BYD Company (1211) Q4 2024 earnings summary

Executive summary

• Operating revenue reached RMB777.1 billion, up 29.02% year-over-year, driven by strong growth in new energy vehicles and handset components.

• Net profit attributable to shareholders was RMB40.25 billion, a 34% increase year-over-year, with EPS of RMB13.84.

• Gross profit margin improved to 19.44% from 18.58% in 2023.

• The Board proposed a final dividend of RMB3.974 per share (tax-inclusive).

• Cash reserves stood at RMB154.94 billion as of year-end.

Financial highlights

• Revenue: RMB777.1 billion (+29.02% YoY); gross profit: RMB151.06 billion (+34.97% YoY).

• Net profit margin: 5.2% (2023: 5.0%).

• Operating cash flow: RMB133.45 billion (down from RMB169.73 billion in 2023).

• Gearing ratio: -36% (2023: -44%).

• Receivables turnover: 35 days; inventory turnover: 61 days.

• R&D investment: RMB54.2 billion (+35.68% YoY).

Outlook and guidance

• Plans to further strengthen core technology independence and product competitiveness in 2025.

• Will accelerate multi-brand strategy and overseas expansion, aiming to lead global new energy vehicle transformation.

• AI, intelligent driving, and high-end manufacturing innovation expected to drive new growth.