Source: Wall Street See
In the first half of the year, BYD's automotive business revenue increased by 9.3% year-on-year, with automotive sales ranking first in the world, and mobile assembly business increased by 42.5% year-on-year.
In the first half of the year, $BYD Company Limited (002594.SZ)$ / $BYD COMPANY (01211.HK)$ revenue, gross margin, and net income all achieved strong growth, with new energy cars ranking first in domestic auto sales and maintaining its position as the top new energy car sales worldwide.
On August 28, BYD announced its financial report for the first half of 2024. The following are the main financial data:
Revenue: The company's revenue in the first half of the year increased by 15.8% year-on-year to 301.13 billion RMB.
Profit: The gross profit in the first half of the year increased by 26.42% year-on-year to 60.28 billion RMB, with a gross margin of 20%, which is higher than the 18.33% in the same period last year.
Net profit was 13.63 billion RMB, an increase of 24.4% year-on-year; earnings per share increased by 24.1% to 4.68 RMB.
BYD has a positive outlook on future performance and expects to continue benefiting from the growth of the global new energy automotive market, technological innovation, global market expansion, and industry chain integration. The company will increase research and development investment, promote product upgrades, seize policy support, consolidate its industry leadership position, and achieve sustained growth.
Automotive revenue increased by 9.3% year-on-year, and sales of new energy vehicles remained the highest in the world.
The performance growth is mainly due to the strong performance of the mobile phone assembly business and steady expansion of the new energy vehicle business.
The revenue of the automotive, automotive-related products, and other products business in the first half of the year was 228.32 billion RMB, an increase of 9.3% year-on-year.
The revenue of the mobile phone components, assembly, and other products business was approximately 72.78 billion RMB, an increase of 42.5% year-on-year. The proportion of the two major businesses in the total revenue of the group was 75.82% and 24.17% respectively.
In its financial report, BYD stated that in the first half of the year, the company's market share of new energy vehicles further increased, maintaining the top spot in domestic automobile sales and ranking first in global new energy vehicle sales.
According to the financial report, BYD is actively expanding its global market, and its new energy vehicle business has entered 77 countries and regions, enjoying great popularity among global consumers. The company's localization production layout in overseas markets has also made significant progress, including the steady progress of factory construction in Thailand, Brazil, and Hungary.
In the field of electronic business, BYD continues to deepen cooperation with domestic and foreign major customers, optimize its product structure, and actively expand its new intelligent product business.
On the same day, BYD's subsidiary, BYD Electronic, released its financial report, which showed that the company achieved a revenue of 78.6 billion yuan in the first half of the year, a year-on-year growth of 40%. However, its profitability has declined, with a gross margin of 6.85% in the first half of the year, slightly lower than the 7.85% in the same period last year. The net profit was 1.52 billion yuan, a year-on-year increase of 0.1%.
Research and development (R&D) increased by 41.9%.
The R&D investment in the first half of the year was 19.62 billion yuan, a year-on-year increase of 41.9%. BYD continues to increase its R&D investment, promoting technological progress and product innovation in the areas of new energy vehicles, batteries, electronics, and more.
The financial report shows that BYD has a research and development team of over 100,000 engineers. In the previous year, the company launched several new technologies, including but not limited to the 'blade battery' technology (a highly safe and high-energy-density battery technology) and the new electric vehicle platform 'e-platform 3.0'.
Previously, BYD announced that the actual controller, Chairman, and President Wang Chuanfu proposed a plan to repurchase the company’s A-share shares. Wang Chuanfu proposed to repurchase the A-share shares of the company through centralized bidding trading on the Shenzhen Stock Exchange, with a total repurchase amount of 0.2 billion yuan. The repurchased shares will be used for employee shareholding plans, stock-based incentive plans, or to reduce registered capital, with specific uses to be determined by the board of directors.
Editor / jayden