BYD's sales last year exceeded 100 billion USD for the first time in history, surpassing Tesla; the sales of pure electric vehicles reached 1.76 million units for the year, slightly lower than Tesla, while the total sales of cars, including hybrids, reached 4.272 million units, a year-on-year increase of 41%.
Thanks to the strong growth in sales, BYD presented an explosive report in 2024—annual revenue exceeded 100 billion dollars for the first time, surpassing Tesla, and the net income in the fourth quarter reached a historical high.
On the 24th, Monday, BYD announced its performance report for the fourth quarter and the entire year of 2024, with the following key points:
Revenue performance: Q4 revenue was 274.85 billion yuan, up 52.7% year-on-year and 36.7% quarter-on-quarter; the full-year revenue for 2024 reached a new high of 777.1 billion yuan, an increase of 29.0% year-on-year, exceeding the market expectation of 766 billion yuan; in dollar terms, BYD's sales last year broke the 100 billion dollars barrier for the first time, surpassing Tesla (with 2024 revenue of 97.7 billion dollars).
Profitability: Q4 net income was 15.02 billion yuan, an increase of 73.1% year-on-year and 29.4% quarter-on-quarter, marking the highest quarterly net income in history, with a net margin of 5.46%; for the full year, net income increased 34.0% year-on-year to 40.25 billion yuan, exceeding the expected 39.5 billion yuan;
Sales: In 2024, BYD's global sales reached 4.272 million vehicles, roughly on par with Ford Motor, growing by 41%, maintaining its position as the sales champion in the Chinese autos market and the global new energy vehicle market; among these, the sales of pure electric vehicles for the year totaled 1.76 million units, slightly lower than Tesla's 1.79 million units.
Financial situation: Q4 operating cash flow was 77.18 billion yuan, accounting for 57.8% of the total annual operating cash flow, a figure that significantly exceeded the levels of the first three quarters; the net operating cash flow for the full year was 133.45 billion yuan, a year-on-year decrease of 21.4%; it is proposed to use no more than 60 billion yuan of idle funds for entrusted wealth management;
Shareholder return: It is proposed to distribute 39.74 yuan per 10 shares, a significant increase compared to 30.98 yuan per 10 shares in 2023;
2025 guidance: It is expected that this year's sales will reach 5 million to 6 million vehicles.
Sales champion in the China market.
BYD's impressive performance is mainly due to strong sales growth and product strength enhancement. In 2024, BYD's global sales reached 4.272 million vehicles, a year-on-year increase of 41%, maintaining its position as the sales champion among vehicle manufacturers in the China automobile market, the sales champion among brands in the China automobile market, and the sales champion in the global New energy Fund market; among them, pure electric vehicle annual sales were 1.76 million vehicles, slightly lower than Tesla's 1.79 million vehicles.
It is noteworthy that BYD became the first company in the world to reach the milestone of 10 million New energy Fund vehicles off the production line in November, showcasing its absolute leadership in the New energy Fund field.
Looking ahead, BYD expects its vehicle sales to reach 5 million to 6 million units this year. In the first two months of this year, BYD's auto sales increased by 93% year-on-year, reaching 0.6233 million vehicles, marking a strong start. In contrast, Tesla's situation in the China market is not as good as before - over the past five months, Tesla's shipments in China have declined year-on-year.
Technology leads the industry, driven by dual engines of intelligence and electrification.
In terms of technological innovation, BYD will launch several major technologies in 2024, further consolidating its leadership in technology.
At the beginning of the year, BYD launched a new intelligent strategy—"Whole Vehicle Intelligence", achieving effective integration of electrification and intelligence through the "Xuanji" architecture. Its advanced intelligent driving assistance system, "Eye of God", officially opened the map-free urban navigation function nationwide, firmly maintaining its position in the top tier of advanced intelligent driving in China.
In the field of electrification, BYD released the "Fifth Generation DM Technology", achieving the world's highest engine thermal efficiency of 46.06%, the lowest fuel consumption of 2.9L per 100 kilometers while out of power, and the longest comprehensive range of 2,100 kilometers, creating the "2" era of fuel consumption. This technological breakthrough brings significant competitive advantages to BYD's plug-in hybrid models.
In addition, BYD also launched the "e-Platform 3.0 Evo", which has evolved in multiple areas such as intelligent fast charging, overall vehicle safety, and motion control, further enhancing the competitiveness of its pure electric products.
The multi-brand strategy has shown remarkable results, with the product matrix covering the All Market.
BYD's multi-brand strategy achieved significant results in 2024, gradually完善ing the multi-brand gradient layout constructed by "BYD", "Fangchengbao", "Tengshi", and "Yangwang", covering various niche markets from mass to high-end.
The "BYD" brand continues to solidify its leadership position in the mass market, constantly optimizing and iterating the product matrix and achieving "electricity lower than oil", launching multiple new models such as "Yuan UP", "Hailion 07EV", and "Qin L DM-i", accelerating the penetration of new energy vehicles in the mainstream market.
Within the "Fangchengbao" brand, the "Bao 5" has recently ranked first in new energy hard-core off-road sales for five consecutive months, and the newly launched "Bao 8" has quickly become a popular model in the monthly sales top three for new energy SUVs in the 0.4 million level.
"Denza" has become the world's first luxury electric vehicle brand covering all categories of MPVs, SUVs, and sedans. The "Denza D9" has ranked first in annual sales for MPVs in the All Market for two consecutive years, while the "Denza Z9GT" has held the top position in the market for luxury electric sedans starting at 0.3 million for three months in a row.
The "Yangwang" brand creates high-end brands and products through cutting-edge technology, combining several disruptive technologies to develop various high-end products such as the rugged off-road "Yangwang U8," the all-electric performance supercar "Yangwang U9," and the flagship electric sedan "Yangwang U7."
Overseas market expansion is accelerating, with the Global layout steadily advancing.
BYD continues to accelerate the globalization of its Passenger Vehicle business in 2024, with products being favored by consumers worldwide, ranking among the best-selling electric passenger vehicles in several countries, and achieving strong growth in overseas sales. By the end of 2024, BYD's new energy vehicles have entered 100+ countries and regions across 6 continents.
In terms of channel construction, BYD partners with many high-quality Dealers globally to accelerate overseas channel layout; in terms of production bases, factories in Uzbekistan and Thailand are going into production successively, promoting the localization of production; in logistics, BYD has established a fleet for overseas operations, with "EXPLORER NO.1" and "BYD CHANGZHOU" put into use successively, supporting the stable and long-term development of overseas business.
The mobile phone components and assembly business maintains steady growth.
BYD's mobile phone components and assembly business maintained steady growth in 2024, with revenue of approximately RMB 15.96 billion, a year-on-year increase of 34.60%. With leading technological advantages and strong manufacturing capabilities, BYD is deeply involved in new product development for customers, helping them enhance their product competitiveness.
The new intelligent products business also maintains a good growth momentum, with BYD continuing to push forward with new product research and development, including 3D Printing machines and AI Servers achieving mass production within the year, completing the development of liquid cooling and power products, injecting new energy into business growth.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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