Chang Jiang Shang Bao·2025-05-21 23:47Core Viewpoint - The recent surge in BYD's stock prices in both A-share and H-share markets is attributed to strong investor confidence and the company's impressive performance in the electric vehicle sector [2][5]. Stock Performance - BYD's A-share and H-share prices have seen significant increases, with A-shares reaching a historical high of 404 CNY and H-shares hitting 464.80 HKD, marking a premium of approximately 6.4% for H-shares over A-shares [2][4]. - Since the beginning of the year, BYD's A-share and H-share prices have risen by 41.51% and 73.52%, respectively, with current market capitalizations of 1.22 trillion CNY and 1.41 trillion HKD [3][5]. Major Investors - Notable investors such as BlackRock have increased their holdings in BYD, while Warren Buffett has reduced his stake but still retains a significant number of shares [3][7]. - The largest beneficiary of BYD's stock performance is the couple Lü Xiangyang and Zhang Changhong, whose initial investment of 2.5 million CNY has grown to a market value exceeding 130 billion CNY [8]. Financial Performance - BYD's revenue and net profit have shown remarkable growth, with revenues of 424.06 billion CNY in 2022, projected to reach 777.10 billion CNY in 2024, and net profits increasing from 16.62 billion CNY to 40.25 billion CNY in the same period [9][10]. - The company sold 427.21 million vehicles in 2024, achieving a year-on-year growth of 41.26%, and maintained a market share of 13.6% in the passenger vehicle sector [9][10]. Research and Development - BYD leads A-share companies in R&D investment, allocating 541.61 billion CNY in 2024, with daily expenditures around 1.5 million CNY [11]. - The company has introduced several new technologies this year, including "Tianshen Eye" and "Super e-platform," which are expected to support its ongoing growth [11].