On the evening of January 29, BYD released its 2023 performance forecast. In the case that the profit growth rate of most new energy vehicle companies turned negative, or even appeared profit and loss, BYD's net profit maintained a steady and high growth.
BYD expects to achieve a net profit attributable to shareholders of listed companies of 29 billion yuan to 31 billion yuan in 2023, a year-on-year increase of 7446%-86.49%；The net profit after deduction was 27.4 billion yuan to 29.7 billion yuan, a year-on-year increase of 7522%-89.92%。
In the fourth quarter of 2023, BYD expects to achieve a net profit attributable to shareholders of the listed company of 76300 million yuan-96300 million yuan, a year-on-year increase of 44%-31.7%, down 75%-26.7%；Achieved a deduction of non-net profit of 80500 million yuan-103500 million yuan, a year-on-year increase of 107%-42.3%, month-on-month change -166%-7.2%。
In 2023, BYD successfully won the first place in the global electric vehicle sales list, and the annual sales of electric vehicles reached 30240,000 units, a year-on-year increase of 623%。While successfully achieving the full-year sales target, it also left behind its old rival Tesla (1.81 million units).
In addition, BYD's gross profit margin (18.7%) also surpassed Tesla (182%) and continued to lead in the third quarter. Considering that Tesla's gross profit margin in the fourth quarter once again hit the lowest level since 2019, BYD is likely to continue to maintain a dominant position in gross profit margin.
However, it is worth noting that in terms of single-car profits, BYD saw a decline in the fourth quarter.
After deducting BYD Electronics' announced expected fourth quarter of 9800 million net profit, estimated BYD auto business net profit in the fourth quarter of 66500 million yuan-86500 million yuan, BYD's single car profit is 070,000 yuan-0920,000 yuan, compared with the third quarter 1The profit of 080,000 yuan per bicycle declined compared with the previous month.
Wall Street Insight and Wisdom Research believes that BYD's bicycle profits fell month-on-month due to the following two points:
First, in order to ensure the realization of the sales target of 3 million units, BYD in the fourth quarter of the dynasty series of main models Qin, Han, Tang and Song price reduction, the range of 030,000 yuan to 150,000 yuan. Judging from BYD's model sales structure in 2023, the sales proportion of Dynasty series products will still remain at about 50%, so the price reduction for this part of the model will have a negative impact on BYD's profit per car in the fourth quarter.
Second, in order to celebrate the achievement of the sales target, BYD issued an additional reward of 2 billion yuan to its major auto dealers at the end of the year, and if this part of the reward amount is added back, BYD's fourth-quarter bicycle profit will return to the level of more than 10,000 yuan.
2023 is the first year for BYD to officially enter the high-end, and the high-end models launched such as the U8 and the Formula Leopard 5 have received huge attention from the market. However, due to the short time on the market, the total sales of such high-end series models in 2023 will be less than 5%, which cannot support BYD's sales and profit growth.
However, 2024 will be a year of explosion of BYD's high-end products, which is expected to change the situation that BYD's low-end models in the Dynasty series continue to occupy half of the sales.
First of all, BYD's high-end products will launch more products in 2024, including models such as the Denza N9, Formula Leopard 3, Formula Leopard 8 and Yangwang U9. This will improve the sales structure of BYD's new energy vehicle products, and drive the increase in revenue and profit levels of single vehicles.
Secondly, BYD, which has been very low-key in the field of intelligent driving, has also officially launched the Xuanji architecture, which is the industry's first intelligent architecture of intelligent and electric integration. It is worth noting that this intelligent driving solution, which gathers the efforts of more than 4,000 engineers of BYD, will not only be equipped on high-end brands such as Wangwang and Denza, but will provide intelligent driving options for more than 200,000 models, and more than 300,000 models will be equipped with intelligent driving solutions as standard. There is no doubt that this will greatly enhance the attractiveness of BYD's mid-to-high-end models.
And this is just the beginning, BYD will continue to invest 100 billion yuan in the field of intelligence to maintain its dominant position in the field of intelligent driving.
As BYD completes the last few pieces of the puzzle - high-end brand models and intelligent driving solutions, BYD will realize the gorgeous transformation from a domestic new energy vehicle leader to a global auto giant.
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