That’ll teach investors to follow Warren Buffett too blindly. Sure, the share price of BYD (Build Your Dreams), China’s second-biggest homegrown car brand by unit sales, jumped more than tenfold in the year after Mr Buffett’s investment through a subsidiary of Berkshire Hathaway in September 2008. Then it fell by three quarters. And now a profit warning: the company said that its first-quarter net profit could fall 95 per cent from a year earlier. That wiped another 5 per cent off the share price on Monday. Poor performance in BYD’s battery segment, which makes up a 10th of sales, is partly to blame. The bad news, however, is that BYD’s car segment – which makes up half of revenue and carries gross margins one-fifth higher than its average – will do little to turn things around.
盲目跟风沃伦•巴菲特(Warren Buffett)的投资者得到教训了。没错，在巴菲特通过伯克希尔哈撒韦公司(Berkshire Hathaway)旗下子公司投资于比亚迪之后，这家以销量计排名manbetx3.0 第二的本土汽车制造商的股价已经上涨了逾9倍。但其后，股价已经跌去了四分之三。现在该公司则发出了盈利预警：比亚迪称，今年第一季度净利润可能比去年同期下跌95%。消息一出，周一比亚迪股价再跌5%。电池业务表现欠佳是业绩下滑的原因之一，这一业务占了比亚迪销售额的十分之一。不妙的是，比亚迪的汽车业务——占营收的一半，毛利率高出公司平均水平十分之一——将无力扭转颓势。