广汽集团（601238.SH，2238.HK）近日发布了2018年度报告，公司全年营收及归母净利分别约723.8亿和109.03亿，同比分别增长1.13%和1.08%，但扣非净利润98.03亿，同比下滑4.72%。值得注意的是，公司存货规模大幅增长101.08%，同时经营性现金净流出12.68亿，近七年来年度首负。
根据财报，截止2018年12月31日广汽账面存货金额约67.3亿，较上年同期增加约33.83亿（+101.08%），公司解释系“本报告期随产销量增加，原材料及产成品相应增加所致”。
具体来看，存货增长最快的两项是原材料和库存商品。其中，库存商品报告期末余额约46.46亿，较上年同期增加约22.93亿，也就是说公司存货的增长主要是由库存商品（成品车）增长引起的。
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