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.

　　中國汽車生產商比亞迪股份有限公司(BYD Co.)的未來再次遭到質疑，投資者越來越懷疑其核心業務的前景。比亞迪是巴菲特(Warren Buffett)在中國最知名的投資。

　　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.

　　相關報道過去兩個交易日，比亞迪香港上市股票累計跌了13%；此前，經紀公司里昂證券(CLSA)下調了該股的目標價，原因是該公司手機零部件、充電電池和新能源業務疲弱不振。分析師樂天虎(Scott Laprise)和George Yang在一份研究報告中寫道，比亞迪的狀況可能比我們想象的更糟糕。

　　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.

　　里昂證券對比亞迪給出的目標價為0.41港元（合0.13美元），相比之下，2008年，巴菲特旗下伯克希爾哈撒韋公司(Berkshire Hathaway Inc.)的子公司中美能源控股公司(MidAmerican EnergyHoldings Co.)收購比亞迪近10%的股權時的價格為每股8港元（合1.03美元）。周三，比亞迪股價收于每股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.

　　比亞迪的關鍵問題在于，在中國競爭日益激烈的傳統動力汽車市場中（該公司主要收入來源），該公司表現低迷。此外，比亞迪也未能利用中國大力推進電動汽車發展的計劃。隨著政府的實施進度落后于計劃，電動汽車計劃比預計要花更長時間才能實現。

　　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.

　　該公司今年上半年僅實現利潤人民幣1,627萬元（合258萬美元），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.

　　該公司發言人奧斯汀(Micheal Austin)說，

　　比亞迪一直在盈利，并將繼續盈利，盡管目前的盈利水平不同于我們一直以來習慣的水平，但我們正處在順利恢復以往水平的過程中。

　　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.'

　　他說，比亞迪將再度強調汽車質量，并將專注于正在與德國戴姆勒公司(Daimler AG)合作設計的新型電動汽車。奧斯汀說，我們過去走得太快了，現在是慢下來、重新回到作為我們基礎的那些原則上的時候了。

　　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.

　　汽車咨詢公司Synergistics Ltd.創始人兼總裁羅威(Bill Russo)說，他認為比亞迪需要調整業務結構。他說，比亞迪繼續作為傳統動力汽車生產商運營下去似乎缺乏強有力的理由。羅威曾在克萊斯勒(Chrysler)擔任高管。

　　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，比亞迪的債務總額為人民幣180.4億元，略低于2011年底時的人民幣184.2億元。截至六月底，該公司手中的現金及現金等價物總計為人民幣48.3億元。在該公司的全部債務中，約有一半是一年內需償還的。