BYD Company (1211) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 rose 15.76% year-over-year to RMB301,127 million, driven by strong growth in new energy vehicles and handset components and assembly businesses.

• Net profit attributable to shareholders increased 24.44% year-over-year to RMB13,631 million, with EPS up 24.14% to RMB4.68.

• New energy vehicle sales reached record highs, maintaining global leadership and increasing market share.

• Overseas expansion accelerated, with new energy passenger vehicles entering 77 countries and localized manufacturing progressing in multiple regions.

• Gross profit margin improved to 20.01% from 18.33% in H1 2023.

Financial highlights

• Gross profit increased 26.42% year-over-year to RMB60,267 million; gross margin improved from 18.33% to 20.01%.

• Operating cash inflow was RMB14,178 million, down from RMB81,971 million in the prior year, mainly due to higher cash outflows for goods and services.

• Total borrowings decreased to RMB27,672 million from RMB36,545 million at year-end 2023.

• Gearing ratio was -11% as of June 30, 2024, indicating net cash position.

• Basic and diluted EPS: RMB4.68, up from RMB3.77 in H1 2023.

Outlook and guidance

• The company expects continued strong growth in new energy vehicles, supported by favorable policies and rising consumer awareness.

• Plans to further enhance multi-brand strategy, accelerate global expansion, and deepen R&D in core electric and intelligent technologies.

• Thailand factory commenced operations in July, marking the 8 millionth new energy vehicle roll-off.

• No interim dividend declared for the period.