Company Overview - BYD Company Limited is located in Shenzhen, Guangdong Province, and was established on February 10, 1995, with its listing date on June 30, 2011 [2] - The main business activities include secondary rechargeable batteries, mobile phone components and assembly, as well as traditional fuel and new energy vehicles [2] - The revenue composition is 81.48% from automotive and related products, 18.52% from mobile phone components and assembly, and 0.01% from other sources [2] Financial Performance - For the first half of 2025, BYD achieved operating revenue of 371.28 billion yuan, a year-on-year increase of 23.30%, and a net profit attributable to shareholders of 15.51 billion yuan, up 13.79% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 27.86 billion yuan, with 24.41 billion yuan distributed in the last three years [3] Stock Market Activity - As of September 25, BYD's stock price increased by 2.02% to 107.85 yuan per share, with a trading volume of 4.53 billion yuan and a turnover rate of 1.22%, resulting in a total market capitalization of 983.29 billion yuan [1] - Year-to-date, BYD's stock price has risen by 16.10%, but it has seen a decline of 1.70% over the last five trading days, 1.34% over the last twenty days, and 2.13% over the last sixty days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 407 million yuan on February 6 [1] Shareholder Information - As of June 30, 2025, BYD had 323,900 shareholders, an increase of 59.02% from the previous period, with an average of 3,589 circulating shares per person, a decrease of 37.13% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 128 million shares, and various ETFs, indicating a diversified institutional holding [3]

Core Viewpoint - BYD's revenue has surpassed Tesla for the first time, achieving a total revenue of 777.1 billion yuan in 2024, a year-on-year increase of 29% [4][5]. Revenue Breakdown - BYD's revenue is primarily derived from two segments: automotive and related products, contributing approximately 617.38 billion yuan (79.45% of total revenue), and mobile components and assembly, contributing about 159.6 billion yuan (20.54% of total revenue) [7]. - The automotive segment saw a significant increase in sales, with 4.27 million new energy vehicles sold, marking a 41% year-on-year growth [6]. Profitability Analysis - The net profit attributable to shareholders reached 40.25 billion yuan, reflecting a 34% increase, equating to a daily profit of approximately 110 million yuan [5]. - The overall gross profit margin remained stable at 19%, with domestic gross margin slightly declining by 2.69% to 20.18%, while overseas gross margin increased by 10.82% to 17.58% [9][10]. International Expansion - BYD's overseas revenue reached 221.88 billion yuan, growing by 38%, and accounted for 26.6% of total revenue, indicating a successful international strategy [8][10]. - The company has expanded its presence to over 100 countries and regions, with significant growth in overseas vehicle sales, which reached 417,000 units, a 71.9% increase [10]. Research and Development Investment - BYD invested approximately 54.2 billion yuan in R&D, a 35.68% increase from the previous year, indicating a strong commitment to innovation [12]. - The company has introduced several new technologies, including the "e-platform 3.0 Evo" and "fifth-generation DM technology" [12]. Supply Chain and Cost Management - BYD's deep penetration into the supply chain is evident, with 34 associated companies involved in transactions, highlighting its integrated operational model [13]. - The company reported 10.66 billion yuan in government subsidies, a significant increase from the previous year, contributing positively to its profit margins [14][15]. Financial Health - BYD's asset-liability ratio decreased by 3.22% to 74.64%, indicating improved financial stability [16]. - The company has a short-term debt exceeding 300 billion yuan, but its cash reserves of 154.9 billion yuan are sufficient to cover short-term liabilities [18][19].

Core 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].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [3][6]. Core Insights - The company is expected to achieve a revenue of RMB 777.1 billion in 2024, representing a year-over-year growth of 29%, with a net profit of RMB 40.25 billion, reflecting a 34% increase [6][7]. - The company has maintained strong sales growth, with a 92.5% year-over-year increase in vehicle sales during January and February, totaling 623,000 units [9]. - The company is focusing on enhancing its smart driving capabilities in the mid-to-low price range and plans to introduce more competitive products in the RMB 200,000 to 300,000 segment [7]. Financial Performance - The company reported a net profit of RMB 40.25 billion for 2024, with a basic earnings per share (EPS) of RMB 13.8 [6][12]. - The automotive business generated revenue of RMB 617.38 billion, up 27.7% year-over-year, with total vehicle sales reaching 4.27 million units, a 41% increase [7][12]. - The gross profit margin for the automotive segment improved to 22.3%, an increase of 1.29 percentage points year-over-year [7]. Sales and Market Position - In February, the company achieved a monthly sales figure of 323,000 vehicles, a 164% increase year-over-year, capturing a market share of 17.8% in the passenger vehicle segment [9]. - The company exported 133,000 vehicles in the first two months of the year, marking a 124% year-over-year growth, positioning it as the leading exporter among automotive manufacturers [9]. Future Projections - The company is projected to achieve net profits of RMB 51.63 billion, RMB 65.27 billion, and RMB 78.79 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 28%, 26%, and 21% [7][12]. - The expected EPS for the same years is RMB 17.8, RMB 22.4, and RMB 27.1, with corresponding price-to-earnings (P/E) ratios for A-shares of 20.8, 16.5, and 13.7 [7][12].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [3][11]. Core Insights - The company is expected to achieve a revenue of RMB 777.1 billion in 2024, representing a year-over-year growth of 29%, with a net profit of RMB 40.25 billion, reflecting a 34% increase [5][10]. - The company has maintained strong sales growth, with a total of 623,000 vehicles sold in January and February 2024, marking a year-over-year increase of 92.5% [8]. - The company plans to enhance its market presence in the mid-to-low price range by upgrading its intelligent driving capabilities and introducing competitive products in the RMB 200,000 to 300,000 price segment [6][8]. Financial Performance - The company reported a gross margin of 19.4% for 2024, an increase of 0.9 percentage points year-over-year, with the automotive segment achieving a gross margin of 22.3% [5][6]. - The earnings per share (EPS) for 2024 is projected to be RMB 13.8, with future EPS estimates of RMB 17.8, RMB 22.4, and RMB 27.1 for 2025, 2026, and 2027 respectively [6][10]. - The company’s net profit is forecasted to grow to RMB 51.63 billion in 2025, RMB 65.27 billion in 2026, and RMB 78.79 billion in 2027, with year-over-year growth rates of 28%, 26%, and 21% respectively [6][10]. Market Position - The company has achieved a market share of 17.8% in the passenger car segment as of February 2024, an increase of 3.7 percentage points from January [8]. - The company is expected to double its export volume in 2025, with 133,000 vehicles exported in the first two months of 2024, a year-over-year increase of 124% [8].

截至3月17日收盘，比亚迪股价上涨1.15%，报380.25元，市值达到1.16万亿元。同期，宁德时代股价下跌2.29%，报256元，市值为1.13万亿 元。 在A股上市公司的市值排行榜中，比亚迪排名第九，宁德时代排名第十一位。以收盘的股价计算，比亚迪已较宁德时代的市值高出约300亿元。 根据Choice数据的统计，这是比亚迪自2018年6月15日以来，市值首次超过宁德时代。 宁德时代为全球锂电池龙头，已连续八年位居全球动力电池装车量榜首，四年蝉联储能电池出货量冠军。动力和储能电池为宁德时代最主要的两 大业务板块，合计占去年营收的85%。 比亚迪是宁德时代在动力和储能电池领域的主要竞争对手。去年，比亚迪全球动力电池出货量仅次于宁德时代，双方的市占率相差约20个百分 点。在储能电池领域，比亚迪位居全球第三，市场份额同样落后宁德时代20余个百分点。 除电池业务外，比亚迪的产品还包括新能源汽车，手机部件及组装和光伏业务，该公司未单独披露电池业务的营收数据。比亚迪去年卖出了427 万辆新能源汽车，同比增幅达到41%，为全球新能源汽车的销售冠军。 宁德时代2018年6月11日在创业板挂牌上市。2017年，比亚迪营收10 ...