比亚迪，5663亿创新高

Core Viewpoint - BYD's revenue reached a record high in the third quarter of 2023, driven by strong overseas market performance, despite a decline in net profit year-on-year [2][4]. Group 1: Financial Performance - In the first three quarters of 2023, BYD's revenue was 566.27 billion yuan, a year-on-year increase of 13%, while net profit was 23.33 billion yuan, a decrease of 7.55% [2]. - In Q3 2023, BYD achieved a net profit of 7.82 billion yuan, a quarter-on-quarter increase of 23% [2]. - BYD's gross margin improved, increasing by 1.6 percentage points quarter-on-quarter [2]. Group 2: Sales and Market Expansion - BYD's global sales reached 3.26 million units in the first nine months of 2023, a year-on-year increase of 18.64%, achieving 70.87% of its annual target of 4.6 million units [2]. - Overseas sales for BYD reached 701,600 units, a staggering year-on-year increase of 132%, covering 117 countries and regions [4]. - BYD plans to establish over 2,000 stores in Europe by the end of 2026, with 120 stores in Germany by the end of this year [5]. Group 3: Research and Development - BYD's R&D expenditure reached 43.75 billion yuan in the first three quarters of 2023, a year-on-year increase of 31%, surpassing Tesla's R&D spending by 10.9 billion yuan [6]. - The cumulative R&D investment by BYD has exceeded 220 billion yuan, leading to the launch of several innovative technologies [6]. - BYD's accounts payable decreased significantly, with a reduction of 8% compared to the beginning of the year, indicating improved cash flow management [6].