Nan Fang Du Shi Bao·2025-03-25 11:05Core Viewpoint - BYD's revenue exceeded 700 billion yuan, with a gross margin surpassing Tesla, but challenges remain in its high-end market penetration and cash flow management [3][4][7]. Financial Performance - In 2024, BYD achieved a total revenue of 777.1 billion yuan, a year-on-year increase of 29.02%, and a net profit of 40.25 billion yuan, up 34% [3][6]. - The automotive segment generated approximately 617.3 billion yuan, accounting for 79.45% of total revenue, with a year-on-year growth of 27.70% [4][6]. - The gross margin for the automotive business reached 22.31%, an increase of 1.29 percentage points compared to the previous year [7]. Market Position - BYD sold 4.27 million new energy vehicles in 2024, becoming the sales champion in both the Chinese and global markets, with a domestic market share of 33.2% [6][7]. - The company has established three high-end brands, with sales of models priced above 300,000 yuan exceeding 150,000 units, representing 4.6% of total sales [7]. Cash Flow and Financial Management - Operating cash flow decreased by 21.37% to 133.45 billion yuan, despite a 29% revenue growth, due to increased expenditures from global expansion [8][9]. - Cash reserves reached a historical high of 154.94 billion yuan, prompting the company to invest 60 billion yuan in low-risk financial products [10]. Debt and Dividend Policy - BYD's total liabilities stood at 584.67 billion yuan, with a debt-to-asset ratio of 74.64% [11][12]. - The company announced a substantial dividend of 12.08 billion yuan, with a payout ratio of 30%, raising questions among investors regarding its high debt levels [13].