In a year where the new energy price war continued to unfold, BYD withstood the pressure. Net profit increased 80% year over year, and gross margin of the automobile business rose further.

On Tuesday March 26th, BYD released its 2023 annual report. The report shows that last year, BYD achieved revenue of 602,315 billion yuan, an increase of 42.04% over the previous year, and achieved revenue of 180.40 billion yuan in the fourth quarter.

In terms of profit, its net profit attributable to shareholders of listed companies reached 30.4 billion yuan, an increase of 80.72% over the previous year. Achieved deducted non-net profit of 28.462 billion yuan, an increase of 82.01% over the previous year. Basic earnings per share were 10.32 yuan/share, up 80.74% year over year.

Among them, revenue from the automobile, automobile-related products and other products business was about 483.453 billion yuan, up 48.90% year on year; revenue from the mobile phone parts, assembly and other products business was about 118.577 billion yuan, up 20.00% year on year, accounting for 80.27% and 19.68% of total revenue, respectively.

In addition, the gross margin of BYD's auto business was 23.02%, up 2.63 percentage points from the same period last year, and surpassed Tesla's gross profit margin of 18.2% in 2023.

It is worth mentioning that last year, BYD successfully topped the global electric vehicle sales rankings. The annual sales volume of electric vehicles reached 3,024 million units, an increase of 67.79% year on year, leaving Tesla behind. Among them, overseas sales surged 457.66% year on year.

In terms of the domestic market, according to data from the China Automobile Association, BYD's NEV market share increased further to 31.9% last year, up 4.8 percentage points from the previous year. It has been in the leading position in NEV sales in China for 11 consecutive years, ranking first in global NEV sales.

In addition, BYD announced that it plans to distribute a cash dividend of 30.96 yuan for every 10 shares. Based on the current total share capital of 2,911 billion shares, the total cash dividend is about 9.012 billion yuan.

Looking ahead to 2024, BYD stated in its financial report:

It is expected that in 2024, China's NEV market will continue its strong growth momentum and enter an era of 10 million vehicles, and the penetration rate is expected to break through again.

In the automotive sector, the Group will strengthen core technology research and development and autonomy to continuously improve product competitiveness; keep abreast of market consumption trends, continue to promote the multi-brand matrix layout, accelerate the overseas business process, and help the Chinese automobile industry lead the global NEV wave.

Looking ahead to 2024, organizations generally believe that BYD will continue to lead the industry's growth, and sales are expected to be around 4 million vehicles. According to the Galaxy Securities Research Report, products, high-end products, and exports have formed the three major growth drivers for BYD. Looking ahead to 2024, the company is expected to continue to grow with a complete product layout and a strong brand reputation, and overseas markets will bring in additional volume. It is expected that in 2024, BYD will sell 3.8 million new energy passenger vehicles, of which the export sales volume is expected to reach 500,000 units.