Investment Rating - The report maintains a BUY rating for BYD with a target price of HK$262.00, indicating a potential upside of 21.1% from the current price of HK$216.40 [3][7]. Core Insights - Despite a net profit of RMB 4.6 billion in 1Q24 falling short of prior forecasts due to significant R&D spending of RMB 10.6 billion, BYD is still expected to meet the FY24E net profit forecast of RMB 33 billion [7]. - The report highlights that BYD's gross profit margin (GPM) in 1Q24 was better than expected, suggesting that price cuts implemented in February 2024 could be offset by cost reductions from suppliers [7]. - The forecast for FY24 sales volume growth of 20% remains achievable, supported by recent stimulus measures and overseas expansion [7]. Financial Summary - Revenue projections for FY24E are set at RMB 700,048 million, with expected growth to RMB 800,518 million in FY25E and RMB 884,971 million in FY26E [5][10]. - Net profit estimates for FY24E are RMB 33,109 million, increasing to RMB 40,173 million in FY25E and RMB 45,095 million in FY26E [5][10]. - The gross margin is projected to be 20.1% for FY24E, slightly decreasing to 19.5% in FY25E and 19.3% in FY26E [5][10]. Earnings and Valuation - The report indicates that BYD's earnings quality has not been prioritized in 1Q24, with expectations for more disciplined management of SG&A and R&D expenses in upcoming quarters [7]. - The net profit per vehicle in 1Q24 was RMB 7,300, which is lower than the previous quarter, reflecting the impact of price cuts on profitability [7]. - The report maintains FY24-25E net profit estimates largely unchanged while revising up both GPM and SG&A [7].

Investment Rating - The report maintains a "Buy" rating for BYD with a target price of HKD 262.00, reflecting a potential upside of 21.1% from the current price of HKD 216.40 [1][9]. Core Insights - Despite a lower-than-expected net profit of RMB 4.6 billion in Q1 2024, the automotive manufacturer is still projected to achieve a net profit of RMB 33.1 billion for FY24E. The gross profit margin (GPM) for Q1 2024 exceeded expectations, indicating resilience despite recent price cuts [9]. - The report anticipates a 20% sales growth for FY24, supported by recent stimulus measures and overseas expansion, which may help maintain the gross profit margin [9]. - The report suggests that BYD may need to exercise more discipline in SG&A and R&D expenses in the coming quarters to prioritize profitability [9]. Financial Summary - Revenue projections for FY24E are set at RMB 700,048 million, with a year-on-year growth of 16.2%. For FY25E and FY26E, revenues are expected to reach RMB 800,518 million and RMB 884,971 million, respectively [3][16]. - Net profit for FY24E is projected at RMB 33,109 million, reflecting a 10.2% increase from FY23. The net profit for FY25E and FY26E is expected to be RMB 40,173 million and RMB 45,095 million, respectively [3][16]. - The report indicates a gross profit margin of 20.1% for FY24E, with slight declines expected in subsequent years [3][16]. Cash Flow Analysis - Operating cash flow for FY24E is projected at RMB 115,522 million, with significant capital expenditures of RMB 98,955 million anticipated [5]. - The net cash position is expected to fluctuate, with cash at year-end projected to be RMB 99,000 million for FY24E, increasing to RMB 214,258 million by FY26E [5][24]. Profitability Metrics - The report highlights a gross profit margin of 20.1% for FY24E, with operating profit margin expected to be 6.0% [3][16]. - Return on equity (ROE) is projected to be 21.9% for FY24E, indicating strong profitability relative to shareholder equity [16][25].

Financial Performance - Revenue for the first quarter of 2024 reached RMB 124.94 billion, a 3.97% increase compared to the same period last year[11] - Net profit attributable to shareholders of the listed company was RMB 4.57 billion, up 10.62% year-on-year[11] - Operating cash flow decreased by 29.29% to RMB 10.23 billion compared to the same period last year[11] - Total operating revenue increased to RMB 124.94 billion, up 3.97% from RMB 120.17 billion in the previous period[49] - Net profit attributable to the parent company's owners rose to RMB 4.57 billion, up 10.62% from RMB 4.13 billion[70] - Operating cash flow decreased to RMB 10.23 billion, down 29.3% from RMB 14.47 billion in the previous period[61] - Revenue from sales of goods and services rose to RMB 124.16 billion, a 32.5% increase from RMB 93.70 billion[61] - Comprehensive income attributable to owners of the parent company was 4.14 billion RMB, slightly down from 4.20 billion RMB in the previous period[75] - Basic earnings per share increased to 1.57 RMB from 1.42 RMB in the previous period[75] Expenses and Costs - R&D expenses increased by 70.10% to RMB 10.61 billion, primarily due to increased employee compensation and material consumption[17] - Sales expenses rose by 46.37% to RMB 6.80 billion, mainly driven by increased advertising and exhibition expenses, as well as depreciation and amortization[17] - R&D expenses surged to RMB 10.61 billion, a significant 70.1% increase from RMB 6.24 billion in the prior period[49] - Sales expenses increased by 46.4% to RMB 6.80 billion compared to RMB 4.65 billion in the prior period[49] - Interest expenses nearly doubled to RMB 580.45 million from RMB 307.13 million in the prior period[49] - Total assets impairment losses increased to RMB 642.72 million, up 30.6% from RMB 492.29 million[49] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 677.78 billion, a slight decrease of 0.26% compared to the end of the previous year[11] - Equity attributable to shareholders of the listed company increased by 3.08% to RMB 143.09 billion[11] - Prepayments increased by 35.90% to RMB 3.01 billion, mainly due to increased prepayments for material procurement[16] - Long-term deferred expenses rose by 32.34% to RMB 5.38 billion, primarily due to increased improvement expenditures on right-of-use assets[16] - Total assets at the end of the period amounted to RMB 677.78 billion, compared to RMB 679.55 billion at the beginning of the year[45] - Current assets totaled RMB 292.89 billion, a decrease from RMB 302.12 billion at the start of the year[40] - Inventory increased to RMB 98.78 billion from RMB 87.68 billion at the beginning of the year[40] - Fixed assets remained stable at RMB 231.09 billion, slightly up from RMB 230.90 billion[45] - Total liabilities decreased to RMB 522.84 billion from RMB 529.09 billion[47] - Current liabilities stood at RMB 444.08 billion, down from RMB 453.67 billion[46] - Shareholders' equity increased to RMB 154.95 billion from RMB 150.46 billion[47] - Retained earnings rose to RMB 71.69 billion from RMB 67.12 billion[47] - Long-term receivables decreased to RMB 8.13 billion from RMB 8.24 billion[45] - Development expenditure increased to RMB 637.61 million from RMB 541.00 million[45] Cash Flow and Financing - Net cash flow from financing activities decreased by 143.02% to negative RMB 5.18 billion, mainly due to increased cash repayments of debt[18] - Net cash flow from financing activities was negative RMB 5.18 billion, a sharp decline from positive RMB 12.05 billion in the previous period[63] - Cash received from investment income decreased to 114.23 million RMB from 138.04 million RMB in the previous period[78] - Cash received from disposal of fixed assets, intangible assets, and other long-term assets dropped significantly to 36.99 million RMB from 166.39 million RMB in the previous period[78] - Cash inflows from investment activities totaled 591.21 million RMB, a sharp decline from 10.54 billion RMB in the previous period[78] - Cash outflows for investment activities amounted to 27.86 billion RMB, down from 33.24 billion RMB in the previous period[78] - Net cash flow from investment activities was -27.27 billion RMB, compared to -22.70 billion RMB in the previous period[78] - Ending cash and cash equivalents balance stood at 86.18 billion RMB, up from 54.89 billion RMB in the previous period[81] - Net increase in cash and cash equivalents was -22.33 billion RMB, compared to a positive 3.71 billion RMB in the previous period[81] Shareholder Information - HKSCC NOMINEES LIMITED holds 1,097,461,820 H-shares, representing a significant portion of the company's foreign-listed shares[20] - Rongjie Investment Holding Group Co., Ltd. holds 155,072,702 A-shares, accounting for 5.3269% of the total shares[23] - Wang Chuanfu holds 128,405,963 A-shares, excluding 1,000,000 H-shares and 3,727,700 A-shares held through an asset management plan[20][36] - Central Huijin Asset Management Co., Ltd. holds 11,976,633 A-shares, representing 0.41% of the total shares[19] - Xia Zuoquan and his overseas company SIGN INVESTMENTS LIMITED hold 195,000 and 305,000 H-shares, respectively[36] Government Subsidies and Non-Recurring Items - The company received government subsidies amounting to RMB 865,127,000 during the reporting period[29] - Non-current asset disposal losses amounted to RMB -261,472,000, impacting the company's financial performance[29] - The company's fair value changes and investment income from financial assets totaled RMB 307,841,000[29] - The company's total non-recurring gains and losses amounted to RMB 816,813,000 for the reporting period[29] - Other comprehensive income after tax for the current period was -425.44 million RMB, compared to 78.37 million RMB in the previous period[72] Investment and Income - Investment income grew by 153.3% to RMB 621.94 million from RMB 245.49 million[49] - The company's fair value changes and investment income from financial assets totaled RMB 307,841,000[29] Share Repurchase - The company plans to repurchase A-shares worth RMB 400 million to reduce registered capital, aiming to enhance investor confidence and stabilize company value[24]

（ 002594.CH） 夯实市场预期，调整后 2024 年基本面下行风险较小：比亚迪 2023 年 实现净利润 300 亿元，同比增长 81%，创历史新高，符合业绩预告。 展望 2024 年，我们预期比亚迪新能源车销量将同比增长 20%，包括约 50 万辆出口销量。受到春节之后的荣耀版等降价影响，公司单车盈利 将较 2023 年下滑，但规模提升推动总利润稳定。我们认为，结合 3 月 短期周度/月度数据来看，比亚迪依然有较强的捍卫份额提升销量的能 力。比亚迪持续在规模、成本、技术三个方面提升能力，以保持自身 领先地位。我们认为预期调整后的基本面下行风险较小，市场对于基 本面预期有较为坚实的底部。因此，我们维持比亚迪的"买入"评级。 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|---------|-------------------|------------|---------|---------|------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for BYD Company Limited (1211 HK) with a target price of HKD 306.48, indicating a potential upside of 51.1% from the current price of HKD 202.80 [1][3][10]. Core Views - The company's performance in 2023 met market expectations, with a net profit growth of 81% year-on-year to RMB 30 billion, and total revenue increased by 42% to RMB 602.3 billion [1][6]. - BYD's vertical supply chain advantage and pricing power are expected to continue leading the industry, while accelerated exports and high-end product offerings are anticipated to enhance profitability [3][5]. - The report predicts a 24.9% increase in sales volume for 2024, reaching 3.77 million units, with a market share increase expected [2][3]. Financial Summary - In 2023, BYD's gross profit reached RMB 121.76 billion, with a gross margin of 20.2%, up from 17.0% in 2022 [6]. - The company’s net profit margin improved to 5.0% in 2023, up from 3.9% in 2022, reflecting operational efficiency [6]. - The report projects revenues of RMB 764.81 billion for 2024, with a net profit forecast of RMB 36.06 billion, representing a year-on-year growth of 20% [5][12]. Sales and Market Strategy - The report highlights that BYD's strategy of launching multiple models in the budget segment (under RMB 200,000) is aimed at capturing market share through cost reduction and price competition [2][3]. - The introduction of high-end models is expected to contribute positively to profitability, with high-end brands projected to account for approximately 8% of total sales, an increase of 4 percentage points year-on-year [2][3]. Stock Performance - The stock has shown a year-to-date decline of 5.41%, with a 52-week high of HKD 275.60 and a low of HKD 171.70 [4][10]. - The average daily trading volume is reported at 20.63 million shares, indicating active market participation [4]. Valuation Metrics - The report provides a projected P/E ratio of 22x for 2024, reflecting a slight adjustment from previous estimates [3][5]. - The estimated book value per share is expected to rise from RMB 61.61 in 2023 to RMB 78.46 in 2024, indicating strong growth in shareholder equity [5][12].

80.27% 19.68% 76.57% 23.30% 2023 2022 2023 2022 二零二三年 二零二二年 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 比亞迪股份有限公司 BYD COMPANY LIMITED （在中華人民共和國註冊成立的股份有限公司） 股份代號：01211（港幣櫃台）及81211（人民幣櫃台） 網站：http://www.bydglobal.com 二零二三年年度業績公佈 本公司董事會（「董事會」）欣然公佈本公司及其附屬公司截至二零二三年十二月 三十一日止十二個月期間的經審核業績。本公佈載有本公司二零二三年年度報 告全文，乃按香港聯合交易所有限公司證券上市規則中有關初步年度業績公佈 的相關規定而編製。本公司二零二三年年度報告的印刷版本將寄發予本公司股 東，並可於香港聯合交易所披露易網站https://www.hkexnews.hk及本公司網站 http://www.bydglobal.com閱覽。 承董事會命 比亞迪 ...

IT之家 1 月 30 日消息，比亚迪昨晚发布了 2023 年业绩预告：期内实现归属于上市公司股东的净利润 290-310 亿元，同比最高增长约 86%；实现归属于上市公司股东的扣非净利润 274-297 亿元，同比最高增长约 90%。 报告期内，比亚迪新能源汽车销量再创历史新高，然而公司股价却创新低。比亚迪工作人员对此表示： 一月份行业需求确实会有一点疲软，紧随其后是二月份春节长假，也是销售淡季，相较 2023 年年底肯定会稍差。不过就全行业横向对比来看，公司的领先趋势依然不变。 今天股市继续下挫，比亚迪 A 股已跌超 2%，港股跌超 5%，目前 A 股市值为 5285.04 亿元，港股市值 5329.89 亿港币（IT之家备注：当前约 4898.17 亿元人民币）。 相关阅读： 《比亚迪：预计 2023 年净利润 290 亿元-310 亿元，同比增长 74.46%-86.49%》 广告声明：文内含有的对外跳转链接（包括不限于超链接、二维码、口令等形式），用于传递更多信息，节省甄选时间，结果仅供参考，IT之家所有文章均包含本声明。 ...

【TechWeb】1月30日消息，比亚迪昨日晚间发布了2023年度业绩预告，预计2023年归属于上市公司股东的净利润290亿元-310亿元，同比增长74.46%-86.49%。 公告预告期间为2023年1月1日至12月31，具体预告信息如下： 2023年归属于上市公司股东的净利润290亿元-310亿元，同比增长74.46%-86.49%，上年同期为166亿元。 扣除非经常性损益后的净利润为274亿元-297亿元，比上年同期上升75.22%-89.92%，上年同期为156亿元。 基本每股收益9.98元/股至10.67元/股，上年同期为5.71元/股。 比亚迪在公告中表示，2023年新能源汽车行业继续保持高速增长态势，公司新能源汽车销量 再创历史新高，进一步巩固了全球新能源汽车销量第一的领先地位。尽管行业竞 争更为激烈，公司凭借品牌力的不断提升、出海销量的快速增长、持续扩大的规 模优势和强大的产业链成本控制能力，盈利实现大幅改善，展现了强大的韧性。 手机部件及组装业务方面，受益于海外大客户业务份额提升及安卓客户需求回暖、 新能源汽车和新型智能产品业务高速增长，产能利用率明显提升，业务结构进一 步优化，盈利能 ...

智通财经APP获悉，美银证券发布研究报告称，维持比亚迪股份(01211)“买入”评级，目标价300港元。 公司管理层于去年在大众市场采取进取的定价策略，预计2024年会有更好的表现，因为该公司计划在2024年推出第五代插电式油电混合车(PHEV)技术。 该行表示，新技术具有更强的动力和更低的燃油油耗，公司计划在农历新年后逐步推出搭载PHEV新技术的改款车型，其长期目标是在中国乘用车市场占据30%以上的市占率，预计高端化策略将提高盈利能力。 ...

公司不存在其他符合非經常性損益定義的損益項目的具體情況。 6 註2： 此數不包括王傳福先生持有的1,000,000股H股；此數不包括王傳福先生通過易 方達資產比亞迪增持1號資產管理計劃持有的3,727,700股A股； 公司於2023年9月19日召開了第八屆董事會第一次會議和第八屆監事會第一 次會議，審議通過了《關於選舉公司第八屆董事會董事長的議案》、《關於選 舉公司第八屆董事會副董事長的議案》、《關於選舉公司第八屆董事會各專 門委員會成員的議案》、《關於聘任公司總裁的議案》、《關於聘任公司副總 裁、財務總監、董事會秘書及公司秘書的議案》、《關於聘任公司內部審計 負責人的議案》、《關於聘任公司證券事務代表的議案》和《關於選舉公司第 八屆監事會主席的議案》，具體內容詳見公司於2023年9月20日在巨潮資訊 網(www.cninfo.com.cn)上披露的《第八屆董事會第一次會議決議公告》（公告 編號：2023–094）、《第八屆監事會第一次會議決議公告》（公告編號：2023– 095）。 1、 合併資產負債表（續） 1、 合併資產負債表（續） 單位：人民幣元 2、 合併年初到報告期末利潤表（續） 單位：人民幣元 ...