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<Research>CMS: BYD COMPANY 1Q GPM Surges; New Techs, Export Premiumization to Boost Profit
Recommend 12 Positive 16 Negative 5 |
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BYD COMPANY (01211.HK)'s 1Q24 net profit amounted to RMB4.57 billion, up 10.6% YoY, in line with expectations, CMS issued a research report saying. The performance was solid despite the overall weak market conditions, while the increase in the proportion of high-end products and exports is the key driver for results growth. Gross profit margin was 21.9%, up 4 ppts YoY. Gross profit margin on auto sales (excluding BYD Electronics) was 28.1%, up 7.3 ppts YoY. The substantial increase in auto gross profit margin against the trend is the biggest highlight of the quarterly report, reflecting the Company's strong large-scale cost control capabilities, and the realization of the product structure upgrade, CMS added. High-margin brands of Denza, Fangchengbao and Yangwang accounted for 6.2% of total sales, while passenger car exports contributed 15.7%. CMS expected the Company's 1Q24 profit margin to be relatively low, and to rebound from 2Q24. CMS maintained its profit forecast unchanged, with rating kept at Overweight and a target price of $300. AAStocks Financial News |
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