Zhong Jin Zai Xian·2025-03-28 08:35Core Insights - In 2024, BYD achieved record financial results with total revenue reaching approximately 777.1 billion yuan, surpassing Tesla's annual revenue of about 709.5 billion yuan [1] - The net profit attributable to shareholders was 40.25 billion yuan, indicating continuous improvement in profitability [1] - BYD's total tax contribution in 2024 was 51 billion yuan, exceeding its net profit by over 10 billion yuan, reflecting its commitment to social responsibility [1] Automotive Business Performance - The automotive segment generated approximately 617.4 billion yuan in revenue, accounting for 79.45% of total group revenue [2] - BYD's global vehicle sales reached approximately 4.27 million units in 2024, marking a year-on-year growth of 41.26% [2] - The company maintained its position as the sales leader in both the Chinese automotive market and the global new energy vehicle market [2] Research and Development Investment - BYD's R&D expenditure in 2024 was 54.2 billion yuan, significantly exceeding its net profit, showcasing its commitment to innovation [3] - The company has consistently invested more in R&D than its annual net profit, with 13 out of the last 14 years reflecting this trend [3] - Cumulatively, BYD's R&D investment has surpassed 180 billion yuan, emphasizing its long-term strategic focus on technological advancement [3] Financial Health and Cash Reserves - As of the end of 2024, BYD's cash reserves reached a record high of 154.9 billion yuan, providing a strong foundation for future growth [7] - The company's interest-bearing debt decreased from 36.6 billion yuan to 28.6 billion yuan, resulting in a debt-to-total liabilities ratio of only 4.9%, the lowest in the industry [7] - BYD's financial strategy supports its "technology fish pond" approach, allowing for sustained investment in innovation [7] Supplier Payment Efficiency - BYD has significantly reduced its payment cycle to suppliers, with accounts payable turnover days at 127 days, compared to the industry average of 184 days [9][10] - This efficiency in managing supplier payments positions BYD favorably within the competitive landscape of the automotive industry [10]