The growth rate of net profit is significantly higher than the growth rate of vehicle sales, and the value of BYD's single car has increased.
According to the 2023 annual performance forecast announced by BYD, it is expected 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%。
According to BYD's official data, new car sales in 2023 will exceed 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.
According to terminal sales statistics, the terminal sales of BYD's various brand models in 2023 will be 2.51 million units, an increase of 59% over 2022.
Referring to the financial data of the past few years, the majority of BYD's revenue and profit is the vehicle business, and the sales growth rate of the vehicle is lower than the net profit growth rate, which also reflects the increasing value of BYD's bicycle.
This is closely related to BYD's batch delivery of Denza, Yangwang, and Equation Leopard in 2023. According to the terminal ** statistics, BYD's main sales in 2023 are still models priced at 100,000-200,000 yuan, accounting for 64%, a decrease of 20 percentage points compared with 2022 (in 2022, the sales of models in the ** range will account for 84%), corresponding to a significant increase in sales of models priced at more than 200,000 yuan, especially those priced at more than 300,000 yuan, and the sales of models priced at more than 300,000 yuan in 2023 will be 1190,000 units, an increase of nearly 7 times compared to 2022.
The stability of the basic plate gives BYD the courage to rush high, and the benefits of scale also give BYD the confidence to set off a first-class battle.
In 2023, BYD's pure electric vehicle sales will be 13020,000 units, a year-on-year increase of 165%, and plug-in hybrid vehicle sales of 12090,000 units, up 151% y/y.
There are 11 models with annual sales of more than 100,000 units, and the total sales of 11 models exceed 2 million units, accounting for 81% of BYD's annual sales. It is worth mentioning that the two new cars that will be launched and delivered in the second half of 2023: Formula Leopard Leopard 5 sales of nearly 5,000 units, Yangwang U8 sales of nearly 2,000 units, these two models are still in their infancy, and there is still a lot of room for growth in the future.
In 2023, BYD's sales in cities of different levels will increase significantly, but relatively speaking, the growth rate of first-tier cities and new first-tier cities is not as fast as that of second-tier cities and below, so sales in second-tier cities and below also account for 63% of BYD's annual sales, which is basically the same as the overall situation of the new energy vehicle market.
Although BYD is still firmly in the first place in the industry, with the sales of one car company accounting for one-third of the sales of the new energy vehicle industry, from the perspective of its monthly sales, BYD's monthly sales have slowed down significantly since June 2023. However, although the preferential activities launched at the end of the year have sprinted a wave of sales and allowed BYD to successfully complete its annual goals, it is not easy to continue to maintain the current growth rate in 2024 in the context of a high base.