byd's revenue in the first half of the year exceeded 300 billion yuan, with a net profit of 13.6 billion yuan, and r&d investment far exceeded net profit
2024-09-07
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on august 29, byd released its financial report for the first half of 2024. just as it holds a core position at the 2024 chengdu auto show, this world-renowned new energy vehicle company has also achieved outstanding performance at the performance level.
byd's first-half financial report showed that byd's operating income in the first half of the year was 301.127 billion yuan, a year-on-year increase of 15.76%; net profit was 13.631 billion yuan, a year-on-year increase of 24.44%; non-net profit was 12.315 billion yuan, a year-on-year increase of 27.03%.
in the first half of 2024, byd's main business revenue of automobiles, automobile-related products and other products was approximately 228.317 billion yuan, a year-on-year increase of 9.33%, accounting for 76% of total operating income.
it is worth mentioning that in the second quarter of 2024, byd's net profit attributable to shareholders of the parent company reached 9.062 billion yuan, an increase of 32.80% over the same period last year, nearly doubling the net profit in the first quarter. this is the second quarter with the highest net profit in byd's history.
this achievement is not only due to byd's leading position in the new energy vehicle market, but also inseparable from its continuous investment in technological innovation and product strength. its financial performance shows its strong market competitiveness and profitability.
byd mentioned in its financial report that in the first half of the year, china's auto industry faced a complex macroeconomic environment, with relatively slow growth in domestic demand and heavy inventory pressure on enterprises. at the same time, increasingly fierce domestic market competition and escalating international trade protectionism also brought challenges to the development of the auto industry. however, china's auto industry has shown strong resilience. with the joint promotion of various national and local consumption promotion policies, auto marketing activities, and the launch of a large number of new models, the market has warmed up and auto consumption has gradually recovered.
especially in the field of new energy vehicles, the country has introduced a series of policies that are conducive to the popularization of new energy vehicles and the improvement of the intelligence level of new energy vehicles, gradually promoting the high-quality development of china's intelligent networked new energy vehicle industry. byd is expected to continue to lead the market with the help of policy and industry resonance.
according to data from yiche.com, byd's sales in july have jumped to third place in the world, second only to toyota and volkswagen. previously, according to data from marklines, in the second quarter of this year, byd's sales had become the seventh largest automaker in the world.
the latest sales data as of august show that byd's cumulative sales in the first eight months reached 2.328 million vehicles, an increase of 29.9% year-on-year.
r&d expenses exceed profits, and we spare no effort to develop technology
persistence in innovation is the cornerstone of byd's competitiveness. with a strong r&d gene and a strong engineering culture, byd has a team of over 100,000 engineers working in core technology fields. from electrification to intelligence, byd is gradually building a unique competitiveness.
according to the financial report, byd's r&d expenditure increased by 41.64% year-on-year to 20.177 billion yuan in the first half of this year, exceeding its net profit by 6.6 billion yuan in the same period. wind data shows that among more than 5,300 a-share listed companies, byd's r&d expenses ranked first, becoming the "r&d king" of a-shares. in the 14 years from 2011 to now, byd's r&d investment has exceeded its net profit for 13 years, sometimes even several times the net profit in the same period. as of now, byd's cumulative r&d investment has reached nearly 150 billion. this means that byd not only invests all the profits it has obtained from the market into new technologies, but also continues to polish its products out of its own pocket, giving back to the market and users.
in the first half of the year, in the field of electronic and electrical architecture, byd released the disruptive e-platform 3.0 evo and the fifth-generation dm technology. with the advancement of technology and the emergence of economies of scale, byd has always been able to provide product value far higher than the price, which has accelerated its capture of consumers' minds.
in the field of intelligence, wang chuanfu said in public earlier this year that byd will invest 100 billion yuan in the field of intelligence. in 2024, byd will launch more than 10 high-end intelligent driving models equipped with laser radar. in the future, byd models above 200,000 yuan will provide high-end intelligent driving assistance systems as an option, and models above 300,000 yuan will all be equipped with them as standard.
as a continuation of its intelligent strategy, byd announced at the 2024 denza automotive technology day held in august that it will continue to invest in intelligent driving, and has developed its own in-vehicle computing platform, established a perception laboratory, developed end-to-end large models, and built its own supercomputing center. at present, byd already has an intelligent driving r&d team of more than 4,000 engineers, and has built a full-stack self-developed intelligent driving r&d system.
on august 27, byd fangcheng baobao and huawei qiankun intelligent driving signed a cooperation agreement in shenzhen to jointly develop the world's first hardcore exclusive intelligent driving solution. baobao 8 will become byd's first model equipped with huawei qiankun intelligent driving. it is expected that baobao 8 will be officially launched in the fourth quarter of this year with huawei qiankun intelligent driving ads 3.0.
the second half of electrification is intelligence, and the two are inseparable and complementary. byd, which has already "mastered" electrification, will lead the intelligentization at a more efficient speed on this solid foundation.
accelerate overseas expansion and build global competitiveness of chinese automobiles
technology strategy can build a company's moat, and market strategy is also worth in-depth study. at present, byd brand has successfully covered all-round needs from entry-level to high-end markets by building two major product lines, "dynasty" and "ocean". at the same time, through sub-brands such as fangchengbao, tengshi, and yangwang, byd group has also made significant breakthroughs in the high-end market and personalized needs.
the multi-category and multi-dimensional product lines also give byd the confidence to conquer the world battlefield. in fact, byd has already occupied a place in the global market. public data shows that byd's overseas sales in august were 31,451 units, a year-on-year increase of 25.7%. from january to august, byd exported 264,869 new energy passenger vehicles.
in july, byd held a ceremony to celebrate the completion of its thai factory and the rollout of its 8 millionth new energy vehicle, which was enough to demonstrate its advantages in actively deploying in overseas markets. on the way from bangkok suvarnabhumi airport to the city center, slogans of "byd no.1" were seen all over the viaducts, buildings and shops. in this market originally dominated by japanese cars, chinese new energy vehicles led by byd have begun to launch a strong offensive.
according to byd, as of august 2024, byd's new energy vehicles have spread across 94 countries and regions around the world, and its passenger cars have covered 84 countries and regions and more than 400 cities around the world.
as a leading enterprise in china's new energy vehicles, byd's overseas expansion will promote more chinese auto brands to the world. by driving the global layout of china's new energy vehicle industry chain, it will promote the coordinated development of upstream and downstream enterprises. it can be said that with byd as the vanguard, the trend of chinese auto companies rolling into overseas markets is irreversible. in the long run, this will create favorable conditions for the sustainable development of the domestic auto industry.
zhou chunlin
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