BYD handed over a brilliant report card!
On the evening of January 29, BYD released its 2023 annual performance forecast. The company expects to achieve a net profit attributable to the parent company of 29 billion yuan to 31 billion yuan for the whole year, a year-on-year increase of 7446% to 8649%。
Compared with the performance of constantly hitting new highs, BYD's stock price can be described as "falling endlessly". Since hitting its high in June 2022, its stock price has fallen by more than 50%.
Last year, the average daily net profit was about 80 million yuan
According to BYD's disclosure, the company expects to achieve a net profit attributable to the parent company of 29 billion yuan to 31 billion yuan in 2023, a year-on-year increase of 7446% to 8649%；net profit after deducting non-attributable to the parent company was 27.4 billion yuan to 29.7 billion yuan, a year-on-year increase of 7522% to 8992%；Basic earnings per share were 9$98 to $1067 yuan, compared with 5 in the same period last year71 yuan.
According to this calculation, BYD's average daily net profit in 2023 will be 7945210,000 yuan to 8493150,000 yuan.
BYD said that in 2023, the new energy vehicle industry will continue to maintain a rapid growth trend, and the company's sales of new energy vehicles will hit a record high, further consolidating its leading position as the world's No. 1 new energy vehicle sales.
Despite the increasingly fierce competition in the industry, BYD has achieved significant improvement in profitability and demonstrated strong resilience by virtue of its brand power improvement, overseas sales growth, scale advantage, and strong industrial chain cost control capabilities.
This year is expected to continue to lead the industry growth
Sales data shows that BYD sold 302440,000 units, a year-on-year increase of 619%。Of these, exports 24280,000 units, a year-on-year increase of 3342%。
At present, BYD has formed five major brands: Dynasty, Ocean, Denza, Equation Leopard, and Yangwang, and its products cover the high, medium and low-end range, which can widely cover the needs of all kinds of users.
In terms of brands, BYD's Dynasty and Ocean series achieved sales of 28 last year770,000 units, a year-on-year increase of 553%；DENZA achieved sales of 12780,000 units; Both the Yangwang and Equation Leopard series have been delivered since November last year and have received good market feedback. Among them, the monthly sales of Yangwang U8 reached 1,593 units, and the sales volume of Formula Leopard in December was 5,086 units.
Looking forward to 2024, institutions generally believe that BYD will continue to lead the industry growth, with sales expected to be around 4 million units.
Huaan** analysis said that BYD's technical advantages and cost advantages have built a moat for it. In terms of technology, BYD has gradually established a leading position in the industry by virtue of its advantages in DMI DMP hybrid architecture, DMO hybrid off-road platform, and blade battery. In terms of cost, the company relies on the first-class chain system, leading technology and scale advantages to gradually achieve the cost reduction effect.
Galaxy ** said that products, high-end, and exports have become BYD's three major growth drivers. Looking forward to 2024, BYD is expected to continue to grow with a complete product layout and brand reputation, and overseas markets will also bring new increments.
Profit growth slowed down, and stock prices "fell endlessly".
Although the performance has reached a new high and the future development is generally optimistic, it is also an indisputable fact that BYD's profit growth has slowed down.
According to the third quarter report, BYD's net profit attributable to the parent company in the fourth quarter of last year is expected to be 76$3.3 billion to $963.3 billion yuan, a year-on-year growth rate of 404% to 3176%。
In the first three quarters of last year, BYD's net profit attributable to the parent company was 41300 million yuan, 682.4 billion yuan, 1041.3 billion yuan.
In terms of sales, BYD sold 120,000 more vehicles in the fourth quarter of last year than in the third quarter, but its profits declined. Perhaps it is the pressure of competition in the same industry, or the recession of upstream lithium carbonate**, which has weakened the profits of BYD batteries.
Relevant data show that the domestic battery-grade lithium carbonate has increased from 200,000 yuan per ton in September last year to 100,000 yuan per ton at present, which is significantly lower than that of a year ago.
Also a headache is BYD's share price. Since hitting an all-time high of 357 in June 2022After 61 yuan shares, BYD's share price immediately entered the adjustment mode, and it was in a state of *** for a long time, and occasionally ** eventually returned in vain. It has fallen by more than 50% since its high.
After the announcement of the performance forecast, on January 30, BYD opened low with a gap, and investors' concerns about the slowdown in profit growth were further verified. It traded sideways at the lows in the morning** and there are signs of volume amplification. As of noon on the same day, BYD fell 277% at 17349 yuan shares, half-day turnover of 225.5 billion yuan.