比亚迪连续三年新增借款超上年净资产20%

时间:2019-07-16 来源:www.austinenterprises-cacohi.com

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On July 5, BYD released《当年累计新增借款超过上年末净资产百分之二十的公告》, saying that the company's accumulated new loans in the first half of this year totaled 13.877 billion yuan, exceeding 20% of the audited net assets of 60.694 billion yuan in 2018. BYD's new loans in the first half of the year accounted for 22.86% of last year's net assets.

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According to Article 45 of the《公司债券发行与交易管理办法》issued in 2015, the issuer of publicly issued corporate bonds needs to disclose in time when the accumulated new loans or external guarantees exceed 20% of the net assets at the end of the previous year. Because it was identified as a major issue affecting the company's solvency or bond price.

Up to now, only Futian Automobile and Lifan have issued the above announcement, and the latter accounted for more than 40% of the entrepreneurial record in 2016. However, this year, only the BYD family released this announcement. However, this is not the first time that BYD has issued an announcement that the loan is overrun in the half-year time. On July 6, 2018, and July 7, 2017, BYD announced the announcement that the accumulated new loans in the year exceeded 20% of the net assets of the previous year. Data show that in the first half of 2018, BYD's new borrowings were 12.407 billion yuan, accounting for 22.56% of 2017 net assets. In the first half of 2017, BYD's new borrowings were 12.668 billion yuan, accounting for 22.86% of 2016 net assets. As the leader of domestic new energy vehicles, BYD has won the new energy vehicle sales champion for five consecutive years, but it has exceeded the disclosure red line of 20% in the first half of the year. In this regard, some insiders said that due to the decline in subsidies for new energy vehicles, and the current new energy vehicle market is not yet mature, high R&D investment and difficult to profit due to high cost sales, many new energy auto companies are selling more and more after removing subsidies. Loss, the capital pressure is greater than that of most car vehicles that are mainly fuel vehicles.

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xx数据显示,随着补贴的逐步下降,比亚迪近年来出现了“增加收入而不是增加利润”的现象。其2016年至2018年的营业收入超过1000亿元,但回国的净利润仅为50.5亿元。 40.7亿元,27.8亿元。同样,北汽蓝谷(北汽新能源的中流砥柱)2018年实现收入164亿元,同比增长43%,但净利润仅1.55亿元。

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目前,比亚迪尚未发布半年度业绩预测,但从其今年第一季度的财务数据来看,债务偿还的压力已经出现。数据显示,2019年第一季度流动资产流动资产流动性为139.2亿元,应收账款为454.7亿元;及其短期负债,一年内到期的非流动负债,应付职工薪酬,应付票据和应收账款等流动负债已达近1000亿元。

今年上半年,比亚迪发布了多项公开发行债券公告,累计发行或拟议发行超过100亿元。根据比亚迪发布的公告,今年上半年新增贷款138.37亿元,新增银行贷款110.03亿元,占2018年净资产的18.13%,新公司债券,公司债券等增加近10亿元。

比亚迪等新能源汽车的资金压力在短期内难以缓解。一方面,随着新补贴政策的正式实施,新能源汽车市场将迎来更加严峻的市场环境。根据国家乘用车信息协会的最新数据,上半年全国新能源窄卡客车累计销量为57.6万辆,同比增长65.8%。虽然增长率仍远高于整体汽车市场,但有迹象显示与去年相比有所放缓。另一方面,面对新能源汽车补贴的下降,高成本新能源汽车的比例增加,可能进一步增加汽车公司的财务压力。以比亚迪为例,数据显示比亚迪上半年的整体销量为228,000,略微增长1.59%。其中,比亚迪新能源汽车共售出14.57万辆,占比增长20%,从2018年的33.4%增加到今年的63.9%。然而,由于补贴对比亚迪的运营和资本的影响,比亚迪没有回应深圳证券交易所的询问。由于产业结构,销售量和产业链不同环节的补贴存在不确定性,很难预测这一政策对公司新能源汽车毛利率的影响。比亚迪在回信中说。

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事实上,在汽车市场整体负增长的情况下,不仅是新能源汽车企业,大多数汽车企业都面临着十多年来最大的财务压力。据经济观察网记者统计,从2018年到今年第一季度,20家新主流汽车企业的债务增加了600多亿元。各公司债务表现的表现有很大差异,其负债也迅速上升。自2017年以来,大多数公司都意识到风险的紧急收缩。