BYD's financial report shows that BYD sold 301,833 units in October, a year-on-year increase of 38.6%, and a month-on-month increase of 5.0%. Among them, passenger car sales were 301,095 units, a year-on-year increase of 38.4%, and a month-on-month increase of 4.9%. What you need to know is that this is BYD's first single-month sales. Monthly sales exceed 300,000, which is a number that is difficult to achieve in a year for many brands.
According to the third quarter report released by BYD on the Hong Kong Stock Exchange, in the first three quarters of this year, the operating income was 422.275 billion yuan, a year-on-year increase of 57.75%, and the net profit attributable to the parent company was 21.367 billion yuan, a year-on-year increase of 129.47%. Among them, the revenue in the third quarter was 162.151 billion yuan, a year-on-year increase of 38.49%, and the net profit was 10.413 billion yuan, a year-on-year increase of 82.16%.
Huatai Securities research report pointed out that benefiting from the optimization of product structure, large-scale production and the enhancement of industrial chain cost control capabilities, BYD's bicycle profitability has increased significantly.
It is worth mentioning that BYD is not only a car company that has mastered the core technologies of the whole industry chain of new energy vehicles such as batteries, motors, electronic controls and MCU chips, but also a car company with a complete industrial chain of IGBT. In the supply chain, the proportion of self-made parts exceeds 75%, covering the whole process from raw material procurement to vehicle assembly to sales.
At the 2023 semi-annual results meeting, Wang Chuanfu, chairman of BYD, once judged: "In the next 3 to 5 years, there will be a price war, or a price war in subdivided fields, and BYD is fully prepared." The Shengang Securities Research Report pointed out that in the context of subsidy withdrawal and price war, BYD has ensured full profitability resilience through the annual decline of suppliers and scale effect. With the sharp reduction of upstream battery raw materials, the net profit of bicycles is expected to continue to increase.
Although BYD has launched a series of discount measures, according to the estimation of Soochow Securities, considering the price reduction of upstream resources and midstream materials, the cost reduction of batteries, and the optimization of the model structure brought about by the gradual increase of high-priced models on the profit side, the price reduction of lithium carbonate and other factors, it is speculated that BYD's Q4 and annual bicycle profit will still maintain 10,000+.
At present, BYD has been working at full speed to launch an impact on the 3 million target, first of all, new models have been released in piles: in the third quarter, Denza N7, Denza N8, Yangwang U8 and Leopard 5 and other models have been unveiled, further expanding BYD's product matrix, and has now formed a multi-brand layout with BYD Dynasty Network, BYD Ocean Network, Denza, Yangwang and Equation Leopard.
It is worth noting that in the overseas market, BYD has formed a trend of "blossoming and fruiting in the wall, branching out outside the wall", with 30,521 passenger car exports in October, accounting for more than 10% of the monthly sales of passenger cars. According to data from the China Association of Automobile Manufacturers, in the first nine months of this year, overseas sales exceeded 145,500 units, and it has been the sales champion of pure electric vehicles in Thailand for 9 consecutive months. At the Tokyo Motor Show in Japan just past, BYD became the first Chinese car company in history to participate in the auto show. At present, BYD's new energy passenger vehicle footprint has covered 58 countries and regions around the world, and the globalization strategy is steadily advancing.
Although there are still nearly 2 months to go before the end of 2023, BYD winning the annual sales crown is already the end of a high probability, as Wang Chuanfu said, BYD is doing a proof question, "Prove that BYD can, new energy can, Chinese cars can." Perhaps, the answer is already clear.
