沉淪了幾年的納智捷,不僅還在還想翻盤 - 汽車
By David
at 2017-09-13T16:19
at 2017-09-13T16:19
Table of Contents
要了解一家公司,除了看它的產品,也可以透過他的財報來理解
裕隆汽車2016合併財報封面:
https://i.imgur.com/pH3EQaq.png
其中69~70頁:
https://i.imgur.com/UqIo7Ev.png
https://i.imgur.com/IM9zTp2.png
簡單說就是裕隆集團底下的納智捷與大陸東風裕隆共同出資請華創車電幫我研發車子
SUV、MPV、S5、U6、S3都是(今年的U5大概也是)
然後納智捷(也就是裕隆汽車)把這筆用錢買來的合約認列成無形資產
用錢買來的東西認列成資產聽起來很合理
但華創車電是什麼公司?
從經濟部商業司查詢公司登記,裡面的董監事資料是這樣子的:
https://i.imgur.com/AsAtBEz.png
絕大多數都掌握在裕隆汽車手裡,其次是中華汽車
結果財報我翻了好幾遍
也沒看到華創車電與裕隆汽車有合併財報?若是我眼殘看錯請告知我在第幾頁
而華創車電沒上市它的財報也不會揭露,實際上是賺是賠一般人不會知道
可能是我看的財報太少了
但是納智捷這招用錢買研發技術實在很厲害呀
在財報上可以認列成無形資產,看起來漂漂亮亮的
對外還可以說我光是研發就花了好幾十億(但財報上看起來這幾十億是花去買資產)
難怪研發費看起來這麼少,2016年只佔營收的0.26%
雖然裕隆集團還有其他事業,但可以把研發費用壓的這麼低也是真夠厲害的了
https://i.imgur.com/lBUa9Q8.png
對照一下,Volkswagen 2015年投入了153億美元研發,佔該年營收的5.7%
BYD也有3.17%
https://i.imgur.com/JZDNKt0.png
裕隆做車好不好大家就自己評斷,但做財報是真的很厲害!
※ 引述《tamander (請給我食物)》之銘言:
: 出處:http://mp.weixin.qq.com/s/HYcXOuF-31-nkzfrLh_4qw
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