On January 29, BYD Co., Ltd. released its 2023 annual performance forecast.
According to the report, BYD expects to achieve a net profit attributable to shareholders of listed companies of 29 billion to 31 billion yuan in 2023, an increase of 74 percent from the same period last year46%-86.49% and expected basic earnings per share of 998 yuan-1067 yuan.
In comparison, in the same period of 2022, BYD's net profit was 1662.2 billion yuan, a year-on-year increase of 44586%;Basic earnings per share was 571 yuan. Based on this calculation, BYD's average daily net profit in 2023 will be 7945210,000-8493150,000 yuan.
2023 is destined to be an extraordinary year for BYD.
In terms of sales, BYD Auto's new car sales in 2023 exceeded the 3 million mark for the first time, reaching 3,024,417 units, a year-on-year increase of 619%, exceeding the annual sales target.
It is worth mentioning that in the fourth quarter of 2023, BYD's pure electric models surpassed Tesla and became the world's largest car company in terms of pure electric vehicle sales. According to the data, BYD sold 52 pure electric vehicles in the fourth quarter of 2023640,000 units, Tesla's sales in the same period were 48450,000 units.
Some foreign media analysis pointed out that the reason why BYD was able to surpass Tesla in the fourth quarter of 2023 is mainly due to its wider product line in China and more affordable.
However, throughout the year, Tesla is still above BYD. In 2023, Tesla's total annual deliveries will reach 180860,000, BYD's pure electric vehicle sales were 157480,000 units.
Regarding the significant increase in profitability in 2023, BYD said that in 2023, the new energy vehicle industry will continue to maintain a rapid growth trend, and the company's new energy vehicle sales will hit a record high, further consolidating its leading position as the world's No. 1 new energy vehicle sales. Despite the fiercer competition in the industry, the company has shown strong resilience with the continuous improvement of brand power, the rapid growth of overseas sales, the continuous expansion of scale advantages and the strong cost control ability of the industrial chain.
In addition, 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, and the rapid growth of new energy vehicles and new smart products, the capacity utilization rate has been significantly improved, the business structure has been further optimized, and the profitability has been significantly improved, and the profit has achieved substantial growth.
It should be pointed out that due to the price cut**, BYD's profit per car has declined.
SDIC ** pointed out in the research report that after excluding the equity contribution of BYD Electronics, it is expected that BYD's net profit per vehicle after deducting non-profits in the fourth quarter of 2023 will be 0910,000 yuan, down about 1,400 yuan from the previous month. However, due to the scale advantage brought by the increase in sales, high-end models and overseas models brought significant profits, and the average price of lithium carbonate fell by 41% month-on-month6% reduced the cost of batteries, and the decline in BYD's profit per vehicle was significantly lower than the preferential margin.
Despite the good results, after the announcement was released, BYD's A-shares and Hong Kong stocks fell one after another.
On January 30, BYD's A shares closed down 277% at 17349 yuan shares, a new low since June 2021; Hong Kong stocks closed down 5 at midday48% at 175HK$9 shares, the lowest since October 2022.
In this regard, some staff members analyzed that industry demand will indeed be a little weak in January, followed by the Spring Festival holiday in February, which is also the off-season for sales, which will definitely be slightly worse than the end of 2023. However, in terms of the horizontal comparison of the whole industry, the company's leading trend remains unchanged.
From the perspective of product matrix, BYD has completed the layout of the five major brands of BYD Dynasty, BYD Ocean, Denza, Yangwang and Equation Leopard, and in 2023, Dynasty Ocean brand, Denza, Equation Leopard and Yangwang brand sold 321,570 units, 11,929 units, 5,086 units and 1,593 new vehicles respectively.
At present, BYD has not announced its sales target for 2024, but this year it will launch more than 10 facelifted models such as Dynasty and Haiyang, Denza 3, Formula Leopard 8 and Leopard 3, and Yangwang U7 and U9.
Soochow ** said in the research report that considering the launch of new cars, the gradual increase in high-end models and the increase in overseas export contributions, and the active layout of intelligence, in the third quarter of 2024, the high-end intelligent driving standard of 300,000 yuan models will be realized, and the high-end intelligent driving of 200,000 yuan models will be listed, and BYD's sales in 2024 will be about 4 million, a year-on-year increase of 32%, and its first-class mouth will be 400,000-500,000 units, a year-on-year increase of 67%-110%. (daisy)
*: Gasgoo Auto Network.