Car Maker BYD's Health Faces Skeptics

　　Chinese auto maker BYD Co. ─investor Warren Buffett'shighest-profile China investment─is facing renewed questionsabout its future as investors grow increasingly skeptical of itscore businesses' prospects.

　　中国汽车生产商比亚迪股份有限公司(BYD Co.)的未来再次遭到质疑，投资者越来越怀疑其核心业务的前景。比亚迪是巴菲特(Warren Buffett)在中国最知名的投资。

　　BYD shares traded in Hong Kong have fallen 13% over the past two days after brokerage CLSAslashed its target price for the stock, citing weakness in the company's mobile-phone-component, rechargeable-battery and 'new energy' businesses. 'BYD is likely in worse shape than we thought,' analysts Scott Laprise and George Yang wrote in a research note.

　　相关报道过去两个交易日，比亚迪香港上市股票累计跌了13%；此前，经纪公司里昂证券(CLSA)下调了该股的目标价，原因是该公司手机零部件、充电电池和新能源业务疲弱不振。分析师乐天虎(Scott Laprise)和George Yang在一份研究报告中写道，比亚迪的状况可能比我们想象的更糟糕。

　　CLSA's target price is 41 Hong Kong cents (13 U.S. cents), compared with the eight Hong Kongdollars (US$1.03 ) a share that MidAmerican Energy Holdings Co., a unit of Mr. Buffett's BerkshireHathaway Inc., paid for its close to 10% stake in BYD in 2008. On Wednesday, BYD's sharesclosed at HK$13.26.

　　里昂证券对比亚迪给出的目标价为0.41港元（合0.13美元），相比之下，2008年，巴菲特旗下伯克希尔哈撒韦公司(Berkshire Hathaway Inc.)的子公司中美能源控股公司(MidAmerican EnergyHoldings Co.)收购比亚迪近10%的股权时的价格为每股8港元（合1.03美元）。周三，比亚迪股价收于每股13.26港元。

　　At the heart of BYD's problems is the company's weak performance in China's increasinglycompetitive market for conventional cars, a core revenue source. BYD also hasn't delivered on itsmission to ride an intended Chinese push into electric vehicles, which is taking longer thanexpected to materialize as the government's implementation plan falls behind schedule.

　　比亚迪的关键问题在于，在中国竞争日益激烈的传统动力汽车市场中（该公司主要收入来源），该公司表现低迷。此外，比亚迪也未能利用中国大力推进电动汽车发展的计划。随着政府的实施进度落后于计划，电动汽车计划比预计要花更长时间才能实现。

　　The company eked out a profit of 16.27 million yuan ($2.58 million) in the first half of this year, down 94% from the same period a year earlier.

　　该公司今年上半年仅实现利润人民币1,627万元（合258万美元），同比下滑94%。

　　'BYD has been and continues to be profitable. Now it's not the same profit levels we have all beenall accustomed to, but we are on track to get back to that spot,' said company spokesman MichealAustin.

　　该公司发言人奥斯汀(Micheal Austin)说，

　　比亚迪一直在盈利，并将继续盈利，尽管目前的盈利水平不同于我们一直以来习惯的水平，但我们正处在顺利恢复以往水平的过程中。

　　BYD will re-emphasize quality in its vehicles as well as focus on new electric vehicles it is designingalong with Daimler AG of Germany, he said. 'We got ahead of ourselves,' Mr. Austin said. 'It's timeto slow down and redirect to the principles we were founded upon.'

　　他说，比亚迪将再度强调汽车质量，并将专注于正在与德国戴姆勒公司(Daimler AG)合作设计的新型电动汽车。奥斯汀说，我们过去走得太快了，现在是慢下来、重新回到作为我们基础的那些原则上的时候了。

　　Bill Russo, founder and president of auto consulting firm Synergistics Ltd. and a former Chryslerexecutive, said he believes BYD needs to be restructured. 'As a maker of conventionally poweredvehicles, BYD does not have what appears to be a very strong case for its continuation,' he said.

　　汽车咨询公司Synergistics Ltd.创始人兼总裁罗威(Bill Russo)说，他认为比亚迪需要调整业务结构。他说，比亚迪继续作为传统动力汽车生产商运营下去似乎缺乏强有力的理由。罗威曾在克莱斯勒(Chrysler)担任高管。

　　The company's debt totaled 18.04 billion yuan as of June, slightly less than the 18.42 billion yuanat the end of 2011. Its cash and cash equivalents totaled 4.83 billion yuan at the end of June. Oftotal debt, about half is repayable in one year.

　　截至今年六月，比亚迪的债务总额为人民币180.4亿元，略低于2011年底时的人民币184.2亿元。截至六月底，该公司手中的现金及现金等价物总计为人民币48.3亿元。在该公司的全部债务中，约有一半是一年内需偿还的。