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BYD: New energy car manufacturer
Introduction
The company is principally engaged in the second rechargeable battery and photovoltaic business, mobile phone parts and assembly business, as well as automotive business including traditional fuel vehicles and new energy vehicles, while using its own technological advantages to actively expand the field of new energy products related business.
Main business status
financial analysis
It owns accounts receivable of 41.7 billion,in the previous period it is 21.5 billion. Its accounts receivable has been doubled, having the total assets of 145 billion, accounting for more than 20% of total assets,however the larger the size of accounts receivable, the more bad assets.
For accounts payable of 19.5 billion, and notes payable of 15.7 billion, with stock of only 17.3 billion, BYD have the advantages of the supplier's payment arrangements , but it has no advantage of being a dealer, it is not easy to obtain cash flow from the upstream and downstream managements.
With liabilities of 89.6 billion,compared to total assets of 145 billion,the debt ratio is 61%. Though BYD's debt ratio is not high, I still think that there is long-term financial pressure for the company.As BYD is a heavy-asset company, there is 37.4 billion in fixed assets, in addition, from the business point of view, it is not easy for the company to get enough cash flow.
Having operating income of 103.4 billion, in the previous period it is 80 billion, it increased mainly because of the increasing market demand, as to promote operating income.
Gross margin changes little, there is a net profit of 5.48 billion, in the previous period it is 3.1 billion, the current operating activities generated a net cash flow of -18 billion, the quality of the profit is poor.
BYD is a heavy-assets company, its accounts receivable scale is way too large, with slow back money and poor quality of profits, its market value is estimated at 100 billion, in other words, to buy stocks, it should be less than 100 billion market value of the price!
希望能幫到你~
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