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比宁时代

比宁时代

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2021-09-27

$快手-W(01024)$快手e轮融资成本是多少美元?

2022-02-28

$阿里巴巴(BABA)$跌到什么时候才算头

2021-10-26

$特斯拉(TSLA)$我靠

2022-01-04

亏-30%$阿里巴巴-SW(09988)$什么时候能回本[捂脸]

2021-11-04

$阿里巴巴-SW(09988)$哪天出财报啊

2021-09-16

$腾讯控股ADR(TCEHY)$感觉好久没见到腾讯是正的了

2022-02-08

$阿里巴巴(BABA)$173躺平了

2022-01-14

回购不都自动注销了

抱歉，原内容已删除

2021-12-31

$阿里巴巴(BABA)$20211231号到期的期权到期了平仓而已

2021-12-01

刚看了下未平仓位的空单有8500多万股

2021-09-08

英雄联盟上线必须要来上几把不枉我十年热血

抱歉，原内容已删除

2021-08-28

看看比亚迪adr没跌反涨国外都傻子啊

毛利率、净利润均下滑，比亚迪“期中考”不及格？ | 见智研究所

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不枉我十年热血","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/889063956","repostId":"2165361484","repostType":2,"repost":{"id":"2165361484","pubTimestamp":1631083380,"share":"https://www.laohu8.com/m/news/2165361484?lang=&edition=full","pubTime":"2021-09-08 14:43","market":"hk","language":"zh","title":"腾讯控股-重大事件点评：《英雄联盟》手游即将上线 当前估值具备吸引力","url":"https://stock-news.laohu8.com/highlight/detail?id=2165361484","media":"学恒的海外观察","summary":"事项事件描述：9月3日，英雄联盟10周年发布会，公布《英雄联盟》手游将于9月15日进行不删档测试。国信观点：《英雄联盟》手游深度还原端游体验，有望凭借庞大的IP影响力及优异的产品品质爆发。复盘腾讯历史股价表现，新游表现优异将直接驱动股价上涨。我们测算，截至2021年9月7日，腾讯股价对应2021年NonIFRS下PE为30x，低于近5年估值中枢13%。","content":"<html><body><div>\n<p><img border=\"0\" height=\"276\" src=\"https://webquoteklinepic.eastmoney.com/GetPic.aspx?nid=116.00700&amp;imageType=k&amp;token=28dfeb41d35cc81d84b4664d7c23c49f&amp;at=1\" width=\"578\"/></p><p><strong>事项</strong></p><p>　　<strong>事件描述：</strong>9月3日，英雄联盟10周年发布会，公布《英雄联盟》手游将于9月15日进行不删档测试。</p><p>　　<strong>国信观点：</strong>《英雄联盟》手游深度还原端游体验，有望凭借庞大的IP影响力及优异的产品品质爆发。复盘<a href=\"https://laohu8.com/S/00700\">腾讯</a>历史股价表现，新游表现优异将直接驱动股价上涨。我们测算，截至2021年9月7日，腾讯股价对应2021年Non IFRS下PE为30x，低于近5年估值中枢13%。此前，主要受反垄断情绪影响，股价出现较大回撤，距离最高点回撤幅度已达33%。《英雄联盟》手游上线，有望在情绪及<span>业绩</span>上均形成正向催化。我们对腾讯的长期发展坚定看好，游戏出海、视频号均为大级别驱动力，我们维持此前<span>盈利预测</span>，预计2021-2023年Non IFRS下<span>净利润</span>分别为1344/1594/1931亿元，维持目标价700-750港币，相对当前的估值空间为36%-45%，当前价格具备较高吸引力，<strong>继续维持“买入”评级。</strong></p><p>　　<strong>《英雄联盟》手游：深度还原端游体验，有望凭借IP影响力爆发</strong></p><p>　　<strong>《英雄联盟》IP影响力和粉丝基数庞大。</strong>《英雄联盟》端游是中国以及全球最热门的PC游戏之一。从收入看，据SuperData数据，《英雄联盟》2020年全球收入在免费游戏中排名第6、在免费PC端游中排名第1。从用户数看，据<span>公司公告</span>，《英雄联盟》2016年9月全球月活跃玩家突破1亿；2019年8月全球日均PCU(最高同时在线人数)达800万，这一数字超越了Steam平台PCU前十的游戏总和。据顺网星传媒数据，《英雄联盟》在2015~2021年持续位居网吧网游热力榜第1。</p><p>　　<strong>《英雄联盟》手游兼顾还原端游和手游体验，预计对老玩家吸引力较大，扩大腾讯在MOBA领域的基本盘。</strong>我们判断，《英雄联盟》手游上线后的潜力较大，基于以下原因：<strong>1)《英雄联盟》IP影响力巨大。</strong>今年8月26日，基于《英雄联盟》的“云顶之弈”模式改编的手游《金铲铲之战》上线，连续13天位居免费榜前2、畅销榜前4，可见其IP影响力。<strong>2)产品优质，还原端游体验。</strong>从测试情况来看，该手游实现了对端游体验的深度还原，包括英雄技能、地图资源等，同时又基于手游环境进行了适当优化，如降低操作复杂度、改良补兵机制等，预计将激起端游玩家兴趣、最大化IP价值。<strong>3)手游电竞有望复刻端游赛事热度。</strong>电竞赛事对竞技游戏的热度有显著拉动作用。据体坛周报《2018中国十大热门体育赛事排行榜》，英雄联盟职业联赛(LPL)位居热门赛事榜第3(综合榜)，热度甚至超过排名第1的中超和第2的CBA。当前大多数LPL联赛俱乐部已经组建《英雄联盟》手游战队，官方手游电竞体系也在筹备中，有望复刻端游赛事热度。</p><center><img src=\"https://dfscdn.dfcfw.com/download/D24647851394152294084.jpg\" width=\"580\"/></center><center><img src=\"https://dfscdn.dfcfw.com/download/D24998131693069602687.jpg\" width=\"580\"/></center><center><img src=\"https://dfscdn.dfcfw.com/download/D25619703961120808088.jpg\" width=\"580\"/></center><p>　　<strong>对腾讯而言，《英雄联盟》手游与《王者荣耀》的内部博弈预计有限。</strong>与2018年两款《绝地求生》手游的竞争不同，《英雄联盟》手游与《王者荣耀》在产品细节方面存在较大差异。相较而言，《王者荣耀》节奏更快、更偏休闲竞技，玩家以泛电竞群体为主；《英雄联盟手游》更还原端游体验、竞技属性更强，主要面向端游玩家和硬核电竞群体。我们认为，《王者荣耀》和《英雄联盟手游》或将长期并存，其关系可以参照端游《英雄联盟》和《DotA2》。从<span><a href=\"https://laohu8.com/S/BIDU\">百度</a></span><span></span>指数来看，在《英雄联盟》风靡的同时，《DotA2》依然拥有较稳定的玩家群体和热度，并非“此消彼长”的绝对不兼容关系。</p><center><img src=\"https://dfscdn.dfcfw.com/download/D24945496615408153108.jpg\" width=\"580\"/></center><center><img src=\"https://dfscdn.dfcfw.com/download/D25668196025754017632.jpg\" width=\"580\"/></center><p>　　<strong>腾讯历史股价催化剂：游戏流水增长将直接驱动股价上涨</strong></p><p>　　<strong>复盘腾讯历史股价，其中有3轮大级别上涨都与新游的优异表现相关。</strong>1)2009~2012年，腾讯股价涨幅超过400%。主要受益于《地下城与勇士》《穿越火线》风靡全国，2008~2012年，腾讯游戏收入CAGR达77%。2)2013~2015年，腾讯股价涨幅超过200%。《英雄联盟》成为全球玩家最多的PC游戏，2012~2015年，腾讯游戏收入CAGR达35%(同期，微信从2012年的1亿MAU增长到2015年的7亿MAU)。3)2017~2018年初，腾讯股价涨幅超过140%。《王者荣耀》登顶并常驻国内iOS畅销榜首位，2015~2017年，腾讯手游收入CAGR达72%。</p><p>　　<strong>游戏是典型的内容型行业，股价与流水的波动节奏比较同步。</strong>新游戏或者存量游戏的流水增长，都将直接带来收入增长，进而有望推动股价上涨。与平台型互联网产品不同，游戏产品驱动股价上涨，往往与收入的表现比较同步。我们预计，若《英雄联盟》手游爆发，有望带来业绩提升，驱动股价上涨。</p><center><img src=\"https://dfscdn.dfcfw.com/download/D25547997803616677736.jpg\" width=\"564\"/></center><center><img src=\"https://dfscdn.dfcfw.com/download/D25563210020332607210.jpg\" width=\"565\"/></center><p>　　<strong>投资建议：重磅产品上线有望催化股价上涨，当前估值具备吸引力，继续维持“买入”评级</strong></p><p>　　《英雄联盟》手游深度还原端游体验，有望凭借庞大的IP影响力及优异的产品品质爆发。复盘腾讯历史股价表现，新游表现优异将直接驱动股价上涨。我们测算，截至2021年9月7日，腾讯股价对应2021年Non IFRS下PE为30x，低于近5年估值中枢13%。此前，主要受反垄断情绪影响，股价出现较大回撤，距离最高点回撤幅度已达33%。《英雄联盟》手游上线，有望在情绪及业绩上均形成正向催化。我们对腾讯的长期发展坚定看好，游戏出海、视频号均为大级别驱动力，我们维持此前盈利预测，预计2021-2023年Non IFRS下净利润分别为1344/1594/1931亿元，维持目标价700-750港币，相对当前的估值空间为36%-45%，当前价格具备较高吸引力，<strong>继续维持“买入”评级。</strong></p><p>　　<strong>风险提示</strong></p><p>　　政策风险；新产品上线推迟的风险；新游戏表现不及预期的风险；全球疫情不确定性导致的系统性风险等。</p><center><img src=\"https://dfscdn.dfcfw.com/download/D25008617158860598816.jpg\" width=\"580\"/></center><p>（文章来源：学恒的海外观察）</p>\n</div></body></html>","source":"eastmoney_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>腾讯控股-重大事件点评：《英雄联盟》手游即将上线 当前估值具备吸引力</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n腾讯控股-重大事件点评：《英雄联盟》手游即将上线 当前估值具备吸引力\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-08 14:43 北京时间&nbsp;&nbsp;&nbsp;<a href=http://hk.eastmoney.com/a/202109082087431464_0.html><strong>学恒的海外观察</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>事项　　事件描述：9月3日，英雄联盟10周年发布会，公布《英雄联盟》手游将于9月15日进行不删档测试。　　国信观点：《英雄联盟》手游深度还原端游体验，有望凭借庞大的IP影响力及优异的产品品质爆发。复盘腾讯历史股价表现，新游表现优异将直接驱动股价上涨。我们测算，截至2021年9月7日，腾讯股价对应2021年Non IFRS下PE为30x，低于近5年估值中枢13%。此前，主要受反垄断情绪影响，股价出现...</p>\n\n<a href=\"http://hk.eastmoney.com/a/202109082087431464_0.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com///dfscdn.dfcfw.com/download/D25321439762751748383.jpg?op=imageView2&mode=2&width=256&height=256&quality=70&format=png","relate_stocks":{"TCEHY":"腾讯控股ADR","00700":"腾讯控股"},"source_url":"http://hk.eastmoney.com/a/202109082087431464_0.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2165361484","content_text":"事项　　事件描述：9月3日，英雄联盟10周年发布会，公布《英雄联盟》手游将于9月15日进行不删档测试。　　国信观点：《英雄联盟》手游深度还原端游体验，有望凭借庞大的IP影响力及优异的产品品质爆发。复盘腾讯历史股价表现，新游表现优异将直接驱动股价上涨。我们测算，截至2021年9月7日，腾讯股价对应2021年Non IFRS下PE为30x，低于近5年估值中枢13%。此前，主要受反垄断情绪影响，股价出现较大回撤，距离最高点回撤幅度已达33%。《英雄联盟》手游上线，有望在情绪及业绩上均形成正向催化。我们对腾讯的长期发展坚定看好，游戏出海、视频号均为大级别驱动力，我们维持此前盈利预测，预计2021-2023年Non IFRS下净利润分别为1344/1594/1931亿元，维持目标价700-750港币，相对当前的估值空间为36%-45%，当前价格具备较高吸引力，继续维持“买入”评级。　　《英雄联盟》手游：深度还原端游体验，有望凭借IP影响力爆发　　《英雄联盟》IP影响力和粉丝基数庞大。《英雄联盟》端游是中国以及全球最热门的PC游戏之一。从收入看，据SuperData数据，《英雄联盟》2020年全球收入在免费游戏中排名第6、在免费PC端游中排名第1。从用户数看，据公司公告，《英雄联盟》2016年9月全球月活跃玩家突破1亿；2019年8月全球日均PCU(最高同时在线人数)达800万，这一数字超越了Steam平台PCU前十的游戏总和。据顺网星传媒数据，《英雄联盟》在2015~2021年持续位居网吧网游热力榜第1。　　《英雄联盟》手游兼顾还原端游和手游体验，预计对老玩家吸引力较大，扩大腾讯在MOBA领域的基本盘。我们判断，《英雄联盟》手游上线后的潜力较大，基于以下原因：1)《英雄联盟》IP影响力巨大。今年8月26日，基于《英雄联盟》的“云顶之弈”模式改编的手游《金铲铲之战》上线，连续13天位居免费榜前2、畅销榜前4，可见其IP影响力。2)产品优质，还原端游体验。从测试情况来看，该手游实现了对端游体验的深度还原，包括英雄技能、地图资源等，同时又基于手游环境进行了适当优化，如降低操作复杂度、改良补兵机制等，预计将激起端游玩家兴趣、最大化IP价值。3)手游电竞有望复刻端游赛事热度。电竞赛事对竞技游戏的热度有显著拉动作用。据体坛周报《2018中国十大热门体育赛事排行榜》，英雄联盟职业联赛(LPL)位居热门赛事榜第3(综合榜)，热度甚至超过排名第1的中超和第2的CBA。当前大多数LPL联赛俱乐部已经组建《英雄联盟》手游战队，官方手游电竞体系也在筹备中，有望复刻端游赛事热度。　　对腾讯而言，《英雄联盟》手游与《王者荣耀》的内部博弈预计有限。与2018年两款《绝地求生》手游的竞争不同，《英雄联盟》手游与《王者荣耀》在产品细节方面存在较大差异。相较而言，《王者荣耀》节奏更快、更偏休闲竞技，玩家以泛电竞群体为主；《英雄联盟手游》更还原端游体验、竞技属性更强，主要面向端游玩家和硬核电竞群体。我们认为，《王者荣耀》和《英雄联盟手游》或将长期并存，其关系可以参照端游《英雄联盟》和《DotA2》。从百度指数来看，在《英雄联盟》风靡的同时，《DotA2》依然拥有较稳定的玩家群体和热度，并非“此消彼长”的绝对不兼容关系。　　腾讯历史股价催化剂：游戏流水增长将直接驱动股价上涨　　复盘腾讯历史股价，其中有3轮大级别上涨都与新游的优异表现相关。1)2009~2012年，腾讯股价涨幅超过400%。主要受益于《地下城与勇士》《穿越火线》风靡全国，2008~2012年，腾讯游戏收入CAGR达77%。2)2013~2015年，腾讯股价涨幅超过200%。《英雄联盟》成为全球玩家最多的PC游戏，2012~2015年，腾讯游戏收入CAGR达35%(同期，微信从2012年的1亿MAU增长到2015年的7亿MAU)。3)2017~2018年初，腾讯股价涨幅超过140%。《王者荣耀》登顶并常驻国内iOS畅销榜首位，2015~2017年，腾讯手游收入CAGR达72%。　　游戏是典型的内容型行业，股价与流水的波动节奏比较同步。新游戏或者存量游戏的流水增长，都将直接带来收入增长，进而有望推动股价上涨。与平台型互联网产品不同，游戏产品驱动股价上涨，往往与收入的表现比较同步。我们预计，若《英雄联盟》手游爆发，有望带来业绩提升，驱动股价上涨。　　投资建议：重磅产品上线有望催化股价上涨，当前估值具备吸引力，继续维持“买入”评级　　《英雄联盟》手游深度还原端游体验，有望凭借庞大的IP影响力及优异的产品品质爆发。复盘腾讯历史股价表现，新游表现优异将直接驱动股价上涨。我们测算，截至2021年9月7日，腾讯股价对应2021年Non IFRS下PE为30x，低于近5年估值中枢13%。此前，主要受反垄断情绪影响，股价出现较大回撤，距离最高点回撤幅度已达33%。《英雄联盟》手游上线，有望在情绪及业绩上均形成正向催化。我们对腾讯的长期发展坚定看好，游戏出海、视频号均为大级别驱动力，我们维持此前盈利预测，预计2021-2023年Non 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23:45","market":"hk","language":"zh","title":"毛利率、净利润均下滑，比亚迪“期中考”不及格？ | 见智研究所","url":"https://stock-news.laohu8.com/highlight/detail?id=2162024217","media":"华尔街见闻","summary":"比亚迪净利润同比下降29.41%，同时毛利率也由去年同期的18.05%下降至11.13，到底发生了什么？","content":"<html><body><p>8月27日晚上，<a href=\"https://laohu8.com/S/002594\">比亚迪</a>公布了上半年的业绩，上半年比亚迪营收达到891.31亿元，同比增长53.60%；但归母净利润为11.74亿元，去年同期为15.27亿元，同比下降29.41%，同时毛利率也由2020年上半年的18.05%下降至今年上半年的11.13%。分季度来看，Q2营收498.93亿元，同比增长22.21%，环比增长21.71%；净利润9.36亿元，同比下滑39.58%。<img src=\"https://wpimg.wallstcn.com/e0b8e9e9-1d7f-485e-8445-3aa384956242.png\"/> 分业务来看，比亚迪的三大业务中汽车、汽车相关产品及其他产品上半年营收为381.46亿元，同比增长25.41%；手机部件、组装及其他产品营收为428.22亿元，同比增长86.26%；二次充电电池及光伏营收为78.47亿元，同比增长70.47%。细分类看三大业务分别占总收入的42.80%、48.04%和8.83%。汽车、汽车相关产品及其他产品的占比有不小的缩小（去年同期52%），手机部件、组装及其他产品的占比则从40涨至如今的48%。<img src=\"https://wpimg.wallstcn.com/2013128c-b224-4634-b725-35fb8f97f134.png\"/></p>\n<h2>净利润同比下滑29.41%，毛利率同比下滑6.92 pcts</h2>\n<p>比亚迪上半年净利润和毛利率都有不小的下滑，其中原因需要拆分来看。比亚迪上半年汽车相关产品及其他产品这一业务不仅占比下滑了近10pcts，而且营收的增长率也是三种业务中最低的（25.41%）。</p>\n<p><strong>华尔街见闻·见智研究所</strong>认为主要原因在于口罩业务的波动影响和上游原材料的涨价。去年上半年疫情严重，比亚迪其他两个业务都受到不小的影响，导致基数普遍偏低，但比亚迪营收超80亿元人民币的口罩业务并未单独列出，而是归入到了汽车及相关产品板块，利润预计在13-15个亿左右，这导致汽车业务的总业绩未受到太大影响，同时口罩业务额外的高毛利贡献也使得比亚迪去年的总毛利率（19.38%）是2017年以来最高。</p>\n<p><img src=\"https://wpimg.wallstcn.com/7eafd63f-25c2-4d43-8171-c759216a7cee.png\"/></p>\n<p>同时今年以来锂电上游原材料的涨价幅度都较大，其中如六氟、碳酸锂乃至最上游的锂辉石等都有翻倍的涨幅，使得电池厂商的毛利率也受到一定程度的影响，这点在其他电池厂商身上也有体现：</p>\n<blockquote>\n<p>1）锂电龙头<a href=\"https://laohu8.com/S/300750\">宁德时代</a>今年上半年动力电池系统毛利率为23%，同比下滑3.5pcts，环比下降3.56 pcts。</p>\n<p>2）<a href=\"https://laohu8.com/S/300014\">亿纬锂能</a>锂离子电池业务今年上半年的毛利率是22.95%，同比下滑1.31%，环比下滑3.18pcts。</p>\n<p>3）<a href=\"https://laohu8.com/S/002074\">国轩高科</a>的动力锂电池业务今年上半年的毛利率是19.27%，环比下滑5.45pcts。</p>\n</blockquote>\n<h2>电动车和燃油车两极分化，汽车业务下半年业绩有望大增</h2>\n<p>前文提到比亚迪上半年汽车业务营收增速只有25.41%，是三大业务中最低的，还有一个重要因素，就是比亚迪的爆款车型DMI真正上市时间其实是4月份，而且产能一直在爬坡，虽然订单很多但是销量初期并不高，考虑到比亚迪新能源车型销量6月以来的屡创新高，下半年汽车业务有望迎来业绩大增。</p>\n<p>今年比亚迪的电动车和燃油车呈现明显的两极分化趋势，2021年上半年比亚迪实现总销量24.7万辆，同比增长56%。新能源车型方面，乘用车方面销售15.0万辆，同比增长161%（其中纯电动车型9.3万辆、插电式混动5.7辆）以及新能源商用车0.4万辆，同比增长35%。上半年全球纯电动汽车销量排名仅次于<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>（39万辆）和上汽通用五菱（19万辆），但燃油车销量却屡遭滑铁卢。</p>\n<p>从最新的7月数据来看，受益于比亚迪的王牌DMI和比亚迪汉，比亚迪的新能源汽车产销占比达到87.95%，单月销量突破5万大关，其中混动和纯动各自占比50%，而燃油车月销量今年二季度以来可谓是一降再降，月销量连破2万、1万大关，7月销量甚至仅仅只有6918辆，占比12%，未来比亚迪或将转为纯电动的车企。</p>\n<p>值得一提的是，除了纯电动，必要的混动也受到了市场的认可，DM-i在4月上市交付以来市场反馈优异，目前DM-i积压订单较多，交货周期达3-4个月。插电混动汽车市场上，虽然比亚迪备受市场追捧的DMI真正上市时间是4月份，但是依旧在混动汽车市场上有着不错的销量表现，排名第四，销量同比大增428%，仅次于宝马、奔驰和沃尔沃。此外，比亚迪e平台3.0全新车型：海豚、元Plus 已进入工信部公告，预计将于3季度陆续上市，上市后有望延续此前比亚迪汉和DMI的优势，继续抢占同价格区间的燃油车市场。<img src=\"https://wpimg.wallstcn.com/386a690c-46b3-4a8e-b44d-a348372074f9.png\"/></p>\n<h2>动力电池地位牢固，扩产周期持续进行</h2>\n<p>今年以来，动力电池装车量TOP 10排名并不稳定，除了第一的宁德时代和第二的比亚迪，其他电池厂商的排名都有不小的波动，例如由于主要配套的车企特斯拉月销量波动较大，曾经的TOP3常客LG化学在4月就跌出了前三，甚至在7月装车量上出现大幅下降（从6月的0.71GWh装车量下降到7月的0.2GWh），一度掉到了第十名。而比亚迪的电池主要是自供，自然是随着自家新能源汽车销量的屡创新高而越发稳固自身第二的地位。</p>\n<p>当然此前由于电池产能受限，比亚迪电池多为自供，但是这并不意味着比亚迪没有外供能力，比亚迪今年1-7月累计装机总量约为 15.708GWh，已经超过2020年比亚迪全年的动力电池装机量（9.01GWh），外供电池装机总量也逐渐增加到0.3GWh左右，配套企业包括<a href=\"https://laohu8.com/S/000625\">长安汽车</a>、中国一汽、金康汽车等。而且在此前的福特野马电动车发布会上，福特也公布了其电池采用的是比亚迪高镍三元电池（811）。</p>\n<p>今年以来，磷酸铁锂电池备受终端青睐，7月我国动力电池装车量11.3GWh，同比上升125.0%，环比上升1.7%。其中三元电池共计装车5.5GWh，同比上升67.5%,环比下降8.2%；磷酸铁锂电池共计装车5.8GWh，同比上升235.5%，环比上升13.4%。值得注意的是，这是3年以来首次磷酸铁锂电池的装车量超过三元锂电池。这也是继5月磷酸铁锂电池（8.8GWh）在产量上实现反超三元锂电池（5GWh），6月完成了销量的超越后的又一次有力进展。随着比亚迪重庆刀片电池二期扩建、贵阳刀片电池工厂投产、西安刀片电池Pack等多地产线投建，比亚迪的刀片电池除了完成自供任务还能形成外供规模，有望让比亚迪的动力电池尤其是磷酸铁锂的市占率跨上一个台阶。<img src=\"https://wpimg.wallstcn.com/a3d73da0-b6d1-4dd9-84fc-846bc6a91bc4.png\"/> 当然，比亚迪也并不是毫无准备的盲目扩产，从上游设备和材料端来看，7月以来比亚迪在电池上的连连布局，与<a href=\"https://laohu8.com/S/002759\">天际股份</a>子公司、<a href=\"https://laohu8.com/S/002407\">多氟多</a>、<a href=\"https://laohu8.com/S/002411\">延安必康</a>子公司签署六氟磷酸锂材料供货协议，为2H2021-2022年储备了约2.1万吨材料。终端销量来看也是屡屡创新高，7月新能源汽车销量更是首度突破5万大关达到50,492辆，可见不管是前期材料准备工作还是后期终端的销量都具备消化这波扩产规模。</p>\n</body></html>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>毛利率、净利润均下滑，比亚迪“期中考”不及格？ | 见智研究所</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n毛利率、净利润均下滑，比亚迪“期中考”不及格？ | 见智研究所\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-27 23:45 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3639078><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>8月27日晚上，比亚迪公布了上半年的业绩，上半年比亚迪营收达到891.31亿元，同比增长53.60%；但归母净利润为11.74亿元，去年同期为15.27亿元，同比下降29.41%，同时毛利率也由2020年上半年的18.05%下降至今年上半年的11.13%。分季度来看，Q2营收498.93亿元，同比增长22.21%，环比增长21.71%；净利润9.36亿元，同比下滑39.58%。 分业务来看，比亚迪...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3639078\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/431bc32c61991963aae176a1ed8a3a68","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3639078","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162024217","content_text":"8月27日晚上，比亚迪公布了上半年的业绩，上半年比亚迪营收达到891.31亿元，同比增长53.60%；但归母净利润为11.74亿元，去年同期为15.27亿元，同比下降29.41%，同时毛利率也由2020年上半年的18.05%下降至今年上半年的11.13%。分季度来看，Q2营收498.93亿元，同比增长22.21%，环比增长21.71%；净利润9.36亿元，同比下滑39.58%。 分业务来看，比亚迪的三大业务中汽车、汽车相关产品及其他产品上半年营收为381.46亿元，同比增长25.41%；手机部件、组装及其他产品营收为428.22亿元，同比增长86.26%；二次充电电池及光伏营收为78.47亿元，同比增长70.47%。细分类看三大业务分别占总收入的42.80%、48.04%和8.83%。汽车、汽车相关产品及其他产品的占比有不小的缩小（去年同期52%），手机部件、组装及其他产品的占比则从40涨至如今的48%。\n净利润同比下滑29.41%，毛利率同比下滑6.92 pcts\n比亚迪上半年净利润和毛利率都有不小的下滑，其中原因需要拆分来看。比亚迪上半年汽车相关产品及其他产品这一业务不仅占比下滑了近10pcts，而且营收的增长率也是三种业务中最低的（25.41%）。\n华尔街见闻·见智研究所认为主要原因在于口罩业务的波动影响和上游原材料的涨价。去年上半年疫情严重，比亚迪其他两个业务都受到不小的影响，导致基数普遍偏低，但比亚迪营收超80亿元人民币的口罩业务并未单独列出，而是归入到了汽车及相关产品板块，利润预计在13-15个亿左右，这导致汽车业务的总业绩未受到太大影响，同时口罩业务额外的高毛利贡献也使得比亚迪去年的总毛利率（19.38%）是2017年以来最高。\n\n同时今年以来锂电上游原材料的涨价幅度都较大，其中如六氟、碳酸锂乃至最上游的锂辉石等都有翻倍的涨幅，使得电池厂商的毛利率也受到一定程度的影响，这点在其他电池厂商身上也有体现：\n\n1）锂电龙头宁德时代今年上半年动力电池系统毛利率为23%，同比下滑3.5pcts，环比下降3.56 pcts。\n2）亿纬锂能锂离子电池业务今年上半年的毛利率是22.95%，同比下滑1.31%，环比下滑3.18pcts。\n3）国轩高科的动力锂电池业务今年上半年的毛利率是19.27%，环比下滑5.45pcts。\n\n电动车和燃油车两极分化，汽车业务下半年业绩有望大增\n前文提到比亚迪上半年汽车业务营收增速只有25.41%，是三大业务中最低的，还有一个重要因素，就是比亚迪的爆款车型DMI真正上市时间其实是4月份，而且产能一直在爬坡，虽然订单很多但是销量初期并不高，考虑到比亚迪新能源车型销量6月以来的屡创新高，下半年汽车业务有望迎来业绩大增。\n今年比亚迪的电动车和燃油车呈现明显的两极分化趋势，2021年上半年比亚迪实现总销量24.7万辆，同比增长56%。新能源车型方面，乘用车方面销售15.0万辆，同比增长161%（其中纯电动车型9.3万辆、插电式混动5.7辆）以及新能源商用车0.4万辆，同比增长35%。上半年全球纯电动汽车销量排名仅次于特斯拉（39万辆）和上汽通用五菱（19万辆），但燃油车销量却屡遭滑铁卢。\n从最新的7月数据来看，受益于比亚迪的王牌DMI和比亚迪汉，比亚迪的新能源汽车产销占比达到87.95%，单月销量突破5万大关，其中混动和纯动各自占比50%，而燃油车月销量今年二季度以来可谓是一降再降，月销量连破2万、1万大关，7月销量甚至仅仅只有6918辆，占比12%，未来比亚迪或将转为纯电动的车企。\n值得一提的是，除了纯电动，必要的混动也受到了市场的认可，DM-i在4月上市交付以来市场反馈优异，目前DM-i积压订单较多，交货周期达3-4个月。插电混动汽车市场上，虽然比亚迪备受市场追捧的DMI真正上市时间是4月份，但是依旧在混动汽车市场上有着不错的销量表现，排名第四，销量同比大增428%，仅次于宝马、奔驰和沃尔沃。此外，比亚迪e平台3.0全新车型：海豚、元Plus 已进入工信部公告，预计将于3季度陆续上市，上市后有望延续此前比亚迪汉和DMI的优势，继续抢占同价格区间的燃油车市场。\n动力电池地位牢固，扩产周期持续进行\n今年以来，动力电池装车量TOP 10排名并不稳定，除了第一的宁德时代和第二的比亚迪，其他电池厂商的排名都有不小的波动，例如由于主要配套的车企特斯拉月销量波动较大，曾经的TOP3常客LG化学在4月就跌出了前三，甚至在7月装车量上出现大幅下降（从6月的0.71GWh装车量下降到7月的0.2GWh），一度掉到了第十名。而比亚迪的电池主要是自供，自然是随着自家新能源汽车销量的屡创新高而越发稳固自身第二的地位。\n当然此前由于电池产能受限，比亚迪电池多为自供，但是这并不意味着比亚迪没有外供能力，比亚迪今年1-7月累计装机总量约为 15.708GWh，已经超过2020年比亚迪全年的动力电池装机量（9.01GWh），外供电池装机总量也逐渐增加到0.3GWh左右，配套企业包括长安汽车、中国一汽、金康汽车等。而且在此前的福特野马电动车发布会上，福特也公布了其电池采用的是比亚迪高镍三元电池（811）。\n今年以来，磷酸铁锂电池备受终端青睐，7月我国动力电池装车量11.3GWh，同比上升125.0%，环比上升1.7%。其中三元电池共计装车5.5GWh，同比上升67.5%,环比下降8.2%；磷酸铁锂电池共计装车5.8GWh，同比上升235.5%，环比上升13.4%。值得注意的是，这是3年以来首次磷酸铁锂电池的装车量超过三元锂电池。这也是继5月磷酸铁锂电池（8.8GWh）在产量上实现反超三元锂电池（5GWh），6月完成了销量的超越后的又一次有力进展。随着比亚迪重庆刀片电池二期扩建、贵阳刀片电池工厂投产、西安刀片电池Pack等多地产线投建，比亚迪的刀片电池除了完成自供任务还能形成外供规模，有望让比亚迪的动力电池尤其是磷酸铁锂的市占率跨上一个台阶。 当然，比亚迪也并不是毫无准备的盲目扩产，从上游设备和材料端来看，7月以来比亚迪在电池上的连连布局，与天际股份子公司、多氟多、延安必康子公司签署六氟磷酸锂材料供货协议，为2H2021-2022年储备了约2.1万吨材料。终端销量来看也是屡屡创新高，7月新能源汽车销量更是首度突破5万大关达到50,492辆，可见不管是前期材料准备工作还是后期终端的销量都具备消化这波扩产规模。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}