BYD: Struggling with high-end transformation, from king to mediocrity?

BYD (002594.SZ) released its third-quarter performance for 2024 after the Hong Kong stock market closed on the evening of August 28th. The key points are as follows:

1. The main expectation gap in this quarter lies in the car unit price: The market originally expected the DMI 5.0 model to bring both volume and price increases, predicting a continued quarter-on-quarter rise in unit price. However, the actual results show a continued decrease of 0.5 million RMB in unit price this quarter, leading to a miss in market expectations for the gross profit margin and revenue of the automotive business.

2. Significant decline in automotive gross profit margin, the once king of gross profit margin seems to be turning mediocre: The automotive business gross profit margin for this quarter dropped from 28% in the first quarter to only 22.4% this quarter, and excluding the battery business, the actual gross profit margin for the manufacturing business has dropped to less than 20%. The once king of gross profit margin seems to be turning mediocre.

3. Unit depreciation is starting to rise, posing obstacles to the gross profit end: Despite a 68% increase in sales volume this quarter and the expected continued decline in manufacturing costs due to the release of economies of scale and an increased proportion of low-priced models, the unit cost continues to show an upward trend. This may be due to the continued increase in unit depreciation costs.

The unit depreciation cost (only for the automotive and battery businesses) has risen from around 13,000 RMB in 2023 to 18,000 RMB in the first half of 2024. This may be attributed to BYD's accelerated depreciation of fixed assets, which may also pose certain obstacles to the gross profit margin in the following year.

4. However, due to some control over operating expenses, the net profit per unit has increased quarter-on-quarter: Although the automotive gross profit margin declined significantly this quarter, the operating expenses were well controlled, with the most significant reduction in research and development expenses. Coupled with the release of economies of scale on the sales side, the net profit per unit rose to 8,600 RMB, basically meeting the market's expectations of 8,500-9,000 RMB.

5. Both the overseas and high-end business segments performed weakly this quarter: The weak performance in the high-end segment is partly attributed to new product rhythm issues, but also due to increased competition, with Aito and Huawei competing for market share in the hybrid high-end market. The slowdown in overseas expansion is expected to accelerate in the second half of the year.

Overall view of Dolphin:

Amidst the price war in the automotive industry, even BYD, known for its strong cost control capabilities, saw a significant decline in gross profit margin this quarter. Both the revenue and gross profit margin of the automotive business fell short of market expectations, with the core reason behind this expectation gap being the car unit price.

In the second quarter, BYD's car unit price (including a rough estimate of the battery business) was only 13.6 million RMB, a decrease of 0.5 million RMB compared to the first quarter. The market had completely misjudged BYD's second-quarter unit price, estimating that it could rise to 15.7 million RMB this quarter. The misjudgment may have been based on the belief that the launch of the DMI 5.0 version would lead to a simultaneous increase in volume and price.

However, the decline in unit price this time was completely within Dolphin's expectations. By dissecting BYD's car sales volume structure, Dolphin discovered several key changes:

1) The proportion of high-end models in sales structure (Tang + Yuanwang + Formula Leopard) + the proportion of overseas sales has declined, with the overseas model proportion showing a significant decrease in the sales structure, dropping by 5% to 10.7% this quarter.

2) BYD is gradually losing market share in the mid-to-high-end market: BYD has always had difficulty breaking through in the pure electric high-end market, but the plug-in hybrid high-end market has performed well. However, this quarter, the plug-in hybrid mid-to-high-end segment has shown a clear trend of weakness, leading to an overall decline in both the proportion of mid-to-high-end models in sales structure and market share.

Both the mid-range plug-in hybrid models Tang DMI + Han DMI, and the high-end models (Tang + Yuanwang + Formula Leopard) have shown a declining trend in market share.

The reasons behind this are partly due to product timing issues, with a lack of new mid-to-high-end models in the first half of the year. However, the mid-to-high-end hybrid market is gradually becoming the battleground for Aito and Li Auto. BYD's market share in the mid-to-high-end segment is being taken over by these two giants. Judging from BYD's recent actions (price reductions + cooperation with Huawei on smart driving), BYD is eager to break through.

However, breaking through in the high-end market is not something that can be achieved overnight, especially for models priced above 300,000 yuan, which require high standards in intelligence, brand power, and channel marketing. Dolphin Jun believes that the main driving force for BYD's single-car ASP and gross margin improvement in the second half of the year may still come from the switch from the basic model base (mid-low-priced models) to DMI 5.0 models (priced higher than the Honor version) + an increase in the proportion of overseas sales.

Fortunately, despite the loss of gross margin this quarter, profits have still been released, mainly due to BYD's restraint on operating expenses and the leverage released by the rebound in sales. The net profit per vehicle has risen to 8600 yuan, which is in line with the market expectations of 8500-9000 yuan, as seen by Dolphin Jun.

PS: BYD is a company with a complex business structure, covering automotive, mobile phone components and assembly, secondary rechargeable batteries, and photovoltaics. However, Dolphin Jun's in-depth articles on BYD completed in July last year, "BYD: The Best Electric Vehicle Manufacturer" and "BYD: Seeking Stability After a Sharp Rise", have already identified the core for everyone. Although the business is diverse, the core focus is on the automotive business. For those who need to understand this company, you can start by reviewing the above two analyses.

Here is a detailed analysis:

I. The automotive business missed market expectations in both gross profit margin and revenue, mainly due to a decline in unit price

1. The gross profit margin of the automotive business (including the battery business) has dropped significantly this quarter!

BYD's second-quarter gross profit margin for the automotive business, excluding BYD Electronics, reached 22.4%, a nearly 6% decrease from the previous quarter, lower than the market's expected 24%. Referencing Dolphin Jun's in-depth analysis of BYD in "Price Butcher Still Profits Big, Why Can BYD Fight Against All Odds?", it was calculated that, The incremental contribution of self-produced batteries to gross margin is approximately around 3%-4%, while BYD's actual gross margin on the car sales side this quarter may have dropped to less than 20%!

The main reason for the significant deviation from expectations lies in the severe decline in unit price. The market's expectations were completely misjudged. The market believed that the DMI 5.0 models would drive both volume and price increases. However, this time the decline in unit price was completely within Dolphin Jun's expectations. Specifically:

1) Unit Price: The average car price in the second quarter was 136,000 yuan (rough estimate including the battery business), a decrease of 5,000 yuan compared to the previous quarter, mainly due to:

a) The proportion of high-end models (Tang, Yuanwang, Formula Leopard) and overseas sales in the sales structure has decreased: High-end models and overseas models usually have higher ASP per unit. However, in this quarter, the proportion of high-end models and overseas models in the sales structure decreased from 21.8% in the first quarter to 15.3% in the second quarter, with a significant decrease in the proportion of overseas models, which decreased by 5% to 10.7% in the sales structure.

b) BYD is gradually losing market share in the mid-to-high-end segment: BYD has always had difficulty breaking through in the pure electric high-end market, but the performance of plug-in hybrid high-end models has been good. However, this quarter, plug-in hybrids in the mid-to-high-end segment have shown a clear trend of weakness, leading to a downward trend in both the proportion of mid-to-high-end models in the sales structure and market share.

Both mid-range plug-in hybrid models Tang DMI and Han DMI, as well as high-end models (Tang, Yuanwang, Formula Leopard), have shown a decline in market share.

(Will be analyzed in detail in the following text)

c) The Honor Edition models were successively launched in February, with prices further reduced compared to the Champion Edition's suggested prices, affecting all of the second quarter: The BYD Honor Edition models are generally priced 1-3 thousand yuan lower than the 23 Champion Edition models, bringing the main price range of BYD plug-in hybrid models from the original 10-20 thousand yuan to 8-15 thousand yuan.

Due to the price reduction of the Honor Edition, the best-selling plug-in hybrid model Qin Plus DM-i + Destroyer 05 Honor Edition, priced at only 7.98-12.58 thousand yuan, increased its proportion in the model structure by 5.5% in the second quarter, but also further lowered the ASP per unit.

d) The market's expectation of the DMI 5.0 models being launched to bring about a simultaneous increase in volume and price per unit led to an expected increase in unit revenue to 157,000 yuan compared to the previous quarter. However, this quarter, only the Qin L DM-i and Leopard 06 models were newly launched under the DMI 5.0 series. On one hand, their pricing was lower than the market's expectations (9.98-13.98 thousand yuan), and on the other hand, due to the climbing sales volume, their proportion in the model structure only increased by 4.1% in the second quarter. It is expected that the impact brought by the DMI 5.0 models will be fully reflected starting in the second half of the year.

2) Single Vehicle Cost: The cost of a single vehicle is actually increasing

In the second quarter, the cost of a single vehicle was 105,000 yuan, an increase of 4,000 yuan compared to the previous quarter. Despite the scale effect of a 68% increase in sales volume this quarter and the expected decrease in manufacturing costs due to a higher proportion of low-priced models, the cost is showing a continued upward trend.

It appears that the main reason for the increase in single vehicle cost may lie in the continued increase in the depreciation cost of a single vehicle. The depreciation cost per vehicle (only for the automobile and battery business) has risen from around 13,000 yuan in 2023 to 18,000 yuan in the first half of 2024, possibly due to BYD's accelerated depreciation of fixed assets.

3) Single Vehicle Gross Profit: The price of a single vehicle decreased by 5,000 yuan compared to the previous quarter, while the cost of a single vehicle increased by 4,000 yuan. As a result, BYD only made a gross profit of 30,000 yuan per vehicle sold in the second quarter, with the overall gross profit margin for vehicle sales (including the battery business) dropping from 28.1% in the previous quarter to just 22.4% in this quarter.

2. BYD is gradually losing market share in the mid-to-high-end segment

BYD has been facing challenges in breaking through the high-end pure electric market, but its performance in the high-end plug-in hybrid market has been good. However, this quarter, the mid-to-high-end plug-in hybrids have shown a significant weakening trend, leading to a decline in both the sales structure and market share of mid-to-high-end models overall.

The proportion of vehicles priced above 200,000 yuan had been steadily increasing in the second half of 2023, but after reaching a peak in February this year, it rapidly declined from 27.6% to just 18.7% by July.

The market share of mid-to-high-end models also dropped from 8.4% in February 2024 to 6.7% in July 2024, with the main reason for the decline being the weak performance of BYD's mid-to-high-end plug-in hybrid models.

1) Plug-in Hybrid Models: Significant decline in market share and market share of BYD's mid-to-high-end plug-in hybrid models

As Dolphin observed in the following analysis of BYD's market share, the overall market share of BYD's plug-in hybrids has been on the rise, but the models that are driving this increase are all low-priced models. However, both the sales structure and market share of BYD's mid-to-high-end plug-in hybrids priced above 200,000 yuan have shown a rapid decline trend.

Specifically, whether it's the mid-range plug-in hybrid models like Tang DMI and Han DMI, or the high-end models (Tang, Yuanwang, and Fangchengbao), both the market share and sales structure have shown a declining trend.

（Specifically, in terms of models: BYD's plug-in hybrid models priced above 200,000 RMB (especially Tang DMI+Han DMI) have been affected by competition from Huawei and Aito extended-range models this year. Among the 20-30,000 RMB models, the sales ranking of plug-in hybrid models has shifted from being dominated by BYD to being taken over by Li Auto L6 and Aito M7 this year, while the monthly sales of Tang DMI and Han DMI have dropped from a peak of 17,000-18,000 units to around 10,000 units in July.

BYD's high-end models (Tang, Yuanwang, and Fangchengbao) are also mainly plug-in hybrids. However, the sales of Tang D9 DMI have struggled to exceed 10,000 units this year, the sales of Yuanwang U8 have dropped from a peak of nearly 1,700 units to less than 500 units in July, and the sales of Fangchengbao 5 have now dropped to less than 2,000 units.)

The main reasons behind this are, on the one hand, due to product rhythm issues, there have been no new high-end plug-in hybrid models in the first half of the year, and on the other hand, competition has intensified. The mid-to-high-end plug-in hybrid market has gradually become the battleground for Aito and Li Auto, with BYD losing market share in the mid-to-high-end plug-in hybrid market to these two competitors. From BYD's adjustments to mid-to-high-end plug-in hybrid models, it is clear that BYD is eager to break through:

1. Price Reduction: BYD has reduced the price of its Fangchengbao 5 by 50,000 RMB, directly competing with Tank 300 Hi4-T; the new Hai Bao 07 based on DMI 5.0 has been priced 7%-11% lower than the old model, below market expectations.

2. Initiating cooperation with Huawei to address shortcomings in intelligence: BYD's upcoming mid-sized SUV, Leopard 8, will cooperate with Huawei on intelligent driving, expected to be equipped with Huawei's Qiankun intelligent driving ADS 3.0 to address intelligence shortcomings.

2) Pure Electric Models: BYD's market share in the mid-to-high-end pure electric market is relatively stable, but lacks blockbuster models

BYD has always struggled to create blockbuster pure electric models, with the market share of pure electric models priced above 200,000 RMB dropping to around 7.3%/4.8% in July, but the market share is relatively stable compared to plug-in hybrids.

BYD's adjustments to mid-to-high-end pure electric models include:

1. New models equipped with the 800V platform and further upgrades in intelligence: BYD's new Hai Bao EV launched in August, equipped with the new upgraded E platform 3.0 Evo (twelve-in-one intelligent electric drive), 800V fast charging, and intelligent features such as laser radar and upgraded DPilot 300 chip.

2. E4.0 pure electric platform will be released in the fourth quarter, specific information about the platform may need to be obtained from the performance conference disclosures.

However, Dolphin Jun is currently conservative about high-end models (Tang, Yuanwang, Fangchengbao), partly because the pricing of BYD's models in the second half of the year is relatively high: except for Bao 3, all are priced above 300,000 RMB. Bao 3 is positioned as somewhat niche, but models priced above 300,000 RMB require high standards in intelligence, brand power, and channel marketing, which BYD's disadvantages may not be able to overcome in the short term.

On the other hand, from an industry perspective, it is difficult for high-end pure electric vehicle models to become explosive hits (currently only Nio has firmly established itself with over 300,000 pure electric vehicles), while in the second half of the year, BYD will launch more high-end pure electric vehicle models.

With Dolphin Jun's conservative expectation that it is difficult to achieve a breakthrough in the short term in terms of high-endization, Dolphin Jun believes that the upward trend in ASP of single vehicles in the second half of the year may still come from the switch from basic sales volume (mid-to-low-priced models) to DMI 5.0 models (pricing higher than the Honor version) + an increase in the proportion of overseas sales.

3. The overseas expansion process slowed down in the second quarter, but is expected to accelerate in the second half of the year

BYD's two main directions to improve gross profit margin are high-endization and overseas expansion. High-endization performed weakly this quarter, but overseas expansion also showed a trend of slowing down.

In the second quarter, BYD's overseas sales volume reached 105,000 vehicles, a slight increase from the 98,000 vehicles in the first quarter, but the proportion of overseas sales volume dropped significantly, from 15.7% in the first quarter to 10.7% in this quarter.

Looking at the proportion of BYD's export volume to the export volume of new energy vehicles, it decreased by 2.2% to 19% in the second quarter compared to the first quarter, and the export market share in July also dropped to 17.9%, showing a trend of slowing down in overseas expansion.

However, part of the slowdown is due to seasonal fluctuations (historically, June and July are off-seasons) + the impact of EU tariff policies, and on the other hand, it may be related to the company's own adjustment of the pace of overseas expansion.

Looking ahead to the second half of 2024, BYD's overseas production capacity will start to take effect, with a total overseas production capacity of 350,000 vehicles expected in 2024.

(In Uzbekistan (currently with a capacity of 50,000, expanding to 300,000), production of the Song Plus DM-I and Destroyer 05 began in June, production at the Thailand factory (with a capacity of 150,000) will start in July (producing Dolphin, Seal, and Yuan Plus), and the factory in Brazil will also start production in the second half of the year (with a capacity of 150,000).)

With the peak season in overseas markets approaching in the second half of 2024 and new production capacity gradually coming online, overseas expansion is expected to accelerate in the second half of the year. Achieving a sales volume of 500,000 for the whole year is highly feasible. BYD expects to achieve its export target of 500,000 vehicles this year and reach 1 million vehicles by 2025, contributing to the company's sales target and gross margin improvement.

Regarding the market's concerns about the impact of European tariffs on BYD, Dolphin Jun believes:

Europe has slightly reduced the additional tariffs on BYD to 17%, better than the market's expectations of 20%-30%. Currently, Europe accounts for 15% of the company's overseas sales, and the impact is relatively manageable.

In addition, European tariffs only apply to pure electric and extended-range vehicle models, while plug-in hybrid models have not been subject to tariffs. In the short term, BYD can increase the proportion of DMI models exported to Europe, seize a share of the European local HEV market (with a 26% market share in Europe, dominated by Japanese brands) based on affordability, no range anxiety (less reliance on infrastructure), and in the long term, rely on localized production (the Hungary factory is planned to start production in October 2025).

4. Revenue fell below expectations due to lower unit prices

Excluding BYD Electronics, BYD's revenue in the second quarter of 2024 was 134.1 billion yuan, significantly lower than the market's expected 147.7 billion yuan, with the reason for the expectation gap still lying in car unit prices.

However, BYD's financial report for this quarter also has several highlights:

5. Stable performance of the sales base, with the launch of the Honor Edition + DMI 5.0 models driving market share recovery

The company's car sales in the second quarter were 990,000 units, a 58% increase from the previous quarter. The main reason for the quarter-on-quarter increase in sales in the second quarter was the launch of the Honor Edition new model in mid-February, which further lowered the price compared to the Champion Edition's suggested price, and the delivery of the DMI 5.0 model starting in May, which boosted sales. The main price range of BYD's plug-in hybrid models has also decreased from 100,000-200,000 yuan to 80,000-150,000 yuan.

Dolphin previously mentioned in-depth in BYD's strategy in this price range:

1. First, by utilizing the leading edge of DMI technology, achieving the ultimate in core pain points in the same price range: range and fuel consumption, to seize market share in the hybrid market.

2. After the narrowing of the technological advantage, BYD uses "the same technology, lower price" strategy, leveraging its vertical integration scale advantage. With a sufficiently superior gross profit margin, BYD uses a pricing strategy to ensure sufficient capacity utilization of backend heavy assets to maintain market share in hybrids.

Dolphin predicts that BYD in 2024-2025 will use two powerful tools - technology (DM 5.0) + price reduction (Honor Edition) to accelerate the phase-out of gasoline vehicles in the 50,000-150,000 price range, regaining some of the market share lost in 2023.

Looking at the results of market share in this quarter, BYD's market share quickly rebounded from 31.5% in the first quarter to 36.1% in this quarter, with the main reason for the rebound being the increase in plug-in hybrid market share.

BYD's plug-in hybrid market share surged from 42% in the first quarter to 49% in the second quarter. In terms of BYD's own sales structure, the best-selling Honor Edition Qin Plus DMI+Destroyer 05 DMI accounted for a 5.5% increase in the proportion of second-quarter sales, while the Qin L DMI+Seal 06 model under DMI 5.0 accounted for a 4.1% increase in the proportion of second-quarter sales. These four models are the main drivers of the increase in plug-in hybrid market share.

6. Controlled investment in operating expenses this quarter led to profit release

1) R&D Expenses: Smart and high-end development is still filling the gaps

In the second quarter, R&D expenses were 9 billion, significantly lower than the market's expected 10.6 billion, a decrease of 1.6 billion compared to the previous quarter. It can be seen that BYD's investment in R&D in this quarter was very restrained.

BYD's main direction of R&D investment is still in smart technology, especially on the upcoming E4.0 electric platform in the second half of the year. From the currently released models, BYD is making efforts to fill the gaps in smart technology in mid-to-high-end models: including cooperation with Huawei, and equipped with DPilot 300 chips and LiDAR, the Tang Z9 GT can achieve nationwide high-speed NOA mass delivery, and urban NOA is also accelerating.

2) Marketing Expenses: Investment in high-end brand channel construction + marketing expenses for the launch of the Honor Edition/DMI 5.0

In the second quarter, sales expenses were 7.5 billion, an increase of 700 million compared to the previous quarter, exceeding the market's expected 7.1 billion.

BYD's marketing expenses this quarter are mainly used for the marketing expenses of the Honor Edition and DMI 5.0 models. At the same time, BYD adopts a direct sales model for its high-end models such as Tang, Yuanwang, and Fangchengbao (while using a dealer model for Wangchao and Haiyang models), requiring increased marketing expenses for store expansion.

3) Administrative Expenses: Lower than market expectations at 4.2 billion

In the second quarter, administrative expenses were 3.9 billion, an increase of 160 million compared to the previous quarter, but lower than the market's expected 4.15 billion, showing relatively reasonable control.

7. Net profit per vehicle shows some recovery

The core operating profit margin in the second quarter was 5.3%, an increase of 2.1% compared to the previous quarter. Although the gross profit margin declined significantly, this quarter's expenses were somewhat restrained, with an operating expense ratio decreasing by 5%.

At the same time, other income in this quarter increased by 1.2 billion compared to the previous quarter (possibly due to government subsidies). With expenses being restrained, sales volume recovering, operating leverage being released, and the increase in other income, BYD's net profit per vehicle (including the battery business) rose to 8600 yuan. This is in line with the market's expectations of 8500-9000 yuan.

II. Accelerated growth in the energy business

BYD's installed capacity of power batteries and energy storage (including self-supply and external supply) reached 42.8GWh in the second quarter, a 44% increase compared to the previous quarter, indicating accelerated growth in the energy business.

Breaking it down, the growth of the energy business this quarter mainly came from the increased growth rate of power battery business. In the second quarter, the shipment volume of power batteries was 32GWh, a 28% increase compared to the previous quarter, mainly driven by the recovery in sales volume, with a 5.5% increase in domestic market share of power batteries.

However, the growth rate of new energy vehicle sales in the second quarter reached 58%, significantly higher than the growth rate of power battery shipments. This is partly due to the increase in the proportion of plug-in hybrid models this quarter (from 52% in the first quarter to 57%), and partly due to the decrease in the proportion of higher-capacity BYD high-end models.

In the second quarter, the shipment volume of energy storage was 7Gwh, a decrease of 3.6Gwh compared to the previous quarter, indicating a slowdown in energy storage shipments.

III. Bright Performance of BYD's Electronic Business

In the second quarter, the revenue of the mobile parts and assembly business operated by BYD Electronics reached 42.1 billion yuan, significantly exceeding the market expectation of 35.6 billion yuan, directly driving total revenue above market expectations. The gross profit margin in the second quarter was 6.8%, basically the same as the previous quarter.

1) Consumer Electronics: In the first half of 2024, revenue reached 63.3 billion yuan, a year-on-year increase of 54%, mainly benefiting from the growth of component revenue, which increased by 205.8% year-on-year to 15.25 billion yuan.

According to IDC, global smartphone shipments in 2Q24 continued to grow by 6.5% year-on-year, with market demand picking up. The growth in consumer electronics revenue was mainly driven by the expansion of product brands for overseas major customers.

It is expected that the year-on-year growth of the company's Android complete machine assembly and component business, as well as the increase in market share of overseas major customers, will drive the growth of consumer electronics business.

2) Growth in the Automotive Business: Revenue in the first half of 2024 reached 7.76 billion yuan, an increase of 26.5% year-on-year.

Benefiting from the year-on-year growth in sales of new energy vehicles by the parent company BYD, as well as the continuous growth in shipments of products such as intelligent cabins, intelligent driving assistance systems, and thermal management, the revenue of the group's new energy vehicle business segment has continued to grow.

Dolphin's Historical Articles:

Financial Report Season

April 29, 2024 Financial Report Review "BYD: Automotive Business Gross Margin "Killing in All Directions", Successfully Crossing the Low Point?"

March 27, 2024 Financial Report Review "The "Price Butcher" BYD: Blood Battle with Bright Weapons, Dawn is Near" March 29, 2024 conference call " 24-year sales target increased by 20% on the basis of 23 years"

October 30, 2023 financial report review " BYD, speeding towards "money", is it enough?"

August 28, 2023 financial report review " BYD: The embarrassment after the "windfall", what ace is left?"

August 29, 2023 conference call " Under the price war, company profitability is not a problem, Q3 profits will be even better (BYD minutes)"

April 28, 2023 financial report review " BYD: In the electric car price war, making money is the real skill"

March 29, 2023 conference call " BYD minutes: High-end supports profits, mid-to-low end spreads costs, internationalization reshapes BYD"

March 29, 2023 financial report review " BYD: Counterattacking Buffett's selling pressure after the windfall"

October 29, 2022 financial report review " Abandoned by Buffett? BYD confidently hands in the paper"

August 31, 2022 conference call " BYD: Using procurement to lower prices to digest subsidy decline, next year's annual production target is 4 million vehicles (conference call minutes)" 2022年8月30日财报点评"Peeling the Label Moment: Will BYD Embrace a Magnificent Transformation into a 'Money-Making Machine'?"

2022年4月28日财报点评"BYD: Sales Guaranteed, Smoothly Passing the Year-Opening Examination"

2022年3月30日电话会"Black Technology Boosts Product Upgrades, BYD's Sales in 2022 Still Strong (Meeting Minutes)"

2022年3月30日财报点评"The 'Torn' BYD: Selling Cars is Easy, Making Money is Difficult"

2021年10月28日财报点评"Beyond Sales, BYD Falls Short of Expectations"

2021年8月28日财报点评"BYD: Performance Falls Short of Imagination, Investment Logic Discounted"

Hot Topic

2022年7月12日"Buffett Selling BYD? Case Solved"

In-Depth

2024年7月11日"BYD: The Final Battle!"

2024年7月4日"The Price Butcher Still Profits Big, Why Can BYD Fight Against All Odds?" August 10, 2021 "BYD Company (Part 2): After the surge, seeking stability in wealth?"

July 23, 2021 "BYD Company: The best electric vehicle manufacturer in making batteries | Dolphin Research"

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