长城告诉吉利，200万辆以下竞争“不靠规模”，比亚迪说400万辆呢？

宪深说车

03-25

为什么200万辆规模的吉利和100万辆的长城盈利相当，而400万辆比亚迪净利却是吉利的4倍？变革中的汽车行业，企业间的规模差距并不能线性对应利润差距。200万辆以下的竞争并不一定靠规模取胜。各车企2024年财报陆续发布，规模400万辆的比亚迪，在财务数据表现上，相比200万辆和100万辆级的吉利汽车、长城汽车，已经形成了质变的飞跃。比亚迪2024年销售汽车427万辆、营收7771亿元、扣非净利润...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250326055457a6a3d3e0&s=b><strong>宪深说车</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>为什么200万辆规模的吉利和100万辆的长城盈利相当，而400万辆比亚迪净利却是吉利的4倍？变革中的汽车行业，企业间的规模差距并不能线性对应利润差距。200万辆以下的竞争并不一定靠规模取胜。各车企2024年财报陆续发布，规模400万辆的比亚迪，在财务数据表现上，相比200万辆和100万辆级的吉利汽车、长城汽车，已经形成了质变的飞跃。比亚迪2024年销售汽车427万辆、营收7771亿元、扣非净利润...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250326055457a6a3d3e0&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BYDDY","symbol_name":"比亚迪ADR","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250326055457a6a3d3e0&s=b","article_id":"2522839537","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250326055457a6a3d3e0&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, 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What about BYD's 4 million vehicles?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80175":0.9,"81211":0.6,"82333":0.9,"00175":0.9,"002594":0.6,"01211":1,"02333":0.9,"BYDDY":0.6,"HYDD.SI":0.6},"content_text":"为什么200万辆规模的吉利和100万辆的长城盈利相当，而400万辆比亚迪净利却是吉利的4倍？变革中的汽车行业，企业间的规模差距并不能线性对应利润差距。200万辆以下的竞争并不一定靠规模取胜。各车企2024年财报陆续发布，规模400万辆的比亚迪，在财务数据表现上，相比200万辆和100万辆级的吉利汽车、长城汽车，已经形成了质变的飞跃。比亚迪2024年销售汽车427万辆、营收7771亿元、扣非净利润369.8亿元、研发投入542亿元。吉利汽车2024年销售217.7万辆、营收2402亿元、扣非净利润85亿元、研发投入158.79亿元。长城汽车2024年销售123万辆、财务预告显示扣非净利润94亿元至100亿元。吉利汽车是长城汽车规模的1.76倍，而扣非净利润长城汽车是吉利汽车的1.1-1.2倍。比亚迪规模是长城汽车的3.5倍，扣非净利润是长城汽车的3.7-3.9倍；比亚迪规模是吉利汽车的1.97倍，扣非净利润是吉利汽车的4.35倍。100万辆规模的长城汽车扣非净利润比200万辆规模的吉利汽车还高。在一定程度上说明，受研发投入、车型价格、公司管理等因素影响，200万辆以下，规模对盈利的影响并不呈线性关系，甚至不呈正向关系。一定程度上，中国大多数车企盈利能力都还没到规模驱动阶段。但规模达到400万辆的比亚迪，和200万辆及以下规模的企业相比，规模效应凸显。高规模、更好的利润，也意味着有更好的研发投入保障。2024年，比亚迪、吉利汽车研发投入分别为542亿元和158.79亿元，长城汽车2024年前三季度为61.98亿元。三家企业的研发投入已经形成巨大差距。这些差距未来会进一步映射到技术、产品竞争力乃至规模上。中国车企已经出现巨大分化，重要标志是规模鸿沟在形成。除了以上三家车企，在规模上有较好表现的自主乘用车还包括166万辆的长安和260万辆的奇瑞。其它中国品牌均在百万辆规模以下。多家中国车企在去年实现逆势增长，汽车市场呈现明显头部聚集效应。随着规模差距拉大，这一效应会进一步凸显。而没有达到200万辆甚至更大规模突破的车企，都很难说进入安全区。规模也不仅仅体现在成本及研发投入上的优势上，智能化汽车时代，汽车智驾进化能力很大程度上取决于数据量，庞大的销量规模也是数据量的重要保障。此外，由规模直接带来和衍生出的光环会极大助力品牌向上。整体上，头部车企会通过全球化、技术升级、产品优化，持续提高盈利能力。而那些没有达到30-50万辆规模，没有跨过盈亏平衡点的企业，大多数已经没有了市场存在的机会。比亚迪400万辆、吉利汽车200万辆、长城汽车100万辆，三家企业规模是两倍线性关系的三个量级，盈利能力上吉利和长城的差异并不大，但规模两倍和四倍于吉利和长城的比亚迪，盈利能力规模效应驱动明显。它们之间的终极竞争还是规模的较量。","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}}}

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