Auto-first|Liu Tianming
The sales volume of more than 3.02 million not only helped BYD top the global new energy sales list and the third place in China's automobile sales list, but also helped its profits increase significantly, earning an average of about 80 million yuan per day. But the stock price has been on a slippery slide and has been falling.
According to BYD's 2023 performance forecast released on January 29, it is expected to achieve a net profit attributable to the parent company of 29 billion yuan and 31 billion yuan for the whole year, an increase of 74 percent over the same period last year46%—86.49%, net profit attributable to the parent company after deducting non-recurring gains and losses was 27.4 billion yuan and 29.7 billion yuan, an increase of 75 percent over the same period last year22%—89.92%。
In response to the annual results**, BYD pointed out that in the automotive business, with the continuous improvement of brand power, the rapid growth of overseas sales, the continuous expansion of scale advantages and strong industrial chain cost control capabilities, profitability has been greatly improved. In terms of mobile phone parts and assembly business, benefiting from the increase in the business share of overseas key customers, the recovery of Android customer demand, the rapid growth of new energy vehicles and new smart products, the capacity utilization rate increased significantly, the business structure was further optimized, the profitability was significantly improved, and the profit achieved substantial growth.
In 2023, BYD will sell a total of 3.02 million new energy vehicles, a year-on-year increase of 6186%, ranking ninth in the global car sales list. Among them, the cumulative sales of pure electric passenger cars reached 15740,000 units, a year-on-year increase of 7284%, and the cumulative sales of plug-in hybrid passenger cars reached 14380,000 units, a year-on-year increase of 5198%, and the export volume of finished vehicles reached 2520,000 units, a year-on-year increase of 33 times, it is the fastest growing enterprise among the top 10 vehicle exports.
In terms of quarters, BYD's performance slowed down in the fourth quarter, achieving a net profit attributable to the parent company of 7.6 billion yuan to 9.6 billion yuan, a year-on-year increase of 41%-32%, -22%-0% month-on-month, deducting non-net profit of 8.1 billion yuan to 10.4 billion yuan, a year-on-year increase of 52%-35%, -16%-8% month-on-month.
The slowdown in the fourth quarter was primarily due to year-end** policies and higher administrative expenses. It is understood that in December last year, BYD reduced the price of many models, including Qin PLUS DM-i by 10,000 yuan, Han by up to 20,000 yuan, and Tang by up to 150,000 yuan, Song reduced 10,000 yuan, and the highest yuan was reduced by 6,000 yuan. In addition to the price reduction of models, BYD also issued rewards to the channel network, citing sources, BYD issued about 2 billion yuan of "red envelopes" to dealers.
The model** also directly affects BYD's average profit per vehicle in the fourth quarter. According to the analysis of Soochow**, if the profit of BYD Electronics is deducted, it is expected that the net profit of BYD bicycles in the fourth quarter will be 08w, down about 27% from the previous quarter, and the non-net profit of the bicycle deduction in the fourth quarter was about 09w, 15% ring drop.
Entering 2024, BYD will fully focus on intelligence. BYD released a series of intelligent technologies at the Dream Day held on January 16, including the industry's first intelligent architecture Xuanji and Xuanji AI large model. In 2024, BYD will significantly increase the installation rate of intelligent driving systems, and launch more than 10 high-end intelligent driving models equipped with lidar, which will be open for models with more than 200,000 yuan and fully standard for models with more than 300,000 yuan.
With the increase in BYD's sales and the acceleration of its overseas expansion, the scale effect has gradually emerged, and the overall profitability and anti-risk ability have been significantly improved. But BYD's share price has gone against the results, from March 303, 2023The high point of 19 yuan per share went all the way down, and it was reported at 171 on January 3097 yuan per share, the total market value shrank by 500.6 billion yuan.
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