Investment Rating - Buy rating maintained with a target price of HKD 379.22, implying a 28.5% upside from the current price of HKD 295.00 [1][2][6] Core Views - 3Q24 gross margin exceeded expectations at 21.9%, up 3.2 percentage points QoQ, driven by improved auto business margin due to lower lithium carbonate prices, economies of scale, and DMI 5.0 model ramp-up [1] - 3Q24 net profit rose 11.5% YoY and 28.1% QoQ to RMB 11.6 billion, with revenue up 24.0% YoY and 14.2% QoQ to RMB 201.1 billion [1] - Operating expenses surged QoQ, with sales/management/R&D expenses up 27.8%/20.1%/52.0% respectively, hitting record highs due to increased spending on premium models and smart features [1] - 4Q24 sales expected to rise to 1.3-1.5 million units (vs 1.13 million in 3Q24) on seasonal strength and DMI 5.0 model ramp-up, with further margin improvement potential from economies of scale [2] - Premium models and exports yet to contribute meaningfully, with Denza Z9 GT starting deliveries in September and Fangchengbao's Leopard 8 not yet launched [2] - Overseas sales impacted by EU tariffs in 3Q24, but new market entries (Vietnam, Pakistan, Tunisia) and upcoming overseas plant production expected to boost export volumes [2] Financial Forecasts - 2024-26E net profit forecasts raised by 14%/19.4%/23.3% to reflect higher sales volume and margin improvement from premium models and exports [2] - 2024E revenue forecast at RMB 764.8 billion (+27.0% YoY), with net profit of RMB 41.1 billion (+36.9% YoY) [3] - 2025E revenue forecast at RMB 905.4 billion (+18.4% YoY), with net profit of RMB 52.4 billion (+27.4% YoY) [3] - 2026E revenue forecast at RMB 1,056.9 billion (+16.7% YoY), with net profit of RMB 64.5 billion (+23.1% YoY) [3] - Gross margin expected to improve from 20.5% in 2024E to 21.4% in 2026E, with net margin rising from 5.4% to 6.1% over the same period [8] Industry Context - BYD maintains strong position in sub-RMB 200k passenger vehicle market with vertical supply chain and high-margin advantages [2] - Increasing focus on premium models (Denza, Fangchengbao) and smart features through partnerships (e.g., Huawei) [2] - Overseas expansion ongoing with new market entries and local production, though near-term headwinds from EU tariffs [2]

Investment Rating - The report maintains a "Buy" rating for BYD Company Limited (1211 HK) with a target price of HKD 379.22, indicating a potential upside of 28.5% from the current closing price of HKD 295.00 [1][7]. Core Insights - BYD's automotive gross margin exceeded expectations in Q3 2024, driven by improved margins in the automotive business and a decline in lithium carbonate prices. The company's net profit for Q3 2024 reached RMB 11.6 billion, reflecting a year-on-year increase of 11.5% and a quarter-on-quarter increase of 28.1% [1][2]. - The report highlights that the increase in operating expenses (selling, administrative, and R&D) in Q3 2024 was significant, with respective increases of 27.8%, 20.1%, and 52.0%, attributed to higher spending on premium models and smart technology [1][2]. - The report anticipates continued sales growth in Q4 2024, projecting quarterly sales to rise to 1.3 to 1.5 million units, supported by the ongoing rollout of the DMI 5.0 model [2]. Financial Summary - Revenue for BYD is projected to grow from RMB 602.3 billion in 2023 to RMB 764.8 billion in 2024, representing a year-on-year growth of 27.0% [3][8]. - Net profit is expected to increase from RMB 30.0 billion in 2023 to RMB 41.1 billion in 2024, with a significant year-on-year growth of 36.9% [3][8]. - The report also notes an upward revision of profit forecasts for 2024-2026 by 14%, 19.4%, and 23.3% respectively, reflecting higher sales expectations and contributions from premium models and overseas markets [2][3].

Investment Rating - The report maintains a BUY rating for the company, BYD, with a revised target price of HK$350, up from HK$262, reflecting improved investor sentiment [2][5]. Core Insights - The company's 3Q24 gross margin of 21.9% exceeded expectations, providing confidence for sales forecasts for 4Q24 and FY25, despite higher SG&A and R&D expenses [2]. - The sales volume forecast for FY24 has been increased by 4% to 4.02 million units, with FY25 projected to rise 13% YoY to 4.55 million units [2]. - The company prioritizes market share and global expansion over rapid earnings growth, which may complicate forecasts for SG&A and R&D expenses [2]. Financial Performance - 3Q24 net profit was RMB11.6 billion, 15% lower than previous forecasts, attributed to unexpected forex losses despite higher government grants and VAT refunds [2]. - Revenue growth from FY21 to FY26 shows a significant increase, with FY24E revenue projected at RMB725.7 billion, up from RMB602.3 billion in FY23 [9]. - The gross profit margin is expected to slightly decrease from 20.6% in FY24E to 20.3% in FY25E, while net profit is projected to rise from RMB36.0 billion in FY24E to RMB47.5 billion in FY25E [7][8]. Valuation Metrics - The company’s P/E ratio is projected to decrease from 21.9x in FY24E to 16.6x in FY25E, indicating a more attractive valuation as earnings grow [14]. - The return on equity (ROE) is expected to remain strong, projected at 25.5% for FY25E, down slightly from 24.0% in FY24E [13]. Market Position - BYD continues to have the best resources to withstand the ongoing price war in the automotive sector, which supports its competitive position [2]. - The company’s aggressive overseas expansion strategy is expected to drive revenue growth, with selling expenses projected to rise in line with revenue growth [2].

Financial Performance - Total revenue for Q3 2024 reached RMB 201.12 billion, an increase of 24.04% compared to the same period last year[3] - Net profit attributable to shareholders was RMB 11.61 billion, reflecting an 11.47% year-on-year growth[3] - The net profit after deducting non-recurring gains and losses was RMB 10.88 billion, up 12.67% year-on-year[3] - Total revenue for the current period reached RMB 502.25 billion, a 19% increase from RMB 422.27 billion in the previous period[22] - Net profit attributable to shareholders of the parent company was RMB 25.24 billion, compared to RMB 21.37 billion in the previous period, reflecting a 18% increase[25] - The total comprehensive income for the current period was RMB 26.20 billion, compared to RMB 22.39 billion in the previous period, reflecting a 17% increase[29] - Basic and diluted earnings per share for the current period were both RMB 8.68, compared to RMB 7.35 in the previous period, representing a 18% increase[29] Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date period was RMB 56.27 billion, a decrease of 42.50% compared to the previous year[3] - The net cash flow from operating activities decreased by 42.50% to RMB 56.27 billion from RMB 97.86 billion, mainly due to increased cash payments for goods and services[9] - Operating cash inflow for the current period reached RMB 523.99 billion, an increase from RMB 422.94 billion in the previous period, reflecting a growth of approximately 24%[31] - Cash outflow for purchasing goods and services was RMB 339.29 billion, up from RMB 222.18 billion, indicating a significant increase of about 53%[31] - The net increase in cash and cash equivalents for the current period was a decrease of RMB 42.70 billion, compared to an increase of RMB 4.08 billion in the previous period[34] - The ending balance of cash and cash equivalents was RMB 65.81 billion, up from RMB 55.27 billion in the previous period[34] Assets and Liabilities - Total assets as of September 30, 2024, amounted to RMB 764.26 billion, a 12.47% increase from the end of the previous year[3] - The company's total liabilities amounted to RMB 595.46 billion as of September 30, 2024, compared to RMB 529.09 billion at the start of the year, which is an increase of about 12.5%[19] - The company's total equity increased to RMB 168.80 billion as of September 30, 2024, compared to RMB 150.46 billion at the beginning of the year, indicating a growth of about 12.2%[19] - The total equity attributable to shareholders of the parent company increased to RMB 155.46 billion from RMB 138.81 billion, marking a 12% growth[22] Expenses - Sales expenses for the first nine months of 2024 increased by 38.85% to RMB 23.92 billion compared to RMB 17.23 billion in the same period of 2023, primarily due to higher advertising and exhibition costs[8] - Research and development expenses rose by 33.61% to RMB 33.32 billion from RMB 24.94 billion year-on-year, mainly driven by increased employee compensation and material consumption[8] - The company reported a 35.65% increase in income tax expenses, amounting to RMB 5.07 billion compared to RMB 3.74 billion in the previous year, reflecting higher profits[8] Investments and Other Income - The company reported a significant increase in trading financial assets, rising by 165.78% to RMB 25.42 billion[6] - Investment income increased by 90.67% to RMB 1.86 billion from RMB 975 million, primarily due to higher returns from joint ventures and foreign exchange derivative trading[8] - Other income surged by 221.02% to RMB 9.05 billion, up from RMB 2.82 billion, attributed to increased VAT refunds and government subsidies related to daily operations[8] Shareholder Information - The total number of shareholders at the end of the reporting period was 270,381, with 270,268 being A-share shareholders[10] - HKSCC Nominees Limited held the largest shareholding at 37.72%, with 1,097,453,699 shares[10] - Wang Chuanfu, a major shareholder, owned 17.65% of the shares, totaling 513,623,850 shares, with 385,217,887 shares subject to lock-up[10] Inventory and Receivables - Accounts receivable financing surged by 420.22% to RMB 28.95 billion, driven by increased automotive business[6] - Inventory levels increased by 41.84% to RMB 124.36 billion due to higher market orders[6] - Accounts receivable increased to RMB 79.44 billion from RMB 61.87 billion, reflecting a rise of approximately 28.4%[15] - Inventory levels rose significantly to RMB 124.36 billion, up from RMB 87.68 billion, marking an increase of around 42%[15]

Financial Performance - For the six months ended June 30, 2024, the net profit from continuing operations was RMB 14,113,216, an increase from RMB 11,439,719 for the same period in 2023, representing a growth of approximately 23.4%[27] - The basic earnings per share for continuing operations increased to RMB 4.68, compared to RMB 3.77 in the previous year, reflecting a rise of 24.1%[27] - The company reported a net profit attributable to shareholders of the parent company of RMB 13,631,257, up from RMB 10,954,145 in the previous year, marking an increase of approximately 24.4%[27] - Operating revenue for the six months ended June 30, 2024, reached RMB 301.13 billion, a 15.8% increase from RMB 260.12 billion in the same period of 2023[38] - Total profit for the six months ended June 30, 2024, was RMB 17.23 billion, a 28.3% increase from RMB 13.40 billion in the previous year[38] - Total comprehensive income attributable to shareholders of the parent company was RMB 13.12 billion, a rise of 15.5% from RMB 11.40 billion in the same period last year[42] - Profit attributable to owners of the parent grew by 24.44% to RMB 13,631 million[87] - Revenue for the first half of 2024 increased by 15.76% compared to the same period in 2023, primarily driven by growth in the new energy vehicle and mobile components and assembly businesses[183] Revenue Sources - The total revenue from sales of automobiles and related products was significant, contributing to the overall financial performance, although specific figures were not detailed in the extracted content[9] - Revenue from automobiles and related products amounted to approximately RMB 228,317 million, a year-on-year increase of 9.33%, accounting for 75.82% of total revenue[96] - Revenue from handset components and assembly services reached approximately RMB 72,778 million, reflecting a year-on-year increase of 42.45%, making up 24.17% of total revenue[96] Market Position and Growth - The company has a strong presence in the PRC market, with significant sales figures reported for mobile handsets and related products, although specific numbers were not provided in the extracted content[4] - The company is actively pursuing market expansion strategies, particularly in the automotive sector, which is expected to drive future growth[9] - New energy vehicle sales reached record highs, maintaining the top position globally with an expanding market share[87] - The Group's new energy vehicles market share further increased, maintaining its position as the sales champion in the domestic automobile market and ranking first globally in new energy vehicle sales[99] Research and Development - The company has committed to ongoing research and development in new technologies and products, although specific details were not provided in the extracted content[9] - Research and development expenses increased to RMB 19.62 billion, up 41.6% from RMB 13.83 billion in the previous year[38] - The Group plans to continue enhancing R&D and innovation in core technologies, aiming to maintain its industry-leading position while expanding into emerging business lines[178] Assets and Liabilities - The company's total assets reached RMB 686,244,710, up from RMB 679,547,670, marking an increase of approximately 1.0%[37] - Total liabilities increased to RMB 531,633,632 from RMB 529,085,557, showing a marginal rise of about 0.5%[35] - The company's monetary funds decreased to RMB 53,053,301 from RMB 109,094,408 as of December 31, 2023, representing a decline of approximately 51.4%[34] - Trade receivables increased to RMB 71,814,516, up from RMB 61,866,019, reflecting a growth of about 16.4%[34] - Total current assets amounted to RMB 298,431,610, slightly down from RMB 302,121,446, indicating a decrease of approximately 1.9%[34] Strategic Initiatives - The company emphasizes continuous technological innovation to maintain its competitive advantage in the new energy vehicle industry[51] - The Group's new product launches and channel expansion strategies are aimed at enhancing market growth and user service quality[80] - The Group is actively expanding its product matrix and sales network in overseas markets, leveraging its advantages in new energy technology[124] Global Market Trends - In the first half of 2024, China's GDP grew by 5.0% year-on-year, providing a solid foundation for achieving the annual economic growth target[58] - The production and sales volume of automobiles in China reached 13.891 million units and 14.047 million units respectively, with year-on-year growth of 4.9% and 6.1%[60] - China's new energy vehicle market saw production of 4.929 million units and sales of 4.944 million units, growing by 30.1% and 32.0% year-on-year respectively[60] - The global smartphone market shipments increased by 7.1% to 575 million units in the first half of 2024[65] - The shipment of domestic mobile phones reached 147 million units, representing a year-on-year increase of 13.2%[65] Employee and Operational Metrics - The Group employed approximately 750,000 employees, with total staff costs accounting for approximately 17.54% of the Group's turnover[170] - The average turnover period for receivables was approximately 48 days, compared to 46 days in the same period last year, indicating no significant change[164] - The average inventory turnover days increased to approximately 78 days in the first half of 2024, compared to 72 days in the same period of 2023, due to a higher year-on-year increase in average inventory balance than operating costs[187]

Financial Performance - BYD reported a total comprehensive income of RMB 11,890,402,000 for the six months ended June 30, 2024, reflecting a significant increase compared to the previous period[8]. - The company's shareholders' equity attributable to the parent company reached RMB 130,401,156,000, indicating a robust financial position[9]. - BYD's total shareholders' equity, including non-controlling interests, amounted to RMB 121,389,837,000, reflecting strong overall financial health[8]. - Operating revenue for the six months ended June 30, 2024, reached RMB 301.13 billion, a 15.8% increase from RMB 260.12 billion in the same period of 2023[116]. - Net profit for the same period was RMB 14.11 billion, representing a 23.4% increase compared to RMB 11.44 billion in the prior year[116]. - Total profit for the six months was RMB 17.23 billion, a 28.0% increase from RMB 13.40 billion in the previous year[116]. - The comprehensive income attributable to shareholders of the parent company was RMB 13,115,818, up from RMB 11,396,011 in the previous year, indicating a year-on-year increase of about 15.1%[142]. - The company reported a total profit of RMB 17,228,138 for the first half of 2024, compared to RMB 13,399,920 in the same period of 2023, reflecting an increase of approximately 28.0%[175]. Shareholder Information - The Employee Share Ownership Plan's second lock-up period expired on July 15, 2024, with 30% of shares vested, totaling 1,653,307 A shares, which is 0.057% of the total share capital of 2,909,265,855 shares[15]. - As of June 30, 2024, the interests of Wang Chuan-fu (Director and President) in A shares amount to 513,623,850, representing approximately 28.36% of total issued A shares[85]. - Lv Xiang-yang (Director) holds 394,378,222 A shares, accounting for approximately 21.77% of total issued A shares[85]. - Xia Zuo-quan (Director) has 82,635,607 A shares, which is about 4.56% of total issued A shares[85]. - The company has implemented a new Subsidiary Share Option Scheme approved by shareholders on June 16, 2021, specifically designed for 36 participants[21]. Corporate Governance - The company is committed to maintaining high standards of corporate governance practices, complying with most provisions of the Code[33]. - The Board has adopted a Diversity Policy to ensure appropriate skills and diverse views among Board members[59]. - The company aims to include at least one female director on the Board as part of its diversity objectives[61]. - The Board believes that the current structure of having the same individual serve as both Chairman and CEO does not impair the balance of power and authority[47]. - The company has adopted a diversity policy for the Board, emphasizing the importance of diverse perspectives in governance[71]. Research and Development - BYD's "Blade Batteries" have been developed to enhance safety and meet market demand, positioning the company as a leader in the power battery sector[3]. - The Group's strong R&D team of over 100,000 engineers is focused on core technology fields, driving innovation from electrification to intelligence[131]. - Research and development expenses increased to RMB 19.62 billion, up 41.6% from RMB 13.83 billion in the previous year, indicating a strong focus on innovation[116]. Market and Product Development - The Group's photovoltaics business has established a complete industrial chain, covering silicon wafers, solar cells, and photovoltaic modules, promoting cleaner energy solutions[3]. - Urban rail transportation, including the "SkyRail" and "SkyShuttle," is a strategic focus for future development, enhancing urban public transportation coverage[3]. - The Group's multi-brand strategy includes the "BYD," "FANGCHENGBAO," "Denza," and "Yangwang" brands, catering to a wide range of consumer needs from home to luxury vehicles[131]. - The Group's energy storage business has expanded to cover applications such as power source energy storage and household energy storage, providing comprehensive solutions[150]. - The Group's market share in new energy vehicles further increased, maintaining its position as the top seller in China and globally[147]. Financial Position - As of June 30, 2024, total liabilities amount to RMB 531,633,632, a slight increase from RMB 529,085,557 as of December 31, 2023[113]. - Total current liabilities are reported at RMB 452,742,803, showing a marginal decrease from RMB 453,666,671[113]. - The company's current assets totaled RMB298,431,610, a slight decrease from RMB302,121,446 as of December 31, 2023[96]. - The total assets of the company reached RMB686,244,710, compared to RMB679,547,670 at the end of 2023, marking an increase of approximately 1.0%[96]. - The balance of cash and cash equivalents at the end of the period was RMB 54,226,572 thousand, a decrease from RMB 79,228,360 thousand at the end of June 2023, indicating a decline of approximately 31.6%[157]. Investment and Financing Activities - The total cash inflows from financing activities for the first half of 2024 were RMB 13,358,782 thousand, down from RMB 17,142,271 thousand in the same period of 2023, reflecting a decline of approximately 22%[157]. - Cash paid for repayment of debts increased to RMB 23,687,916 thousand in the first half of 2024, compared to RMB 11,667,955 thousand in the same period of 2023, representing an increase of about 103%[157]. - The net cash flows used in financing activities amounted to RMB (12,358,424) thousand, compared to a net inflow of RMB 4,050,212 thousand for the same period in 2023, indicating a significant decrease in financing activities[157]. Revenue Breakdown - Revenue from automobiles and related products amounted to approximately RMB 228,317 million, a year-on-year increase of 9.33%, accounting for 75.82% of total revenue[146]. - Revenue from handset components, assembly service, and other products reached approximately RMB 72,778 million, reflecting a year-on-year increase of 42.45%[146]. - Revenue from external trading in the mobile handset segment for the first half of 2024 was RMB 79,398,305, up from RMB 56,338,747 in the same period of 2023, marking an increase of about 40.8%[175]. - Revenue from external trading in the automobile segment for the first half of 2024 was RMB 230,034,632, compared to RMB 211,748,582 in the same period of 2023, reflecting an increase of approximately 8.6%[175].

Investment Rating - The report assigns a "Buy" rating for BYD (1211) with a target price of 276 HKD, indicating a potential upside of 33.6% from the current price of 206.6 HKD [2][4][6]. Core Insights - BYD's Q1 2024 performance met market expectations, with revenue reaching 124.9 billion RMB, a year-on-year increase of 27.4% [2][4]. - The gross profit margin slightly increased to 21.9%, reflecting a 0.7 percentage point year-on-year growth, despite the impact of a new price war in the automotive industry [2][4]. - The company launched several lower-priced "Honor Edition" models to rapidly expand market share, which negatively affected profitability but helped maintain overall vehicle gross margins [2][4]. - BYD's total vehicle sales reached 30.2 million units in Q1, a 46% year-on-year increase, with plug-in hybrids and pure electric vehicles also showing significant growth [2][4]. Financial Performance Summary - Revenue for 2024 is forecasted to be 723.8 billion RMB, with a projected net profit of 34.7 billion RMB, reflecting a year-on-year growth of 15.4% [6]. - The report highlights a decrease in average vehicle price, which is expected to stabilize as higher-priced models are introduced, leading to improved per-vehicle profit margins in subsequent quarters [2][4]. - The company anticipates achieving historical high sales of 3.6 million units for the year, driven by the launch of new models and increased international sales [2][4]. Market Position and Strategy - BYD's strategy includes enhancing its high-end brand presence and increasing the proportion of international sales, which is expected to contribute positively to net profit margins [2][4]. - The introduction of the DM5.0 platform is expected to optimize vehicle efficiency, with a fuel consumption reduction to 2.9L per 100 km and a maximum driving range of 2100 km [2][4]. - The report emphasizes the importance of the upcoming model launches in maintaining competitive advantage and driving future growth [2][4].

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 282.2, indicating a potential upside of 24.1% from the current price of HKD 227.4 [5][26][33] Core Insights - In Q1 2024, the company achieved cumulative sales of 626,263 vehicles, a year-on-year increase of 13.44%, with April sales reaching 313,245 vehicles, up 49% year-on-year [7][19] - The company reported a historical high in revenue and profit for Q1 2024, with revenue of CNY 1249.44 billion, a 3.97% increase, and a net profit of CNY 45.69 billion, up 10.62% [36][14] - The overall gross margin for Q1 2024 was 21.9%, an increase of 4% year-on-year, reflecting improved production efficiency and cost control [15][36] Sales and Market Performance - The company launched "Honor Edition" models across various price segments, with price reductions ranging from CNY 10,000 to CNY 50,000, promoting the transition of new energy vehicles to a cost-effective era [15][7] - The company’s market share in the new energy vehicle sector reached 35.3% in Q1 2024, with a monthly market share of 43.5% in April [19][7] - Export sales for passenger vehicles in Q1 2024 reached 97,900 units, a significant increase of 153% year-on-year, marking a new phase in overseas market expansion [11][23] Financial Projections - Revenue projections for 2024 to 2026 are CNY 7391.37 billion (+22.6%), CNY 8748.75 billion (+18.4%), and CNY 10065.6 billion (+15.1%), with net profit estimates of CNY 350.27 billion (+16.8%), CNY 436.5 billion (+24.6%), and CNY 539.33 billion (+23.6%) respectively [17][44] - The average net profit growth rate over the three years is projected to be 21.6% [44] Strategic Advantages - The company has established a multi-brand matrix, including "BYD," "Denza," "Yangwang," and "Fangchengbao," catering to a wide range of consumer needs from family to luxury vehicles [22][10] - The introduction of core technologies such as the "Easy Four" and "Yun Nian-P" intelligent hydraulic body control systems has strengthened the company's competitive edge in the high-end market [32][22]

2024 年 05 月 06 日 比亚迪股份（1211.HK） 报告摘要 4 月销量同环比增长。4 月比亚迪新能源汽车销量 31.3 万辆，同比增长 49%， 环比增长 3.6%，其中出口 4.1 万辆，同比增长 208%，环比提升 6.7%。1-4 月 累计销量 94 万辆，同比增长 23.2%。累计出口约 13.9 万辆，同比增长 159%。 4 月比亚迪插混乘用车销量为 17.8 万辆，同比增长 69%，环比增长 10%，占比 57%；1-4 月累计销量 50.2 万辆，同比增长 29%。4 月纯电乘用车销量为 13.4 万辆，同比增长 29%，环比下降 4%，占比 43%。1-4 月累计销量为 37 万辆， 同比增长 18%。二季度，比亚迪将会推出大量新车型以及第五代 DM-i 混动技术 落地，有助于销量提升。 股价表现 比亚迪是以旧换新政策的最大受益者。近日商务部、财政部等 7 部门联合印发 《汽车以旧换新补贴实施细则》，明确了汽车以旧换新资金补贴政策。我们预 计该政策会拉动百万辆的汽车消费。考虑到以旧换新用户群体的购买力，对中 低端汽车销售更有利，相信比亚迪会是此次政策的最大受益者。 | --- ...

Investment Rating - The investment rating for BYD Company (01211.HK) is "Buy" [2]. Core Views - The report indicates that BYD maintains a high gross margin of approximately 21.9% in Q1 2024, consistent with the previous quarters, and expects strong sales growth in Q2 2024 due to a complete vehicle lineup and strong brand influence [1][2]. - The company achieved a revenue of 124.94 billion RMB in Q1 2024, a year-on-year increase of 3.97%, and a net profit attributable to shareholders of 4.57 billion RMB, up 10.6% year-on-year [1]. - BYD's sales of new energy vehicles reached 626,000 units in Q1 2024, reflecting a year-on-year growth of 13.4% [1]. Financial Performance - In Q1 2024, BYD's sales expenses were approximately 6.8 billion RMB, up 46.4% year-on-year, while management expenses increased by 12% to 3.77 billion RMB, and R&D expenses surged by 70% to 10.6 billion RMB [1]. - The report forecasts that BYD's total revenue for 2024 will exceed 710 billion RMB, driven primarily by continued growth in new energy vehicle sales [1][2]. - The projected net profit for 2024 is expected to rise to over 36 billion RMB, supported by rapid sales growth and cost reduction efforts [1]. Sales Growth - BYD's vehicle sales rebounded significantly in March and April 2024, with sales of 302,000 and 313,000 units respectively, marking year-on-year growth rates of 46.1% and 49% [1]. - Cumulative vehicle sales from January to April 2024 reached approximately 940,000 units, a year-on-year increase of 23.2% [1]. - The report anticipates that BYD's total vehicle sales will continue to grow rapidly in Q2 2024, driven by a complete vehicle lineup, strong brand influence, and rapid expansion in overseas markets [1][2]. Market Position - BYD is noted for its significant technological advantages in automotive manufacturing, battery production, and energy storage systems, supported by a vertically integrated supply chain that provides a cost advantage [2]. - The company is expected to maintain its leading position in the market and further expand its market share despite intense competition [2].