BYD Announced its 2023 Financial Report, with a Year-on-year Increase in Operating Income of 42.04%

Kevin WongMar 28, 2024, 10:11 AM

Recently, BYD released its financial report for 2023, which shows that BYD's revenue for 2023 reached as high as 6023.15 billion yuan, up 42.04% year-on-year. Net profit attributable to shareholders of the listed company was 300.41 billion yuan, an increase of 80.72% over the previous year. Net profit excluding non-recurring gains and losses was 284.62 billion yuan, up 82.01% year-on-year. By the end of 2023, the total assets of BYD were 6,795.48 billion yuan, up 37.6% year-on-year. In addition, BYD announced that it plans to distribute a cash dividend of 30.96 yuan per 10 shares to all shareholders.




At present, BYD's main businesses include the automobile business mainly based on new energy vehicles, mobile phone parts and assembly business, secondary rechargeable battery and photovoltaic business, and it is actively expanding urban rail transit and other businesses. Among them, the automobile business occupies the largest proportion, with the revenue of BYD automobile, automobile-related products, and other product businesses being about 4,834.53 billion yuan, an increase of 48.9% year-on-year; The revenue from the mobile phone parts, assembly, and other product businesses was about 1,185.77 billion yuan, a year-on-year increase of 20%; The income shares of the two were 80.27% and 19.68% respectively.


In terms of car business, BYD's gross margin reached 23.6%, which shows BYD's excellent ability in cost control and supply chain management, and provides BYD with a larger price adjustment space, allowing it to respond flexibly to market competition and further increase its market share.



In terms of R&D, BYD's R&D expenditure in 2023 reached 39.57 billion yuan, which is 4.7 times that of its R&D investment in 2019, accounting for 11.18 billion yuan more than Telsa. The high R&D investment has not only brought significant technological results to BYD but also provided strong support for its impact on the high-end luxury market. The Yangwang U8 under the Owak brand, which made its debut at the Bangkok Auto Show, has a market price of 1,098 million yuan in China and has delivered more than 5,000 units in the Chinese market.


In terms of sales, BYD's total vehicle production and sales in 2023 were 3,045,200 and 3,024,400 respectively, an increase of 61.84% and 67.79% year-on-year, exceeding the target of 3 million units set at the beginning of the year. In addition, in overseas markets, BYD's total vehicle sales in 2023 were 252,300 units, a year-on-year increase of 457.66%. In the Thai market, both BYD ATTO3 and BYD Dolphin performed very well in terms of sales. They brought the SONG MAX, Sealion, Yangwang U9, and other models to the Bangkok Auto Show. As the construction of BYD's Thai factory continues, BYD will lay out more products in Thailand and other overseas markets in the future.



Generally speaking, BYD's financial report for 2023 is very eye-catching. Whether it is from the perspectives of operating income, net profit, R&D investment, and market expansion, BYD has demonstrated a strong development momentum and broad market prospects. In the future, even if facing the continuous expansion of the new energy vehicle market and the intensification of competition, BYD is expected to maintain its leading position and bring more high-quality new energy vehicle products to global consumers.

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