BYD's revenue in the first half of the year increased by 15.8% year-on-year, with net profit growing by 24.4% | Financial Report Insights

In the first half of the year, BYD achieved strong growth in revenue, gross profit, and net profit. New energy vehicles maintained their position as the domestic sales champion and remained the global leader in new energy vehicle sales.

On August 28, BYD released its financial report for the first half of 2024. The key financial data is as follows:

Revenue: The company's revenue in the first half of the year increased by 15.8% year-on-year to RMB 301.13 billion;

Profit: The gross profit in the first half of the year increased by 26.42% to RMB 60.28 billion. The gross profit margin was 20%, up from 18.33% in the same period last year.

Net profit was RMB 13.63 billion, a 24.4% increase year-on-year; Earnings per share increased by 24.1% to RMB 4.68.

BYD is optimistic about its future performance and expects to continue benefiting from the growth of the global new energy vehicle market, technological innovation, global market expansion, and industry chain integration. The company will increase research and development investment, promote product upgrades, seize policy support, consolidate its industry leadership position, and achieve sustained growth.

Automotive revenue up 9.3% year-on-year, new energy vehicle sales remain global leader

The performance growth was mainly driven by the strong performance of the mobile phone assembly business, with steady expansion in the new energy vehicle business.

Revenue from automotive, automotive-related products, and other products in the first half of the year was RMB 228.32 billion, a 9.3% increase year-on-year;

Revenue from mobile phone components, assembly, and other products was approximately RMB 72.78 billion, a 42.5% increase year-on-year. The two major businesses accounted for 75.82% and 24.17% of the group's total revenue, respectively.

According to the financial report, BYD further increased its market share in new energy vehicles in the first half of the year, maintaining its position as the domestic sales champion and the global leader in new energy vehicle sales.

The report also mentioned that BYD is actively expanding its global market, with its new energy vehicle business operating in 77 countries and regions and gaining popularity among global consumers. The company's localization production layout in overseas markets has also made significant progress, including steady progress in factory construction in Thailand, Brazil, and Hungary.

In the electronics business sector, BYD continues to deepen cooperation with major domestic and foreign customers, optimize product structure, and actively expand into new areas of intelligent product business.

On the same day, BYD's subsidiary BYD Electronics announced its financial report, showing that the company achieved revenue of RMB 78.6 billion in the first half of the year, a 40% increase year-on-year. However, profitability declined slightly, with a gross profit margin of 6.85% in the first half of the year, slightly lower than the 7.85% in the same period last year, and a net profit of RMB 1.52 billion, a 0.1% increase year-on-year.

R&D investment up 41.9% year-on-year

R&D investment in the first half of the year was RMB 19.62 billion, a 41.9% increase year-on-year. BYD continues to increase its R&D investment, driving technological progress and product innovation in the fields of new energy vehicles, batteries, electronics, and more The financial report shows that BYD's R&D team has over 100,000 engineers. Last year, they launched multiple new technologies, including but not limited to the "Blade Battery" technology (a highly safe and high-energy-density battery technology), as well as the new electric vehicle platform "e Platform 3.0".

BYD previously announced that the company received a proposal from its actual controller, Chairman, and President Wang Chuanfu regarding the repurchase of the company's A-shares. Wang Chuanfu proposed to repurchase the company's A-shares through centralized bidding trading on the Shenzhen Stock Exchange, with a total repurchase amount of RMB 200 million. The repurchased shares will be used for employee stock ownership plans, equity incentive plans, or reducing registered capital, with the specific purpose to be determined by the board of directors