元。每股收益0.50元,每股派息0.06元。四個季度,公司的淨利潤分別爲7.5億/7.05億/1.2億/0.4億元,同比分別+236.4%/+24.5%/-80.6%/-84%。盈利前高後低特徵明顯,與因補貼政策退坡和國六標準切換導致的新能源汽車行業景氣度波動一致。
公司19年上下半年的新能源汽車銷量分別14.6和8.4萬輛,分別同比增加94.5%和减少51.5%,全年整體下降7.4%。傳統燃油車銷量同比下降15%,至23.2萬輛。汽車板塊毛利率21.9%,經營利潤率大約4.7%,全年貢獻的經營利潤基本平穩,同比略微下降3.6%,占總經營利潤比重達到56%,仍是業績最大貢獻者。
手機板塊受到期內金屬部件價格競爭激烈拖累,毛利率下降3.2個百分點至9.4%,經營利潤率下降3個百分點至3.4%,貢獻的經營利潤下滑了33%。
光伏市場明顯回暖,公司的電池/光伏業務出現一定增長,收入同比上升12%。

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

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.

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