In the early morning of April 30th, () (SZ000651, share price of 42.12 yuan, market value of 237.2 billion yuan) released the 2023 annual report and the first quarterly report of 2024. According to the financial report data, Gree Electric achieved a total operating income of 205.018 billion yuan last year, a year-on-year increase of 7.82%; The net profit of returning to the mother was 29.017 billion yuan, a year-on-year increase of 18.41%. Gree Electric said that this is the best performance of the company since its establishment 33 years ago.

　　The national business daily reporter noted that this is the first time that Gree Electric’s total revenue has exceeded 200 billion yuan after three years. In 2019, Gree Electric achieved a total revenue of 200.5 billion yuan, and in the following three years, the total revenue was below 200 billion yuan. The reporter found that Gree Electric’s revenue growth in 2023 was mainly driven by air conditioning, industrial products, smart equipment, green energy and other businesses. The "basic disk" of the company’s revenue is still in air conditioning, while the income of household appliances declined last year.

　　In 2023, Gree Electric plans to distribute a cash dividend of 23.8 yuan (including tax) to all shareholders for every 10 shares, and will not distribute bonus shares or convert capital reserve into share capital, totaling 13.14 billion yuan.

　　Revenue is 200 billion yuan.

　　Gree Electric’s financial report shows that last year, the company achieved a total operating revenue of 205.018 billion yuan, an operating income of 203.979 billion yuan, and the revenue scale returned to more than 200 billion yuan; The net profit attributable to shareholders of listed companies was 29.017 billion yuan, a year-on-year increase of 18.41%; Realized a non-net profit of 27.565 billion yuan, a year-on-year increase of 14.92%; The net cash flow from operating activities was 56.4 billion yuan, a year-on-year increase of 96.73%.

　　If we compare the Big Three of White Power horizontally, Gree Electric’s revenue growth rate in 2023 is better than () (600690.SH, stock price of 30.26 yuan, market value of 285.597 billion yuan), but slightly worse than () (000333.SZ, stock price of 6.978 yuan, market value of 486.675 billion yuan), and its net profit growth rate ranks first.

　　According to the "Annual Report of China Household Appliances Industry in 2023" issued by the National Household Appliances Industry Information Center, the export of household appliances industry has increased significantly, with an export scale of 617.4 billion yuan, a year-on-year increase of 9.9%; The domestic market grew steadily, with a sales scale of 773.6 billion yuan, up 1.7% year-on-year. The air-conditioning industry has also recovered significantly. According to industry online data, in 2023, 169 million household air conditioners were produced, up 11.1% year-on-year; Sales of 170 million units increased by 11.2% year-on-year, of which domestic sales increased by 13.8% year-on-year, export sales increased by 7.8%, and domestic and export sales were booming.

　　Therefore, the income growth of air-conditioning faucet was generally good last year. In 2023, Gree Electric’s air-conditioning business revenue was 151.217 billion yuan, up 12.13% year-on-year, and the proportion of air-conditioning revenue in Gree Electric’s current revenue increased to 74.14%. The annual report also shows that the gross profit margin of Gree Air Conditioning increased by 4.6 percentage points year-on-year. Horizontal comparison, this gross profit margin increase is also relatively significant.

　　However, Gree’s household appliances business achieved a revenue of 4.002 billion yuan last year, a year-on-year decrease of 12.39%, and the proportion of household appliances revenue fell to 1.96%. National business daily reporter learned that Gree’s household appliances business mainly includes kitchen appliances, environmental appliances and ice washing products. The company did not explain too much in the annual report the reasons for the decline in household appliances revenue.

　　Last year, the domestic sales and export revenue of Gree’s main business increased by 15.22% and 7.02% respectively, and the growth of domestic sales was higher than that of export. Gree Electric said that last year, the company strengthened the overseas social media matrix in overseas channels and broadened the layout of overseas e-commerce. Last year, Gree Electric’s overseas business revenue was 24.904 billion yuan, and its own brands accounted for nearly 70%.

　　Most diversified businesses grew year on year.

　　In addition to the home appliance business, the revenue of industrial products in Gree Electric exceeded 10 billion yuan last year, a year-on-year increase of 31.63%; Intelligent equipment revenue was about 700 million yuan, up 55.03% year-on-year; Green energy revenue was 7.106 billion yuan, a year-on-year increase of 51.16%; Other main income was 1.568 billion yuan, a year-on-year increase of 55.84%.

　　It can be said that in addition to the household appliances business, other diversified tracks cultivated by Gree achieved good revenue growth last year. But even the largest industrial products sector accounted for less than 5% of revenue last year. It is reported that Gree’s industrial products include compressors, motors, refrigeration accessories and precision molds.

　　In addition, in 2023, Gree Electric’s revenue from "other businesses" was 29.414 billion yuan, down 17.89% year-on-year, accounting for 14.42% of the company’s revenue. The reporter of national business daily learned that Gree Electric revealed at the annual performance briefing in 2019 that other business income was mainly to ensure the quality of bulk raw materials, effectively control costs and manufacture high-quality products. The company made full use of supply chain resources and exerted its scale advantage to centrally purchase and allocate bulk raw materials, including steel plates, plastic raw materials, copper materials and foams, and also included some waste sales.

　　As for the channel reform that public investors have been paying attention to, Gree Electric said that last year, digital stores were vigorously promoted in China, and sinking sales channels were continuously developed. At the same time, the sales performance of household appliances such as JD.COM and Tmall Premium increased year-on-year.

　　In 2023, Gree Electric plans to pay dividends to all shareholders, totaling 13.14 billion yuan, which is higher than that in 2022. In 2022, Gree Electric received two dividends: 1 yuan in the interim, 1 yuan in the annual and 2 yuan in the cumulative annual.

　　According to the financial report, in 2023, due to the ownership of shares in the employee stock ownership plan, Dong Mingzhu’s shares in Gree Electric increased by 10 million shares, and the number of shares held by the end of 2023 was 54.488 million shares.

　　At the same time, Gree Electric also released the first quarterly report in 2024. Financial data show that in the first quarter of this year, Gree Electric achieved operating income of 36.364 billion yuan, a year-on-year increase of 2.56%; The net profit attributable to shareholders of listed companies was 4.675 billion yuan, a year-on-year increase of 13.77%.

In the field of small cars, there are two more competitive models, namely BYD, and other models really pose no threat to these two cars. Nowadays, both Wuling Bingo and BYD Seagull have ushered in updates. Wuling Bingo has launched 2024 models, and BYD Seagull has also launched new models. After reading the prices, I feel that the cost-performance gap between them is even greater.

First of all, the price range of 2024 Wuling Binguo is 56,800-84,800 yuan; The price range of the new BYD Seagull is 698-85800 yuan. From the price point of view, Wuling Bingo is still more cost-effective, and its access cost is lower, which can bring a better experience. Moreover, the 2024 Wuling Bingo still has store discounts, so the terminal price difference between the two is still very large. Today, we will make a comprehensive comparison between these two models to see who is more worthy of starting.

Who looks better in the face value competition?

Although different people have different opinions on the appearance, for small cars, consumers still pay more attention to the external performance. In our cognition, small cars are generally petite and lovely, and obviously both of them have this trait. However, in terms of details, I feel that the 2024 Wuling Bingo is more interesting. Its retro front face with fashionable headlights shows a soft and delicate side, and the outline of the whole car is more rounded, which belongs to the type suitable for all ages and has a wider audience.

Wuling Binguo also added an empty mirror green interior after the update, and its body adopts double color matching, which makes it more fashionable and the factory color belongs to high match. In terms of interior, the 2024 Wuling Bingo adopts a very friendly style, and the center console is round, which makes people feel comfortable when they sit in it.

BYD’s seagull appearance is petite and lovely, but it is flamboyant and has an unstable effect. Relatively speaking, most consumers may prefer the appearance of Wuling Binguo because it is more approachable. Moreover, BYD Seagull adopts a monochrome appearance, which is not as fashionable as Bingo. BYD Seagull’s interior is rough, giving people an impression of disorganization. In terms of visual effect, I feel that it is not as good as 2024 Bingo.

Space competition, Wuling Binguo to establish a leading edge?

Let’s look at the spatial performance of the two. First, look at the size. The length, width and height of the 2024 Wuling Binguo are 3950/1708/1580mm and the wheelbase is 2560mm； respectively. The length, width and height of BYD Seagull are 3780/1715/1540mm and the wheelbase is 2500mm respectively. The size of the 2024 Wuling Binguo is one level larger than that of Seagull.

Of course, feedback to the space, the second row of the 2024 Wuling Bingo is more spacious and has a larger trunk. With the second row of seats down, the trunk space of the 2024 Wuling Bingo can be expanded to 1240L at the maximum, while the trunk space of BYD Seagull can be expanded to 930L at the maximum with the second row of seats down. Compared with Bingo, Seagull still has a big gap. Therefore, in the process of daily use, the 2024 Wuling Bingo is more practical, and you can pull more things when you move, you can pack more things in your daily shopping, and you can bring more when you go back to your hometown in the New Year.

Who is richer in configuration comparison?

In terms of configuration, both of them show a good standard. We compare the 2024 Wuling Binguo Lingxi Interconnect 333km with BYD Seagull Free Edition. In terms of price, the price of the 2024 Wuling Binguo Lingxi Interconnect 333km is 74,800 yuan; The price of 25 free versions of Seagull is 75,800 yuan; However, there are still many discounts for the 2024 Wuling Bingo, and it is said that the 2024 Bingo only needs more than 60,000 yuan after the discount, so its cost performance is much higher than the original one.

In terms of battery life, the cruising range of 2024 Wuling Bingo is 333km, while the cruising range of Seagull Free Edition is 305km. The gap between them is really great. Wuling Bingo can run farther, and it has more advantages in daily use, which can reduce the number of charging.

In addition, the basic configurations of the two are very rich, both equipped with advanced voice assistants, as well as external rearview mirror heating, one-button start, keyless entry and other configurations. However, in terms of mobile APP control, the 2024 Wuling Bingo can control more functions, so it can provide more convenience when using the car, because the 2024 Wuling Bingo can unlock more convenient functions.

The 2024 Wuling Binguo can be charged through the mobile phone. For example, if you want to charge at night when the electricity price is low, you can charge at night just by setting it on the mobile phone, which is more cost-saving. In addition, if you want to open the car door with your mobile phone, it can be realized, so that when the courier is delivered home, if you are not at home or don’t want to go downstairs, you can open the car door and let the courier put things in the car. Therefore, Wuling Binguo performs better in intelligence.

In addition, BYD Seagull has only one wiper, while the 2024 Wuling Bingo has two wipers. Obviously, Bingo’s vision and line of sight are better in rainy road conditions.

Concluding remarks

From the overall comparison, the performance of the 2024 Wuling Bingo is better. Wuling has brought into full play the concept of "what people need, Wuling will build". No wonder its models are very competitive. Wuling Bingo can give more things than seagulls, even so, its price is lower, so it is clear who is more worthy of starting. I will definitely choose the 2024 Wuling Bingo.

The competition in the domestic medium-sized car market has always been fierce, even in the pure electric market, and all manufacturers are on stage after you sing. As one of the leading players of its own brand, SAIC Roewe still has a blank in this market. In order to occupy the market as soon as possible, Roewe launched a brand-new model-Roewe D7. As the first model of Roewe’s brand-new new energy product sequence "D family", its overall design creates a young and avant-garde visual effect, and both pure electric and plug-in hybrid versions also enrich consumers’ choices. So what is the performance of Roewe D7 in terms of practicality? This issue of Daily Practical Test Report will reveal the answer for you.

Test vehicle: 2023 Roewe D7 EV 610km Rear Drive Ultimate Edition.

Official guide price: 176,800 yuan

I. Functional configuration test link

The 2023 Roewe D7 EV car is not equipped with the traditional one-button start button. After unlocking and entering the vehicle, you can start the vehicle by stepping on the brake, and then you can move forward with gear.

The trunk of the 2023 Roewe D7 EV supports remote key and outside opening, but it does not support inside opening, so there is still room for improvement.

The opening switch of the engine room cover is located at the lower left of the front of the driver’s seat. When opening the engine room cover, you need to pull the handle twice, and then go outside the car and lift the front engine cover. After opening, it was found that the car was equipped with double hydraulic rods, which made the overall opening and closing easier and had good support.

For consumers, the height of the threshold from the ground determines the convenience of getting on and off to a certain extent. According to the measured results, the threshold height of the 2023 Roewe D7 EV is 400mm from the ground, which ensures the convenience of getting on the bus.

Second, the comfort configuration test link

In terms of seats, the main driving seat of the test model supports four groups of memory functions. At the same time, the front seats support the heating function, and the main driver’s seat also supports the ventilation function, so the comfort performance is worthy of recognition.

In the main driver’s seat test, the distance between the front end and the rear end of the driver’s seat of the 2023 Roewe D7 EV is 260mm, and the seat has a long adjustable stroke, which is at the middle and upper reaches of the same level and can meet the needs of most drivers.

The multi-function steering wheel of the 2023 Roewe D7 EV supports manual up and down+front and rear adjustment, with an adjustable range of 50mm, which is at the middle and upper reaches of the same level; The up-and-down adjustable angle is 10, which is at the average level of the same level.

The rear seat of the 2023 Roewe D7 EV is equipped with three independent headrests, all of which can be adjusted up and down. The overall shape of the headrest on both sides is relatively wide, and the area of the headrest in the middle is moderate, which can effectively support the head of the rear row personnel.

The central armrest of the 2023 Roewe D7 EV adopts a fixed design, which does not support position adjustment. However, due to its large area, the driver’s elbow can easily lean on it in normal driving posture.

Third, the multimedia configuration test link

In terms of in-vehicle USB interface, the test vehicle is equipped with two USB Type-A and one USB Type-C interfaces in the front row, one USB Type-A and one USB Type-C interface in the front row penetrating storage compartment, and one USB Type-A in the rear of the inner rearview mirror. In the rear row, the car is equipped with a USB Type-A interface, which is located under the air outlet of the rear air conditioner.

At the same time, we tested the voltage and current of USB interface, and the voltage and current of the front interface were 5.08V and 0.46A respectively. The voltage and current of the rear interface are 4.96V and 1.85A respectively. In addition, the car is equipped with a 12V power interface above the USB Type-C interface in the front row, which is convenient for charging other devices in the car.

With the increasing popularity of smart cars, more and more models are equipped with intelligent voice assistants. For the "intelligent voice system", we judge the performance of the voice interaction system in terms of voice recognition rate, response speed and controllable functions through the following four segments of fixed speech.

1. I’m a little cold/I’m a little hot

2. Open the window/main driving window/sunroof.

3. I want to listen to "XXXX" (the name of the song)

I’m going to Lunyang Building.

During the test, as long as you say "Hello Zebra", you can wake up the voice system. After saying the above fixed words, the system can effectively identify and perform related actions, and the response is more sensitive. In addition, the car also supports continuous voice dialogue and can execute instructions in sequence. During the test, it was found that when executing multiple instructions, the system occasionally got stuck or missed, but in general, the function performance was still very strong.

Fourth, the space configuration test link

As a space test that is closely related to consumers, in the previous test drive article "Main Comfort Experience Test Drive 2023 Roewe D7 EV", we have already experienced its space, and this time we will evaluate the storage space and its convenience from the aspects of daily life.

For the test of the space used in the car, it is only for the space within reach of the front row, excluding the space that needs to be opened such as the glove box and the central armrest box. The test method is to put all the following fixed items in each storage space in the front row, and judge the performance of the vehicle storage space through the placement of the fixed items. The fixed items selected for the test are: 2 bottles of mineral water with normal size, 1 large-screen mobile phone, 1 lipstick, 1 satchel, 1 pair of sunglasses, 1 folding umbrella and 1 pack of paper with normal size.

According to the actual measurement, the above-mentioned fixed items can be reasonably placed in the storage spaces in the front row. The 2023 Roewe D7 EV has been hollowed out under the central passage in the front row, resulting in a very large storage space, which can be used for placing bags of regular size. In addition, the front and rear sides of the car cup holder are equipped with storage compartments for placing small items. It is worth mentioning that the interior of the vehicle is also equipped with glasses cases, and the bottom is also treated with flannel, with thoughtful details.

The interior space of the trunk of the 2023 Roewe D7 EV is regular, and the space can be further expanded after the rear seats are put down, which shows excellent practicality. For the basic value of the trunk, we also measured it, and the opening width is 1100mm；; The opening length is 450mm；; The depth of trunk is 1200mm；; The vertical height between the trunk platform and the inner roof is 470 mm.

V. Safety Configuration Testing Link

In the front and rear vision test of the vehicle, all the seats in the vehicle have been adjusted to the lowest state, and the measured data have some deviations from those when the driver is in normal use, which is for reference only.

In the test of the front field of vision, we use the pile bucket with a height of 70cm as a reference, and then adjust the distance between cars until the upper edge of the pile bucket can be seen in the main driving position. After testing, the final measured data of the pile bucket and the front of the car is 1.5m, which is at the upstream level among the tested vehicles of the same class.

In the rear vision test, the pile bucket is still fixed, and then the vehicle is moved until the upper edge of the pile bucket can be observed. The distance measured in the rear vision is 21.3m, which is at the downstream level in the same class of tested vehicles.

When testing the visual range of the exterior rearview mirror, firstly, let the tester stand at 10m vertical to the left and right rearview mirrors respectively, and then start to move to the left and right sides until it appears at the outermost edges of the rearview mirrors on both sides, and measure the lateral distance. Then, through formula calculation, the included angle of the rearview mirror field of view can be obtained. The larger the angle, the smaller the blind area of the rearview mirror, and the larger the blind area of the rearview mirror.

The 2023 Roewe D7 EV exterior rearview mirror has a moderate area, and neither side is equipped with double curvature lenses. The field of vision of the left exterior rearview mirror is 23.2, and that of the right exterior rearview mirror is 18.3. The left and right fields of vision are at the middle and lower reaches of the same level.

During the test, the reversing radar can sense the rear object at 1.5m, and the distance of continuous buzzer stage is 0.34m. Referring to the previous test experience, the closer the continuous buzzer stage is to 0.25m, the closer it is to daily use habits. Judging from the measured data, there is still a gap between the distance of the continuous buzzer of the test vehicle and the test experience value.

The 2023 Roewe D7 EV is equipped with a 360-degree panoramic image system, which displays very clearly, and also supports 3D viewing and chassis perspective functions, which further facilitates the driver’s control and prediction when parking. In addition, the vehicle radar display interface will also display the distance from the rear object, and when the distance is too close, the driver will be prompted to stop.

In daily use, vehicles often turn or turn around. At this time, the steering flexibility of vehicles is very important. Knowing the width of the road needed for the car to turn around in the same place can help you know fairly well, so as to avoid the occurrence of dangerous situations such as rubbing. After the actual measurement, the minimum road width of the test vehicle is 9.8m, which is at the average level of the same level.

In addition to the main driver’s seat, the 2023 Roewe D7 EV has interior handles above the other three doors. Handle in the car is necessary for people with mobility difficulties, and it can also play a certain auxiliary role for passengers’ riding safety on bumpy roads.

Sixth, endurance test

In the actual road test, the apparent endurance of the test vehicle before starting is 271km. After starting the vehicle, turn on the air conditioner and warm air, pass through the city ring road and the city center, and drive at an average speed of 50 2 km/h, and there are no congested sections in the whole process. After arriving at the destination, the total mileage of the vehicle increased by 27km, the cruising range of pure electric vehicle decreased by 49km, and the average cruising range consumed per 1km was about 1.8km.

In addition, we also tested the charging efficiency. It was measured that the battery capacity increased from 42% to 46%, the battery capacity increased by 4% and the cruising range increased by 27km after charging with the fast charging pile for 10 minutes. It is estimated that the time it takes to fully charge is slightly different from the estimated time of the system.

Summary:

Through the test, it can be found that the overall performance of the 2023 Roewe D7 EV is worthy of recognition. In particular, multiple storage compartments in the car can hold all the test items, which is more convenient for daily use. In addition, the car’s voice interaction ability is also very strong, the response and execution speed is fast, and the intelligent performance is excellent. However, there is a big blind spot in the rear view distance of the interior rearview mirror and the view range of the left/right exterior rearview mirror. At the same time, there is a gap between the continuous buzzer of the rear radar and the test experience. Generally speaking, the performance of the 2023 Roewe D7 EV will be even better if the details are slightly improved.