BYD, the "global new energy sales leader" and "China's passenger car sales leader", faced the market's high expectations and delivered a nearly perfect financial report since its listing.
On the evening of March 28, BYD (002594.sz) released its full-year results for 2022, with operating income of 424.061 billion yuan, a year-on-year increase of 96.2%, and net profit attributable to shareholders of listed companies of 16.622 billion yuan, a year-on-year increase of 44.586%. , deducting non-net profit of 15.638 billion yuan, a year-on-year increase of 1146.42, and all core operating data hit record highs. At the same time, the scale effect and the continued increase in sales of high-value models have also led to a significant increase in BYD's bicycle profits.
In 2022, as the automotive industry faces many difficult challenges such as structural shortages of chips and high raw material prices, it is no exaggeration to describe BYD as "invincible".
BYD uses technology to drive product volume and price to rise, accelerating its entry into the high-end market. Through self-research and production of core components such as blade batteries, we have achieved vertically integrated supply of the industrial chain, greatly improved our cost optimization capabilities, built a maximum anti-risk barrier, and further consolidated our position as a leader in new energy vehicles.
The more intense the market competition, the more it can temper BYD’s development vitality, whether it is the driving force for technological innovation, the confidence in market sales and growth, or the rich matrix of “hot-selling” products, BYD There is still more room for growth and expectations left to the outside world.
The market scale effect appears
Data from the China Association of Automobile Manufacturers shows that in 2022, the production and sales of new energy vehicles in China will be 7.058 million and 6.887 million respectively, a year-on-year increase of 96.9 and 93.4, with market share The rate increased to 25.6.
In the context of the explosive growth of the industry, BYD's new energy vehicle sales are even more impressive. In 2022, the cumulative sales of 1.8635 million vehicles, a year-on-year increase of 208.64, of which 911,000 pure electric vehicles were sold, a year-on-year increase of 208.64%. An increase of 184, with 946,000 plug-in hybrid vehicles, a year-on-year increase of 247.
Since last year, BYD has successively launched many blockbuster models such as Yuan PLUS, Han Qianshan Cui Limited Edition, Seal, Tang DM-p, Denza D9, Yangwang U8, Yangwang U9, etc., many of which are "explosive". "Models", for example, the Han family sold more than 270,000 vehicles throughout the year, becoming the annual sales champion of B-class and C-class cars, and the Tang family sold more than 150,000 vehicles throughout the year. According to data from the China Association of Automobile Manufacturers, BYD's new energy vehicle market share in 2022 will be 27, a year-on-year increase of nearly 10 percentage points, making its industry leading position increasingly prominent.
With the boost of scale effect, it can effectively alleviate the cost pressure caused by rising prices of upstream raw materials and promote BYD's substantial profit growth. The annual report shows that BYD's overall gross profit margin reached 17.04 last year, an increase of 4.02 percentage points from 2021. Among them, the gross profit of bicycles reached 36,700 yuan, an increase of 35.42% from 27,100 yuan in 2021. Unlike previous models that were concentrated in the price range of 100,000-200,000 yuan, BYD’s new Han family, Tang family and other models will be sold for around 300,000 yuan in 2022. , the average transaction price of Han family bicycles exceeds 250,000 yuan, and the price of Denza brand has reached 400,000 yuan, in order to seek higher profits.
Entering 2023, BYD’s growth momentum remains unabated. As of the 12th week of this year, BYD’s (excluding Denza) cumulative sales reached 357,278 vehicles, surpassing FAW-Volkswagen and SAIC-Volkswagen combined by 343,915 vehicles. This is the first historic moment in the 40-year development history of China's passenger cars that an independent brand has reached the top.
Based on the five major product matrices of Dynasty, Ocean, Denza, Yangwang and personalized brand "F", it covers all-round and all-scenario car needs from home to luxury. With its leading battery, motor, electronic control Core technology, BYD's product strength is getting stronger and stronger. With the intensive launch of new models in 2023, the further increase in market share, and the expansion of high-end brands into high-priced and market segments, BYD's revenue profits and brand premium value are promising, and it will better lead the rise of independent brands.
An Xin Securities research report pointed out that in 2023, high-end models such as Denza N7, Yangwang U8 and Yangwang U9 will be launched one after another. The sales proportion of high value-added models is expected to increase, and the sales structure will continue to be optimized, which is expected to bring more High bicycle profitability.
Comprehensively build technological advantages
"Technology is king, innovation is the basis" is the development philosophy that BYD has always adhered to. As early as 2003, BYD entered the automotive industry with the original intention of "green and sustainable development", gradually mastered core technologies such as batteries, motors, and electronic controls, and achieved independent control of the industrial chain. Now twenty years have passed, BYD is still glowing with the charm of technological innovation.
BYD has always been generous in technology research and development. In 2022, its cumulative R&D investment reached 20.223 billion yuan, a year-on-year increase of 9.031%. It already has more than 69,000 R&D engineers and has applied for more than 40,000 patents and authorized patents worldwide. There are more than 28,000 patents, 19 patent applications, 15 patent authorizations every day, and 4 patent gold awards, whether it is core technologies such as blade battery, DM-i super hybrid, e-platform 3.0, or CTB battery body integration. BYD's technological moat has been strengthened step by step.
DM-i super hybrid, as the master of BYD’s hybrid technology, uses 43.04 thermal efficiency Snapcloud engine, flat wire motor, power blade battery and other technologies to achieve a range of more than 1,000 kilometers and a 4L loss per 100 kilometers. The strong product power of electric fuel consumption, dimensionality reduction and joint venture oil vehicles will subvert the fuel industry to the end.
The pure electric e-platform 3.0 adopts eight-in-one powertrain, CTB battery body integration, 800V high-voltage platform and other technologies to realize the platformization of the vehicle architecture and the integration of core modules, which is expected to further reduce costs and support Product power is improving.
Sitting on a considerable number of new energy technology "fish ponds" to promote continuous product upgrades, BYD continues to lead technological innovation with its technical strength. At the beginning of this year, the Yangwang brand released the disruptive "Yi Sifang" technology platform, which has three core control technologies: four-motor independent control, extreme anti-skid control, and body stability control. It can realize vehicle U-turn in place, high-speed tire blowout control, and emergency response. Scenery capabilities such as floating water. With the maturity and application of "Yi Sifang" technology, BYD has officially released a new million-level high-end brand "Zhangwang". This year, it will also launch a professional and personalized brand (internally codenamed "F Brand"). The first product will focus on off-road field.
In addition, the upcoming blockbuster technology "Yun Nian" system has also attracted great attention. It is understood that this is BYD's full-stack self-developed technology for the vertical intelligent integration of new energy vehicles.
When the dividends of the new energy subsidy policy recede and the industry is shifting from high-speed development to high-quality development, BYD’s technological core value will be fully reflected. The strengthening of the comprehensive competitiveness of future products will definitely bring benefits to the development of the enterprise. Here comes new energy.
Accelerate overseas expansion and expand global layout
"Going overseas" is another highlight of BYD's growth. After starting the overseas globalization of new energy passenger vehicles in 2021, BYD will accelerate development in 2022 Europe, Asia-Pacific, America and other regional markets, and ranks among the top sellers in many markets.
In February 2022, Yuan PLUS (BYD ATTO 3) started pre-sales in Australia, and orders were booming; in July, BYD officially entered the Japanese passenger car market, debuting with three models; in September, BYD Three models, Han EV, Tang EV and Yuan PLUS, were launched for the European market and were launched at the Paris Auto Show in France in October. In November, BYD launched two models, Song PLUS DM-i and Yuan PLUS, in the Brazilian market; Yuan PLUS was launched in Thailand The launch triggered a midnight rush among local users, and the model even topped the sales volume of a single model in Israel for three consecutive months.
In addition, in terms of promoting the internationalization of the passenger car industry, in September 2022, the first overseas passenger car factory wholly invested by BYD officially landed in Thailand. The factory is expected to start operations in 2024 , with an annual production capacity of approximately 150,000 vehicles, the production models will be put into the local market of Thailand, and will also radiate to surrounding ASEAN countries and other regions.
Overseas markets continue to advance, and there is broad space for exports.
So far, BYD's new energy passenger vehicles have entered 43 countries and regions. In the first two months of this year, BYD achieved nearly half of last year's overseas sales, with cumulative sales reaching 25,400 units, showing strong growth momentum.
In 2023, BYD will continue to accelerate its expansion in the global market. In January, it announced plans to capture 40% of the Indian electric market. Some institutions judge that BYD's passenger car exports are expected to exceed 300,000 units in 2023, entering the threshold of a world-class enterprise.
Conclusion
The 2022 financial report fully reflects BYD's ability to break through against the trend in terms of core technology, product matrix and other aspects. In 2023, BYD's brand improvement, technological innovation, scale effect, and overseas Driven by core factors such as territory expansion, BYD has the potential to continue to grow rapidly.
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