Morningstar

BYD Co Ltd Class H 01211

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Company Report

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

Vincent Sun

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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Price vs Fair Value

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01211 is trading at a 632% premium.
Price
HK$275.80
Fair Value
HK$151.00
Uncertainty
High
1-Star Price
HK$461.90
5-Star Price
HK$255.30
Economic Moat
Kmns
Capital Allocation
Pvdbvgxc

Bulls Say, Bears Say

Bulls

BYD’s leadership in in-house battery and plug-in technology will differentiate its products from competitors and ensure the success of its future models, including both electric vehicles and PHEVs.

Bears

Rising competition will place heavy pricing pressure on BYD. As a mass-market brand, the company will need to offer aggressive promotions and discounts to consumers, which will weigh on its vehicle margin outlook.

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News

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Trading Information

Previous Close Price
—
Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
25.76
Price/Sales
1.15
Dividend Yield (Trailing)
1.23%
Dividend Yield (Forward)
1.23%
Total Yield
1.23%

Company Profile

Founded in 1995, BYD is a leading Chinese manufacturer in the design, development, and production of new energy vehicles, or NEVs. In March 2022, the firm discontinued production of internal combustion engine, or ICE, vehicles. Its products primarily target the growing midpriced mass-market segment in China’s passenger vehicle market. The company sold about 3 million passenger NEVs in 2023, accounting for 33% of the Chinese passenger NEV market. Besides automobile production, the company is also engaged in handset components and assembly services, as well as the rechargeable battery and photovoltaics business. After more than 25 years of development, the company has established over 30 industrial parks worldwide.
Sector
Consumer Cyclical
Industry
Auto Manufacturers
Stock Style Box
Large Growth
Total Number of Employees
703,504
Website
https://www.byd.com

Competitors

Valuation

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Metric
01211
NIO
LI
Price/Earnings (Normalized)
 25.76—20.43
Price/Book Value
 5.236.163.16
Price/Sales
 1.151.401.48
Price/Cash Flow
 7.79——
Price/Earnings
01211
NIO
LI

Financial Strength

Metric
01211
NIO
LI
Quick Ratio
 0.340.841.56
Current Ratio
 0.661.111.76
Interest Coverage
 20.47−36.1765.89
Quick Ratio
01211
NIO
LI

Profitability

Metric
01211
NIO
LI
Return on Assets (Normalized)
 4.77%−17.90%7.75%
Return on Equity (Normalized)
 23.24%−99.19%17.88%
Return on Invested Capital (Normalized)
 16.60%−35.12%10.81%
Return on Assets
01211
NIO
LI

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