Relying on the global delivery volume of 909,000 vehicles in the first three quarters, BYD won the global new energy vehicle sales champion in the first three quarters.
● Our reporter Li Ai Ai
Benefiting from the rapid growth of new energy vehicle sales, on the evening of October 28, BYD released a dazzling third-quarter report. In the first three quarters, BYD achieved revenue of 267.688 billion yuan, an increase of 84.37% year-on-year; net profit attributable to the parent was 9.311 billion yuan, an increase of 281.13% year-on-year; net operating cash flow was 91.037 billion yuan, an increase of 185.62% year-on-year. Among them, the performance growth in the third quarter further accelerated, and the net profit attributable to the parent achieved triple-digit growth year-on-year and month-on-month.
Third-quarter net profit rose 105% quarter-on-quarter
BYD’s third-quarter performance grew strongly, with revenue of 117.081 billion yuan, a year-on-year increase of 115.59%; net profit attributable to the parent was 5.716 billion yuan, a year-on-year increase of 350.26%.
In the first half of this year, BYD’s net profit attributable to its parent company was 3.595 billion yuan, which means that the net profit attributable to its parent company in the third quarter was 1.59 times that of the first half of the year, which was also much higher than last year. Based on the net profit attributable to the parent of 2.787 billion yuan in the second quarter of this year, BYD’s net profit attributable to the parent in the third quarter increased by 105% month-on-month.
Regarding the substantial increase in performance in the first three quarters, BYD said that it was mainly due to the increase in revenue from the new energy vehicle business.
BYD stated in the first three quarters performance forecast that the company’s new energy vehicle sales maintained strong growth, continued to hit a record high, and its market share was far ahead and continued to strengthen, driving a substantial improvement in profitability and effectively alleviating the profit caused by the rise in upstream raw material prices. pressure.
Since the beginning of this year, BYD’s new energy vehicle sales have continued to rise, with sales exceeding 100,000 for seven consecutive months. Among them, the sales in September exceeded the 200,000 mark. From January to September this year, sales reached 1.18 million vehicles, surpassing Tesla.
Relying on the global delivery volume of 909,000 vehicles in the first three quarters, BYD won the global new energy vehicle sales champion in the first three quarters. In addition, BYD has achieved 79% of its full-year sales target, ahead of other automakers.
Regarding the continuous growth of BYD’s net profit attributable to the parent, Orient Fortune Securities said that BYD’s scale effect is prominent, and the cost is diluted by the continuous increase in sales. At the same time, the sales volume of high value-added models continues to grow. The company led the new energy vehicle market with a net profit that exceeded market expectations in the third quarter.
Accelerate overseas market layout
Since the beginning of this year, BYD has continued to promote its international strategic layout.
On October 26, BYD issued a document saying that it recently opened its first store in Brasilia with Brazil’s largest distributor group Saga, and it is expected to set up 100 stores in Brazil by the end of 2023. BYD has launched luxury pure electric SUV Tang EV, pure electric sedan Han EV and D1 in Brazil, and recently launched pre-sale of hybrid model Song PLUS DM-i.
In addition, in September alone, BYD has successively signed a number of overseas cooperation agreements. On September 8, BYD signed a contract with WHA Weihua Group Volkswagen Co., Ltd., and the first overseas passenger car factory landed in Thailand; on September 28, BYD signed a cooperation agreement with Sime Darby Malaysia to promote the development of the new energy vehicle industry in Malaysia. On the same day, BYD held a European press conference for new energy passenger vehicles and launched three models for the European market, including the Han, Tang and Yuan PLUS. BYD said that before the end of this year, it will further explore the French and British markets and provide local consumers with high-quality new energy passenger vehicles and supporting services.
Haitong International said that it is optimistic that BYD will rapidly increase its volume in the European passenger car market from the fourth quarter, which will bring new growth momentum to its performance.
Huaxin Securities said that BYD is expected to launch higher-end brands in the future, and achieve further breakthroughs in brand power from bottom to top. With the launch of high-end brands in the future, the company is expected to achieve full coverage of models ranging from 100,000 to 1 million, driving the company’s sales and brand power to continue to increase.
BYD also made positive forecasts for future sales. At this year’s mid-year performance briefing, BYD Chairman Wang Chuanfu said that BYD’s annual sales target for 2023 is 4 million units.