标签： 广州蒲典网

CSI Intelligent Financial News BYD (002594) disclosed the third quarterly report of 2023 on October 31. In the first three quarters of 2023, the company achieved a total operating income of 422.275 billion yuan, a year-on-year increase of 57.75%; The net profit of returning to the mother was 21.367 billion yuan, a year-on-year increase of 129.47%; Deducting non-net profit was 19.349 billion yuan, a year-on-year increase of 131.32%; The net cash flow from operating activities was 97.86 billion yuan, up 7.50% year-on-year; During the reporting period, BYD’s basic earnings per share was 7.35 yuan, and its weighted average return on equity was 17.74%.

The announcement shows that the company’s operating income changes in the first three quarters were mainly due to the increase in sales of new energy vehicles.

Based on the closing price on October 30th, BYD’s current price-earnings ratio (TTM) is about 24.83 times, price-to-book ratio (LF) is about 5.48 times, and market-to-sales ratio (TTM) is about 1.23 times.

The historical distribution map of the company’s price-earnings ratio (TTM), price-to-book ratio (LF) and marketing ratio (TTM) in recent years is as follows:

According to the third quarterly report, the company achieved a total operating income of 162.151 billion yuan in the third quarter, up 38.49% year-on-year and 15.86% quarter-on-quarter. The net profit returned to the mother was 10.413 billion yuan, up 82.16% year-on-year and 52.59% quarter-on-quarter. Non-net profit was 9.654 billion yuan, up 80.95% year-on-year and 57.49% quarter-on-quarter.

According to the data, the Group is mainly engaged in automobile business, mobile phone parts and assembly business, rechargeable battery and photovoltaic business, and actively expands the urban rail transit business field by using its own technological advantages.

In the first three quarters of 2023, the company’s gross profit margin was 19.79%, up 3.90 percentage points year-on-year; The net interest rate was 5.29%, up by 1.56 percentage points over the same period of last year. Judging from the single-quarter indicators, the gross profit margin of the company in the third quarter of 2023 was 22.12%, up 3.16 percentage points year-on-year and 3.40 percentage points quarter-on-quarter; The net interest rate was 6.71%, up 1.54 percentage points from the same period of last year and 1.66 percentage points from the previous quarter.

The data shows that in the first three quarters of 2023, the company’s weighted average return on equity was 17.74%, an increase of 8.31 percentage points over the same period of last year; The company’s return on invested capital in the first three quarters of 2023 was 13.83%, an increase of 6.99 percentage points over the same period of last year.

In the first three quarters of 2023, the company’s net cash flow from operating activities was 97.86 billion yuan, a year-on-year increase of 7.50%; The net cash flow from financing activities was 256 million yuan, an increase of 16.254 billion yuan; The net cash flow from investment activities was-94.403 billion yuan, compared with-83.657 billion yuan in the same period of last year.

Further statistics show that the company’s free cash flow in the first three quarters of 2023 was-27.524 billion yuan, compared with 13.070 billion yuan in the same period of last year.

In the first three quarters of 2023, the cash ratio of the company’s operating income was 100.16%, and the net cash ratio was 458.00%.

In the first three quarters of 2023, the company’s expenses during the period were 51.174 billion yuan, an increase of 25.878 billion yuan over the same period of last year; During the period, the expense ratio was 12.12%, up by 2.67 percentage points over the same period of last year. Among them, sales expenses increased by 84.13%, management expenses increased by 60.39%, research and development expenses increased by 129.42%, and financial expenses increased from-1.340 billion yuan in the same period last year to-1.272 billion yuan.

According to the data, the change of sales expenses is mainly due to the increase of sales service fees and employee salaries; The change of management expenses is mainly due to the increase of employees’ salary.

In terms of major changes in assets, as of the end of the third quarter of 2023, the company’s fixed assets increased by 57.84% compared with the end of the previous year, accounting for 6.70 percentage points of the company’s total assets; Accounts receivable financing increased by 146.86% compared with the end of last year, accounting for 2.50 percentage points of the company’s total assets; Trading financial assets decreased by 48.55% compared with the end of last year, accounting for 2.48 percentage points of the company’s total assets; Construction in progress decreased by 8.18% compared with the end of last year, accounting for 2.47 percentage points of the company’s total assets.

In terms of major changes in liabilities, as of the end of the third quarter of 2023, the company’s accounts payable increased by 29.30% compared with the end of the previous year, accounting for 0.69 percentage points of the company’s total assets; Other payables (including interest and dividends) increased by 26.51% compared with the end of last year, accounting for 0.06 percentage points of the company’s total assets; Short-term loans increased by 95.96% compared with the end of last year, accounting for 0.58% of the company’s total assets, mainly due to business expansion and short-term financing; Contract liabilities increased by 7.31% compared with the end of last year, accounting for 1.08 percentage points of the company’s total assets.

In terms of solvency, the company’s asset-liability ratio at the end of the third quarter of 2023 was 77.37%, up 1.95 percentage points from the end of last year; The interest-bearing asset-liability ratio was 4.05%, up 0.16 percentage points from the end of last year.

In the first three quarters of 2023, the company’s current ratio was 0.66 and the quick ratio was 0.44.

In terms of chip concentration, as of the end of the third quarter of 2023, the total number of shareholders of the company was 358,500, an increase of 27,000 or 8.15% compared with the end of the first half of the year; The average stock market value per household decreased from 2,267,700 yuan at the end of the first half of the year to 1,921,700 yuan, a decrease of 15.26%.

Indicator notes:

price/earning ratio

= total market value/net profit. When the company loses money, the price-earnings ratio is negative. At this time, it is meaningless to use the price-earnings ratio for valuation, and the price-to-book ratio or market-to-sales ratio is often used as a reference.

PB ratio

= total market value/net assets. The price-to-book ratio valuation method is mostly used for companies with large profit fluctuations and relatively stable net assets.

Marketing rate

= total market value/operating income. Market-to-sales ratio valuation method is usually used for growth companies with losses or small profits.

In this paper, the P/E ratio and marketing ratio are calculated by TTM method, that is, based on the data of the latest financial report (including forecast) for 12 months. The P/B ratio adopts LF method, that is, it is calculated based on the data of the latest financial report.

When the price-earnings ratio is negative, the current quantile is not displayed, which will lead to the interruption of the line chart.

Editor in charge:

　　Yang Li

　　Laughter is not the antidote, but the story is.

　　— — — — — — — — — —

　　In the fifth season of the recently broadcast Tucao Conference, the performance of female talk show actresses is still wonderful.

　　Facing Yuqi Zhang and Yi Lijing, Yang Li said, "We girls should not find fault with each other. They have proved to me that women can be many kinds. You can be as beautiful and innocent as Sister Yu, as brave and sharp as Teacher Yi, and as both as me!"

　　The real "drama" of Yang Li’s words is not boasting, but lies in that sentence, "Women can be many kinds".

　　Li Xueqin, who graduated from Peking University and became popular because of his short video, stood on the stage and said, "In fact, the highly educated people are not so good. There are always people who scold you. You graduated from Peking University and always rely on the screen to grandstanding and earn that traffic. Don’t you feel ashamed?" Just when the audience thought that Li Xueqin was blacking out, she suddenly turned her head and looked at the teacher elder brother of Peking University under the stage: "Ah? Xu Zhiyuan! "

　　Li Xueqin’s speech was like a roller coaster, and it landed in Xu Zhiyuan alone, which cleverly responded to some questions from the outside world.

　　In the past 2020, these two girls have their own worlds in the topic areas and expression styles that they are good at. In addition, many women have gained popularity by virtue of the talk show stage. Why are these female talk show actresses so charming?

　　From the common characteristics, the popular female talk show actresses have smart minds, confident manners and clever tongues, and their humor configuration is no less than that of male talk show actresses. Interesting regardless of gender, what do you think of men and women?

　　In 1950s, as a mother of five children, 37-year-old American woman Phyllis Diller made a living by performing stand-up comedy with a wig and thick eyelashes. A housewife’s complaints about life bear the main content of her performance. Phyllis Diller, with her self-mockery of the bad housewife image, entered the male-dominated comedy battlefield and became the "grandparent" of the female talk show actress circle.

　　Phyllis Diller said, "I was born funny, with funny ideas and funny attitude towards life." Girls with funny genes, why can’t they tell a joke on stage and show their sense of humor at will?

　　The domestic talk show industry has not developed for a long time, but it has laid a good audience base. In 2017, the first talk show conference, a girl with neat short hair, Siwen, teased the husband and wife on the stage for a long time, and the relationship between her husband and you was equivalent to "the brother sleeping in your upper bunk". This paragraph quickly became popular on the Internet. Siwen is good at deconstructing daily life and gender relations, challenging the traditional label of "women", shouting for women, and "spicy" quotations are repeated.

　　However, Siwen also said in an interview that when she stood in the spotlight in the early days, the external attack was very fierce, because the audience would rudely criticize her jokes and her face value.

　　Talk show is naturally an "offensive expression", and the pressure you need to bear can be imagined. Perform a talk show for 5-10 minutes, and you may get half enthusiastic laughter, half aggressive diss, or even a humorous remark at the same time, which will be interpreted as "intentional offense" and set off a great discussion.

　　Listening to these female talk show actresses talk about their personal experiences or social observations will undoubtedly provide us with a mirror to re-examine the unhappiness and troubles we may face in our daily life.

　　Li Xueqin once said in the Talk Show Conference that she hoped female actors would stop laughing at their looks. "Since we all talk about talk shows, we have to let everyone know through our humor and wisdom that if we grow up like this, we will be called beautiful women."

　　Audiences who like Li Xueqin will say that they like to listen to Li Xueqin talk shows because they feel that "there is a keen observation of life under that seemingly casual expression".

　　"A gentle knife" Yang Li can clearly analyze the "thread group" that girls are easily bypassed in the relationship between the two sexes. For example, Yang Li once said that she confided in a boy friend and said that her boyfriend had run away with someone else. The boy friend comforted Yang Li: "There is nothing I can do. He is excellent, and you are a little unworthy of him. I only say this as a friend." Yang Li’s response was pleasant: "Don’t treat me as a friend, treat me as a person, a person with feelings."

　　Listening to these excellent, sober and frank girls, telling common troubles, don’t we get an emotional release and comfort? At ordinary times, we are quite tired of persuasion — — "This is a thing? Why do you care? " These talk show actors will tell you that this is of course a thing, and you are not wrong! But please remember, you have your beauty and brain, don’t punish yourself with other people’s mistakes.

　　In addition to poking or comforting the audience through "stalks", the current female talk show actresses also have a value that cannot be underestimated: although most actors start from analyzing their daily lives, the depth of their thinking is not superficial, and the social fields they point to are not narrow.

　　It is always said that female talk show actresses seem to only express their lives and troubles. However, it is precisely because of their stories that when we dig out many issues such as the concept of marriage and love, the concept of parents and children, the concept of workplace, self-worth and so on, we will suddenly realize that some things turned out to be a problem. And why some things can still be a problem.

　　Hannah Gatsby, an Australian female talk show actress, said: "Laughter is not the antidote, but the story is. Laughter is just honey to spice up bitterness. I just hope that people will hear my story and understand it with their own thinking. "

　　No talk show joke is meaningless, and every seemingly ordinary little trouble actually hides social universality. The popularity of female talk show actresses, especially for female audiences, provides a new channel of inspiration: how should women be alert to or face their own offenses and injuries? How can women correctly and effectively safeguard their rights and interests?

　　Only by understanding this point can we understand the charming brilliance of female talk show actresses. (Anna)