BYD(002594)2024-03-26 16:00Financial Performance - BYD's revenue for 2023 reached RMB 602,315 million, a year-on-year increase of 42.04%[3] - Net profit attributable to shareholders of the parent company was RMB 30,041 million, up 80.72% year-on-year[3] - Revenue in 2023 reached RMB 602.315 billion, a 42.04% increase compared to 2022[18] - Net profit attributable to shareholders in 2023 was RMB 30.041 billion, an 80.72% increase year-over-year[18] - Operating cash flow in 2023 was RMB 169.725 billion, up 20.51% from 2022[18] - Basic earnings per share in 2023 were RMB 10.32, an 80.74% increase compared to 2022[18] - Total assets at the end of 2023 were RMB 679.548 billion, a 37.60% increase from the previous year[18] - Q4 2023 revenue was RMB 180.041 billion, the highest among all quarters[20] - Q4 2023 net profit attributable to shareholders was RMB 8.674 billion[20] - Revenue in 2023 reached approximately RMB 602,315 million, a year-on-year increase of 42.04%[29] - Automotive and related products revenue was approximately RMB 483,453 million, up 48.90% year-on-year[29] - Mobile components and assembly business revenue was approximately RMB 118,577 million, up 20.00% year-on-year[29] - The company's total revenue for 2023 reached 602.315 billion yuan, a year-on-year increase of 42.04%[44] - Revenue from the transportation equipment and electrical manufacturing sector accounted for 80.27% of total revenue, reaching 483.453 billion yuan, a 48.90% increase compared to the previous year[44] - The company's revenue from the daily-use electronic device manufacturing sector increased by 20.00% year-on-year, reaching 118.577 billion yuan[44] - Revenue from automotive and related products reached 483.45 billion yuan, accounting for 80.27% of total revenue, with a year-on-year growth of 48.90%[45] - Overseas revenue increased by 75.20% to 160.22 billion yuan, accounting for 26.60% of total revenue[45] - Direct sales revenue grew by 55.35% to 291.63 billion yuan, representing 48.42% of total revenue[45] - Gross profit margin for automotive and related products improved by 2.63% to 23.02%[46] - R&D expenses surged by 112.15% to 39.57 billion yuan, driven by increased employee compensation and material consumption[54] - Sales expenses rose by 67.40% to 25.21 billion yuan, primarily due to increased after-sales service costs and employee compensation[54] - Top five customers contributed 104.48 billion yuan, accounting for 17.34% of total sales[50] - Top five suppliers accounted for 20.17% of total procurement, with a total procurement amount of 88.13 billion yuan[53] - Revenue from mobile components and assembly products increased by 20.00% to 118.58 billion yuan[45] - Gross profit margin in the Chinese market (including Hong Kong, Macau, and Taiwan) improved by 4.35% to 24.96%[46] - The company declared a cash dividend of RMB 30.96 per 10 shares for the fiscal year 2023[8] - The 2023 annual profit distribution plan proposes a cash dividend of RMB 30.96 per 10 shares, totaling approximately RMB 9,012,243 thousand, based on the current total share capital of 2,911,142,855 shares[91] - The company distributed a cash dividend of 11.42 RMB per 10 shares, totaling 9.012 billion RMB, with a 100% payout ratio of distributable profits[129][131][132] New Energy Vehicle Sales and Market Share - BYD's new energy vehicle sales in 2023 reached 949,500 units, a year-on-year increase of 37.9%[3] - BYD's new energy vehicle exports in 2023 reached 120,300 units, a year-on-year increase of 77.6%[3] - BYD's domestic market share in new energy vehicles remained the leader for 11 consecutive years[3] - China's new energy vehicle production and sales in 2023 were 9.587 million and 9.495 million units, up 35.8% and 37.9% year-on-year respectively[26] - New energy vehicle exports from China reached 1.203 million units in 2023, up 77.6% year-on-year[26] - The company's new energy vehicle market share increased to 31.9% in 2023, up 4.8 percentage points year-on-year, maintaining its leading position in China for 11 consecutive years and ranking first globally[30] - The company achieved a year-on-year growth of over 60% in new energy passenger vehicle sales in 2023, setting a new historical record[30] Product Launches and Innovations - BYD launched multiple new models under its "Dynasty" and "Ocean" series, including the Han EV Champion Edition and Tang EV Champion Edition[4] - BYD's new luxury brand "Yangwang" launched the U8 luxury edition, achieving the top monthly sales in the million-level new energy SUV market[5] - The company launched several groundbreaking technologies in 2023, including the "Yi Si Fang" architecture, "Yun Nian" intelligent body control system, "Tian Shen Zhi Yan" advanced intelligent driving assistance system, and "DMO" super hybrid off-road platform[30] - The company's high-end brand "Yang Wang" and professional personalized brand "Fang Cheng Bao" were officially launched in 2023, forming a multi-brand gradient layout[31] - The "Han" family of vehicles, part of the "Dynasty" series, saw comprehensive upgrades with the launch of the "Han EV Champion Edition," "Han DM-i Champion Edition," and "Han DM-p Warrior Edition"[32] - The "Song" family introduced the "Song PLUS Champion Edition" and "Song Pro Champion Edition," with the "Song L" B-class SUV launching at the end of 2023[32] - The "Qin PLUS Champion Edition" became the first Chinese brand to win the annual family sedan championship in 13 years[32] - The "Hai Bao Champion Edition" and "Hai Bao DM-i" were launched in May and September 2023, respectively, further enriching the mid-size sedan market[32] - The "Tengshi D9" luxury MPV secured the 2023 annual sales championship in the MPV category, solidifying its leading position in the Chinese luxury MPV market[32] - The "Yang Wang U8" luxury edition, launched in September 2023, became the top-selling million-level new energy SUV in its first full delivery month[33] - BYD launched the "Xuanji" architecture and "Xuanji AI Big Model" at the 2024 BYD Dream Day, showcasing advancements in intelligent driving, parking, and cockpit technologies[77] - The company introduced new models such as the "Qin PLUS Honor Edition" and "Destroyer 05 Honor Edition" under the BYD brand, and the "Yangwang U9" under the Yangwang brand[77] Global Expansion and Overseas Markets - BYD established its first overseas passenger car production base in Thailand and announced plans for large production bases in Brazil and Hungary[5] - BYD's new energy passenger vehicles entered over 50 countries and regions, including Japan, Germany, Australia, Brazil, and the UAE, winning multiple new energy vehicle sales championships[34] - BYD launched three pure electric models, "Han EV," "Tang EV," and "Yuan PLUS" (BYD ATTO 3), in Mexico, marking a new chapter in the Mexican passenger car market[34] - BYD delivered 2,000 electric buses to Tashkent, Uzbekistan, and the first batch of electric buses to Mexico City, promoting green transportation[35] - BYD's first car carrier ship successfully completed its maiden voyage in January, marking a new phase in the company's overseas market expansion[77] Technology and R&D - BYD's energy storage business achieved significant growth, driving the development of the new energy storage industry[5] - BYD's photovoltaic business accelerated new technology R&D under the "Dual Carbon" goals[5] - BYD plans to strengthen core technology R&D and enhance product competitiveness in the automotive sector, while accelerating its global expansion and multi-brand strategy[6] - The company will continue to innovate in secondary rechargeable batteries, expand its customer base, and upgrade products to drive business growth[6] - In the photovoltaic sector, BYD aims to seize industry growth opportunities by focusing on technology R&D and product transformation[6] - BYD's mobile components and assembly business will leverage market opportunities, deepen vertical integration, and strengthen partnerships with major clients[6] - The company is optimistic about the AI server market and will increase investment in AI-related products and solutions[6] - BYD's smart home, gaming hardware, and drone segments are expected to maintain strong growth, supporting the long-term development of its new smart product business[6] - BYD's R&D personnel increased by 47.56% to 102,844 in 2023, with a significant rise in master's and doctoral degree holders by 202.87% and 168.98% respectively[60] - R&D investment surged by 97.39% to RMB 39.92 billion in 2023, accounting for 6.63% of the revenue, up by 1.86 percentage points[60] - Blade battery technology has been applied to multiple pure electric vehicle models since July 2020, with a cumulative installed capacity exceeding 100GWh by 2023[55] - CTB (Cell to Body) battery-body integration technology was released in May 2023, achieving a volume utilization rate of 66% and significantly enhancing vehicle safety and performance[55] - The CTB technology has been highly recognized in the market, with the e-platform 3.0 model "Seal" experiencing continuous sales growth[56] - Blade battery safety protection technology has achieved a theoretical failure rate of 0 for internal short circuits, completely solving the industry challenge of battery self-ignition[56] - The Magic Cube energy storage system, developed based on blade battery and CTS patent technology, has increased system capacity density by 89% compared to the previous generation, with a single container capacity reaching 5.36MWh[56] - The company has achieved a 200Ah cell capacity and 10,000+ cycle performance for sodium-ion batteries, with superior safety and power performance compared to lithium batteries[56] - The second-generation thermal management integrated module has been mass-produced since June 2023, with models like Tengshi N7 and Song L adopting this technology[56] - The company has developed a steel-aluminum hybrid structure for the integrated beam, enhancing the structural strength and safety of vehicles[56] - The company has applied for 180 patents for the Magic Cube energy storage system, covering all user needs and achieving mass production[56] - The company's sodium-ion battery technology has laid a solid foundation for large-scale energy storage systems, with MWh-level systems already in place[56] - BYD's DM-i super hybrid technology has been applied in multiple models including Qin Plus DM-i, Song Plus DM-i, Song Pro DM-i, Tang DM-i, Han DM-i, Denza D9 DM-i, Destroyer 05, and Frigate 07, achieving ultra-low fuel consumption, quiet and smooth performance, and excellent power[57] - The DM-p king hybrid technology, featuring electric four-wheel drive, has been installed in Tang DM-p and Han DM-p models, with Tang DM-p achieving 0-100 km/h acceleration in 4.3 seconds and Han DM-p in 3.7 seconds, surpassing traditional four-wheel drive vehicles in performance and safety[57] - The DMO super hybrid off-road platform, launched in August 2023, has been installed in the Fang Cheng Bao Leopard 5, achieving over 8000 Nm of wheel-end torque and leading the industry in off-road performance[57] - BYD's large-size half-cell module technology, using 210mm silicon wafers, has been mass-produced since 2022, enhancing product competitiveness and adding value to the photovoltaic industry chain[57] - The N-type high-efficiency battery and module technology has achieved an efficiency of over 25.4% in high-temperature technology routes, with low-temperature technology routes entering the debugging and ramp-up phase[57] - BYD's DM-i super hybrid technology uses an EHS hybrid system and a 1.5L high-efficiency engine with a maximum thermal efficiency of 43.04%, extending the range of new energy vehicles to over 1000 km[57] - The DMO super hybrid off-road platform features a globally first longitudinal EHS hybrid system, custom-developed 1.5T and 2.0T high-power engines with thermal efficiency over 40%, and an industry-first off-road-specific rear-drive assembly[57] - BYD's DM-p king hybrid technology has set a new benchmark for electric four-wheel drive performance, surpassing mechanical four-wheel drive in power, safety, and energy efficiency[57] - The DMO super hybrid off-road platform has completed BYD's layout in the off-road field, strengthening its leadership in the new energy vehicle sector and pioneering a new era of electric off-road vehicles[57] - BYD's DM-i and DM-p hybrid technologies form a dual-platform strategy, consolidating the company's leading position in the new energy hybrid vehicle market[57] - DiLink 4.0 (5G) is the company's self-developed, globally first mass-produced 5G in-car communication and entertainment system, featuring MIMO multi-antenna design for stable signals and faster speeds[58] - DiLink 4.0 (5G) introduces industry-first dual-frequency positioning and navigation technology, adapting to complex environments, and includes a custom surround sound mode with Dynaudio brand audio[58] - Denza Link, based on a 6nm high-performance chip, integrates unique features like ONE ID, dual desktops, 3D car control, and full-scene voice interaction, enhancing the brand's technological attributes[58] - The "Xuanji Architecture" is the industry's first "whole-vehicle intelligent" architecture, integrating intelligence at the vehicle level, not limited to smart cabins or autonomous driving[58] - The "Xuanji Architecture" will empower all brands under the company, continuously incubating more intelligent and electric fusion technology platforms[58] - The "Tianshen Eye" advanced intelligent driving assistance system is built with safety as the core, offering full-scenario intelligent driving functions, including unique features like narrow road passage and dead-end parking[58] - The "Tianshen Eye" system is equipped with the world's first central computing platform entirely designed and produced by the company, using self-developed algorithms[58] - The company aims to lead the industry in intelligent driving, with plans to introduce more disruptive and safe features based on different product positioning and user needs[58] - The E-Four technology platform, China's first mass-produced four-motor independent drive technology platform, was officially launched on January 5, 2023, and debuted on the Yangwang U8 on September 20, 2023. It features a motor with a maximum speed of 20,500 rpm, peak power of 240 kW, peak torque of 420 N·m, and maximum efficiency of 97.7%[59] - The YunNian intelligent body control system, the industry's first new energy-exclusive intelligent body control system, has been gradually applied to various models since March 2022, including Han, Tang, Song L, Denza D9, Denza N7, Denza N8, Yangwang U8, and Yangwang U9[59] - The full-scenario intelligent pulse self-heating technology, a global first, was launched in June 2023 on Denza and other pure electric vehicle series. It reduces cold charging time by 30% and increases battery temperature rise rate by 230% compared to traditional solutions[59] - The dual-gun ultra-fast charging technology, an industry first based on blade battery direct cooling technology, was launched in July 2023 on the Denza N7 series. It achieves a maximum charging power of 230 kW, providing 350 km of range in 15 minutes[59] - The emergency floating technology, developed to ensure user safety, was officially launched in September 2023. It addresses key technical challenges such as waterproof sealing of the body and power generation system[59] Environmental and Sustainability Initiatives - BYD and its subsidiaries strictly comply with national and local environmental protection laws and regulations, including air, water, and solid waste pollution prevention laws[146] - BYD and its subsidiaries obtained necessary environmental permits and complied with the "three simultaneous" system for environmental protection during the reporting period[147] - BYD's non-methane total hydrocarbon emissions were 0.0545mg/m³, with a total emission of 0.212 tons, meeting Guangdong Province's emission standards[148] - BYD Precision Manufacturing's VOCs emissions were 0.4419mg/m³, with a total emission of 1.0008 tons, complying with Shenzhen's emission standards[148] - BYD Lithium Battery's VOCs emissions were 0.2845mg/m³, with a total emission of 0.263 tons, meeting Shenzhen's emission standards[148] - Non-methane total hydrocarbon emissions at BYD's Kengzi factory were 2.65mg/m³, with a total emission of 3.688 tons[149] - COD emissions at BYD's Kengzi factory were 13.67mg/L, with a total emission of 0.007 tons[149] - Ammonia nitrogen emissions at BYD's Kengzi factory were 0.338mg/L, with a total emission of 1.62×10^-4 tons[149] - BOD5 emissions at BYD's Kengzi factory were 4.258mg/L, with a total emission of 2.2×10^-3 tons[149] - Petroleum emissions at BYD's Kengzi factory were 0.174mg/L, with a total emission of 7.7×10^-5 tons[149] - Suspended solids emissions at BYD's Kengzi factory were 1.583mg/L, with a total emission of 7.91×10^-4 tons[149] - Total nitrogen emissions at BYD's Kengzi factory were 1.83mg/L, with a total emission of 9.68×10^-4 tons[149] - Total phosphorus emissions at BYD's Kengzi factory were 0.03mg/L, with