BYD's Q4 net profit surged 73.1% year-on-year to a record high, proposing a cash dividend of 39.74 yuan per share | Financial Report Insights

Thanks to strong sales growth, BYD delivered an explosive performance in 2024—annual revenue surpassed the $100 billion mark for the first time, exceeding Tesla, and fourth-quarter net profit reached a historic high.

On Monday, the 24th, BYD announced its performance report for the fourth quarter and the full year of 2024, with the following key points:

Revenue Performance: Q4 revenue was 274.85 billion yuan, a year-on-year increase of 52.7% and a quarter-on-quarter increase of 36.7%; full-year revenue for 2024 reached 777.1 billion yuan, setting a new record with a year-on-year growth of 29.0%, exceeding the market expectation of 766 billion yuan; in US dollars, BYD's sales last year surpassed the $100 billion mark for the first time, exceeding Tesla (with 2024 revenue of $97.7 billion).

Profitability: Q4 net profit was 15.02 billion yuan, a year-on-year increase of 73.1% and a quarter-on-quarter increase of 29.4%, marking the highest quarterly net profit in history, with a net profit margin of 5.46%; full-year net profit increased by 34.0% year-on-year to 40.25 billion yuan, exceeding the expected 39.5 billion yuan;

Sales Volume: In 2024, BYD's global sales reached 4.272 million vehicles, roughly on par with Ford, representing a year-on-year increase of 41%, maintaining its position as the sales champion among automotive companies in the Chinese market and the global sales champion in the new energy vehicle market; among these, pure electric vehicle sales for the year were 1.76 million units, slightly lower than Tesla's 1.79 million units.

Financial Situation: Q4 operating cash flow was 77.18 billion yuan, accounting for 57.8% of the annual operating cash flow, significantly exceeding the levels of the first three quarters; the net operating cash flow for the year was 133.45 billion yuan, a year-on-year decrease of 21.4%; plans to use no more than 60 billion yuan of idle funds for entrusted wealth management;

Shareholder Returns: Plans to distribute 39.74 yuan for every 10 shares, a significant increase compared to 30.98 yuan for every 10 shares in 2023;

2025 Guidance: Expected sales this year will reach 5 to 6 million vehicles.

Sales Champion in the Chinese Market

BYD's impressive performance is mainly attributed to strong sales growth and product strength. In 2024, BYD's global sales reached 4.272 million vehicles, a year-on-year increase of 41%, maintaining its "triple crown" status as the sales champion among automotive companies in the Chinese market, the brand sales champion in the Chinese market, and the global sales champion in the new energy vehicle market; among these, pure electric vehicle sales for the year were 1.76 million units, slightly lower than Tesla's 1.79 million units.

It is noteworthy that BYD became the world's first automotive company to reach the milestone of 10 million new energy vehicles off the production line in November, demonstrating its absolute leadership position in the new energy vehicle field Looking ahead, BYD expects its automobile sales to reach 5 to 6 million units this year. In the first two months of this year, BYD's automobile sales grew by 93% year-on-year, reaching 623,300 units, marking a strong start. In contrast, Tesla's situation in the Chinese market has significantly declined—over the past five months, Tesla's shipments in China have decreased year-on-year.

Technology Leads the Industry, Driven by Dual Engines of Intelligence and Electrification

In terms of technological innovation, BYD will launch several major technologies in 2024 to further consolidate its technological leadership.

At the beginning of the year, BYD announced a new intelligent strategy—"Whole Vehicle Intelligence," achieving efficient integration of electrification and intelligence through the "Xuanji" architecture. Its advanced intelligent driving assistance system "Tianshen's Eye" has officially launched the no-map urban navigation function nationwide, firmly establishing itself in the top tier of advanced intelligent driving in China.

In the field of electrification, BYD released the "Fifth Generation DM Technology," achieving the highest engine thermal efficiency in global mass production at 46.06%, the lowest fuel consumption of 2.9L per 100 kilometers in electric mode, and the longest comprehensive range of 2,100 kilometers, ushering in the "2" era of fuel consumption. This technological breakthrough provides significant competitive advantages for BYD's plug-in hybrid models.

Additionally, BYD has launched the "e-platform 3.0 Evo," evolving in multiple areas such as intelligent fast charging, vehicle safety, and vehicle motion control, further enhancing the competitiveness of its pure electric products.

Multi-Brand Strategy Shows Significant Results, Product Matrix Covers the Entire Market

BYD's multi-brand strategy has shown significant results in 2024, gradually perfecting the multi-brand gradient layout constructed by "BYD," "Fangcheng Leopard," "Denza," and "Yangwang," covering various segments from mass market to high-end.

The "BYD" brand continues to solidify its leadership position in the mass market, with its product matrix continuously optimized and iterated to achieve "electricity cheaper than fuel," launching several new models such as "Yuan UP," "Hai Lion 07EV," and "Qin L DM-i," accelerating the penetration of new energy vehicles in the mainstream market.

In the "Fangcheng Leopard" brand, the "Leopard 5" has topped the sales chart for new energy off-road vehicles for five consecutive months, and the newly launched "Leopard 8" has quickly become one of the top three best-selling models in the 400,000-level new energy SUV segment.

"Denza" has become the world's first new energy luxury car brand covering all categories of MPVs, SUVs, and sedans. The "Denza D9" has been the best-selling MPV in the entire market for two consecutive years, while the "Denza Z9GT" has ranked first in the market for new energy luxury sedans starting at 300,000 for three consecutive months.

The "Yangwang" brand creates high-end brands and products with extreme technology, combining several disruptive technologies to develop various high-end products such as the new energy off-road vehicle "Yangwang U8," the pure electric performance supercar "Yangwang U9," and the new energy flagship sedan "Yangwang U7."

Accelerating Overseas Market Expansion, Global Layout Steadily Advancing

BYD continues to accelerate the globalization of its passenger car business in 2024, with products highly favored by global consumers, ranking among the best-selling new energy passenger cars in multiple countries, and achieving strong growth in overseas sales. By the end of 2024, BYD's new energy vehicles have entered 100 or more countries and regions across six continents globally In terms of channel development, BYD has partnered with numerous high-quality global dealers to accelerate its overseas channel layout; in terms of production bases, factories in Uzbekistan and Thailand have successively begun production, advancing the localization process; in logistics, BYD has established an overseas shipping fleet, with "EXPLORER NO.1" and "BYD CHANGZHOU" put into use successively, supporting stable and long-term overseas business operations.

Mobile Components and Assembly Business Maintains Steady Growth

BYD's mobile components and assembly business maintained steady growth in 2024, with revenue of approximately RMB 15.96 billion, a year-on-year increase of 34.60%. With leading technological advantages and strong manufacturing capabilities, BYD is deeply involved in the new product development of its clients, helping them enhance product competitiveness.

The new intelligent products business also maintains a good development momentum, with BYD continuing to focus on new product research and development. Among them, 3D printers and AI servers achieved mass production within the year, while liquid cooling and power supply products completed development, injecting new momentum into business growth