万亿新能源巨头，资产负债表的三个重点

虎投研

09/28

昨天和大家分享了新能源汽车新贵赛力斯的资产负债表，可以说相当优秀，我给出了9分的评价，感兴趣的朋友可以看上一篇文章赛力斯，货币资产近600亿，报表贼健康！。今天，继续给大家带来新能源汽车公司的报表分析。这家企业在新能源汽车领域拥有举足轻重的地位，年汽车销量超400万辆，它就是总部位于深圳坪山的比亚迪。下面就为大家详细拆解万亿巨头的资产负债表。一、持有总现金近1500亿元，可覆盖其三年的研发支出截至...

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sheet","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81211":0.6,"002594":0.6,"00285":0.9,"01211":0.9,"02944":0.9,"BYDDY":0.6,"HYDD.SI":0.6},"content_text":"昨天和大家分享了新能源汽车新贵赛力斯的资产负债表，可以说相当优秀，我给出了9分的评价，感兴趣的朋友可以看上一篇文章赛力斯，货币资产近600亿，报表贼健康！。今天，继续给大家带来新能源汽车公司的报表分析。这家企业在新能源汽车领域拥有举足轻重的地位，年汽车销量超400万辆，它就是总部位于深圳坪山的比亚迪。下面就为大家详细拆解万亿巨头的资产负债表。一、持有总现金近1500亿元，可覆盖其三年的研发支出截至上半年，比亚迪的流动资产3906亿元，同比增长31%。超100亿的科目6个，分别为货币资金1117亿元，同比增长111%，交易性金融资产357亿元，同比增长105%，应收账款及票据434亿元，同比下降近40%，存货1408亿元，同比增长25%，一年内到期的长期应收款124亿元，其他流动资产272亿元，同比增长75%。从其流动资产变动可以看出，比亚迪的行业地位及话语权是持续上升的。比亚迪持有的货币资金和交易性金融资产合计1474亿元，同比增长109%，这两项代表的是企业能随时变现的资产，同花顺称为总现金。也体现了其资产的流动性，比亚迪的规模较赛力斯高出近1000亿元。如果按照其2024年531亿元的研发费用预测，仅其持有的现金类资产就可以覆盖三年的研发需求，真可谓是霸气十足。需要特别说明的是其他非流动资产主要为待抵扣的税金，这里大家可能会比较疑惑，举个例子和大家说明。比如采购原材料，供应商给比亚迪开的增值税发票，发票上面的税额即为比亚迪的增值税进项税额。待比亚迪卖车时，它需要给经销商或者客户开票，产生的增值税由比亚迪向税局缴纳，称为增值税销项税额。而比亚迪需要缴纳的销项税就可以用它采购时的进项税额抵扣，正常来说它实际只用缴纳加工增值溢价部分产生的增值税。所以这部分待抵扣税金对于比亚迪来说就是一项资产，待比亚迪汇缴税费时就可以当作现金使用。截至上半年，比亚迪共有253亿元可以抵扣的税金，比许多上市公司市值还高。二、固定资产2800亿，还在投入巨资扩产能如果说流动资产代表的是企业的流动性、偿债能力，那么非流动资产代表的就是企业的生产能力和扩张能力。截至上半年，比亚迪共有4557亿元非流动资产，代表其生产能力的固定资产达到2800亿，比亚迪每年的400万辆新能源汽车就是依靠固定资产生产出来的。代表扩张能力的在建工程356亿元，主要为其在各个区域的工业园。其中华南工业园已投资122亿元，华东工业园已投资56.8亿元，为目前比亚迪在建最大的两个工业园。建设进度最快的为华东工业园，预算投入比例已达55%，投资规模最大的为华南工业园，总预算达315亿元，目前建设进度53%，距离全面建成达产还有一段时间。三、借款金额216亿元，利息费用不足为惧在负债方面，比亚迪的有息负债总计216亿元，其中短期借款161亿元，长期借款55亿元。目前比亚迪长期借款的利率为1.5%-2.98%，低于目前五年期以上的LPL，体现了金融机构对比亚迪的信心非常强，违约风险低，愿意用低利率匹配它的偿债能力。上半年，比亚迪共支持利息费用9.72亿元，同比下降12.9%，同时其通过理财实现利息收益10.78亿元，完全可覆盖利息费用，所以说216亿元，对比亚迪来说不足为惧。比亚迪反而可以在低利率的背景下适当扩大负债，加快扩张步伐，快速抢占市场。总结作为国内新能源汽车的头部企业，比亚迪的报表体现出了它蹄疾步稳的经营情况。从其手握现金近1500亿元，借款金额仅216亿元就可看出其经营的稳健。目前比亚迪还在大规模扩张，可预见不久的将来，比亚迪年汽车产量将突破600万元、800万辆，甚至会突破1000万大关，从中国的汽车龙头发展成为全球的汽车巨头。注：以上分析基于公开信息，不构成投资建议，市场有风险，决策需谨慎，如有不当请批评指正。最后，别忘了点击右下角“”，愿投资路上大家一起成长！","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}