BYD Co Ltd Class H

01211: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$718.00	Yhd	Hwkszbpjm

BYD Earnings: Revenue and Profit in Line; Cost Control Offsets Weak Vehicle Margin

Vincent Sun

Aug 29, 2024

BYD’s second-quarter revenue and net profit grew by 26% and 33% year over year, respectively, with first-half accounting for 51% and 44% of our previous full-year forecast. However, as positive factors, such as higher export volume contribution and lower battery material cost, were dented by industry competition and BYD’s aggressive pricing strategy during the period, the company reported 3 percentage points decrease in gross margin compared with the last quarter.

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