看懂全球车企财报，才能看懂中国车企的弯道超车

蓝鲸财经2025-05-09

作者 |金角财经 Chong Lei,CFA 随着全球车企财报密集出炉，处于转型关键节点的汽车行业重回聚光灯下。研发投入持续飙升，正成为行业共性语言。A股上市车企研发费用率从2023年的4.2%跃升至2024年的4.7%，福特、大众等跨国巨头也在固态电池、智能平台等领域砸下千亿欧元级筹码。这反映出无论是全球汽车巨头，还是中国车企，都在加大力度抢占技术高地。但与此同时，负债率、有息负债等...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2534148917?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-05-09 11:36","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2534148917","market":"hk","top_or_hot":-1,"title":"看懂全球车企财报，才能看懂中国车企的弯道超车","media":"蓝鲸财经","content":"<div>\n<p>作者 |金角财经 Chong Lei,CFA\n\n随着全球车企财报密集出炉，处于转型关键节点的汽车行业重回聚光灯下。\n研发投入持续飙升，正成为行业共性语言。A股上市车企研发费用率从2023年的4.2%跃升至2024年的4.7%，福特、大众等跨国巨头也在固态电池、智能平台等领域砸下千亿欧元级筹码。\n这反映出无论是全球汽车巨头，还是中国车企，都在加大力度抢占技术高地。但与此同时，负债率、有息负债等...</p>\n\n<a href=\"https://www.lanjinger.com/d/256804\">网页链接</a>\n\n</div>\n","source":"lanjinger_stock","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>看懂全球车企财报，才能看懂中国车企的弯道超车</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看懂全球车企财报，才能看懂中国车企的弯道超车\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-05-09 11:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.lanjinger.com/d/256804><strong>蓝鲸财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者 |金角财经 Chong Lei,CFA\n\n随着全球车企财报密集出炉，处于转型关键节点的汽车行业重回聚光灯下。\n研发投入持续飙升，正成为行业共性语言。A股上市车企研发费用率从2023年的4.2%跃升至2024年的4.7%，福特、大众等跨国巨头也在固态电池、智能平台等领域砸下千亿欧元级筹码。\n这反映出无论是全球汽车巨头，还是中国车企，都在加大力度抢占技术高地。但与此同时，负债率、有息负债等...</p>\n\n<a href=\"https://www.lanjinger.com/d/256804\">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":"BK4532","symbol_name":"文艺复兴科技持仓","start_time":0,"source_url":"https://www.lanjinger.com/d/256804","article_id":"2534148917","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2534148917","pubTimestamp":1746761774,"columns":[],"sourceInfo":{"source_id":"lanjinger_stock","name":"蓝鲸财经"},"weMediaInfo":null,"summary":"随着全球车企财报密集出炉，处于转型关键节点的汽车行业重回聚光灯下。研发投入持续飙升，正成为行业共性语言。这反映出无论是全球汽车巨头，还是中国车企，都在加大力度抢占技术高地。当下，高负债率已成为全球主流汽车企业的共同现象。从全球车企负债现状来看，头部跨国车企对有息负债的依赖程度普遍较高，而国内主流车企的有息负债水平相对较低。全球汽车行业在变革中发展，负债管控能力成为衡量企业竞争力的重要指标。","collect":0,"end_time":0,"defaultTopTitle":"lanjinger.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"81211":"比亚迪股份-R","82333":"长城汽车-R","601633":"长城汽车","BK4532":"文艺复兴科技持仓","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","BK1149":"通信设备","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","BK4526":"热门中概股","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0359201612.USD":"贝莱德中国基金A2","BK1522":"燃料电池","BYDDY":"比亚迪ADR","BK1580":"烟草概念","LU0594300419.USD":"富达中国消费基金A","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","002594":"比亚迪","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","HYDD.SI":"BYD HK SDR 10to1","02333":"长城汽车","GWLLY":"长城汽车ADR","NIO.SI":"蔚来","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","01211":"比亚迪股份","BK1589":"北水核心资产","BK1119":"汽车制造商","BK1540":"电池","00285":"比亚迪电子","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0823414478.USD":"法巴经典能源转换基金","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","BK1509":"特斯拉概念股","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC"},"translate_title":"Only by understanding the financial reports of global car companies can we understand the overtaking of Chinese car companies in corners","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81211":0.6,"82333":0.6,"601633":0.6,"01211":0.84,"GWLLY":0.6,"NIO.SI":0.6,"EVS.SI":0.6,"00285":0.8,"HYDD.SI":0.6,"002594":0.6,"BYDDY":0.6,"02333":0.89},"content_text":"作者 |金角财经 Chong Lei,CFA\n\n随着全球车企财报密集出炉，处于转型关键节点的汽车行业重回聚光灯下。\n研发投入持续飙升，正成为行业共性语言。A股上市车企研发费用率从2023年的4.2%跃升至2024年的4.7%，福特、大众等跨国巨头也在固态电池、智能平台等领域砸下千亿欧元级筹码。\n这反映出无论是全球汽车巨头，还是中国车企，都在加大力度抢占技术高地。但与此同时，负债率、有息负债等财务指标，也成为舆论关注的“压力测试表”，尤其当主流车企负债率集体跨越60%警戒线，纸面数字的“焦虑感”与产业深层逻辑的“必然性”形成鲜明对冲。\n数据表象下，该如何理性看待车企的财报？关键还是要搞清楚一系列看似惊人的数字，背后真实的产业逻辑。\n是什么推高车企负债率？\n当下，高负债率已成为全球主流汽车企业的共同现象。\n2024年，福特的负债率达到84.27%，通用汽车为76.55%，大众集团是68.92%，大部分头部车企的负债率都在60%以上。\n国内车企也不例外，奇瑞负债率高达88.64%（截至2024年三季度末），蔚来和赛力斯的负债率分别为87.45%和87.38%，其他国内主流车企的负债率同样和大部分海外车企保持统同一水平。\n\n\n如此高的负债率看似惊人，实则与汽车企业的运营模式紧密相关，因为在汽车行业处于电动化和智能化转型的关键阶段，无论是研发新技术、建设新工厂，还是管理供应链，每一个环节都需要大量资金投入。\n正因如此，汽车行业想要发展，巨额投资和研发投入必不可少，这也是全球主流车企总负债居高不下的根本原因。而且通常企业规模越大、营收越高，总负债也就越高。\n截至2024年末，大众集团营收2.5万亿元，总负债达3.4万亿元，是同期营收的136%；丰田营收2.2万亿元，总负债达2.7万亿元，是同期营收的123%。\n相比之下，国内车企的负债情况更加稳健。\n比亚迪营收7771亿元，总负债5847亿元，为同期营收的75%；吉利控股营收5748亿元，总负债5047亿元，为同期营收的88%。\n这些数据表明，车企的高负债，是它们在电动化、智能化转型以及扩大规模过程中不得不付出的代价。而通过负债与营收的比例对比可以发现，中国车企的实际债务水平要低于国外同行。\n海外车企“痴迷”有息负债\n企业负债主要分为无息负债和有息负债两类。由于有息负债存在还本付息压力，一旦处理不好，企业可能陷入资金周转困境，所以它更能体现企业真实的债务压力。\n从全球车企负债现状来看，头部跨国车企对有息负债的依赖程度普遍较高，而国内主流车企的有息负债水平相对较低。\n以丰田为例，其有息负债规模约1.87万亿元，占总负债的68%。此外，通用汽车、奔驰、宝马等国际知名车企，有息负债也都达到了数千亿元。\n反观国内车企，吉利控股有息负债860亿元，占总负债的17%；长城汽车有息负债168亿元，占总负债的12%；比亚迪的有息负债约286亿元，仅占总负债的5%。\n\n\n对比同等销售规模的车企，国内车企在负债指标上的优势更为明显。\n2024年，比亚迪汽车销量达427万辆，与通用、福特处于同一量级。但福特和通用的总负债与同期营收的比例均超过100%，比亚迪仅为75%；两家外资巨头的有息负债占总负债比例都超过60%，比亚迪的这一比例只有5%，偿债压力远低于国际竞争对手。\n由此可见，海外车企更“痴迷”有息负债，国内车企则遵循更严谨的财务纪律，资产负债表更加稳健。\n负债管理成关键竞争力\n在分析车企负债时，不能只关注负债对车企自身的影响，更要考虑它是否会对供应链上下游企业，尤其是第三方供应商造成不良影响。\n判断一家车企的应付账款规模是否合理，有个很实用的指标——应付账款占营业收入的比例。这个比例越低，意味着企业在同等营收规模下，未到期支付给供应商的货款相对较少。\n以公开数据为例，蔚来该比例为52%，长安为49%，长城汽车39%，上汽集团38%，比亚迪则是31%，处于行业最低水平。\n此外，企业和供应商要实现互利共赢，除了采购规模，付款速度和及时性也很关键。其中，应付账款周转天数是重要参考依据。Wind数据显示，截至2024年末，比亚迪平均127天完成对上游供应商的付款，长城汽车为163天，蔚来195天，长安超过200天。比亚迪的付款周期是行业最短的，足以体现中国头部车企对于产业链健康发展的积极带动作用。\n\n全球汽车行业在变革中发展，负债管控能力成为衡量企业竞争力的重要指标。行业最后比拼的不仅是规模和盈利，更是财务结构的健康度。目前，中国汽车产业发展愈发迅猛，中国车企在加大研发投入的同时，凭借稳健的财务管控能力和良好的供应链管理，有望在行业发展中实现新的突破。","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"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2534148917","isCrawlerRequest":true}