投資概要
三季度業績靚麗，領先地位穩固
2024 年前三季度，比亞迪實現總收入 5022.51 億元（人民幣，下同），同比+18.94%；
實現歸母淨利潤 252.38 億元，同比+18.12%，折合基本每股收益 8.68 元/股，去年同期
為 7.35 元/股。分季度看，公司一/二/三季度歸母淨利潤分別為 45.7/90.62/116.07 億
元，同比+10.62%/+32.8%/+11.47%，收入則分別為 1249.44/1761.82/2011.25 億元，同
比增速分別為+3.97%/+25.89%/+24.04%。
毛利率環比大幅修復，研發投入加大
第三季度公司毛利率 21.89%，同比略降 0.23 個百分點，位於上市以來第五高，環比大
幅提升 3.2 個百分點。主要原因在於二季度車市價格戰較為激烈，而三季度公司車型
銷售結構優化，DM5.0 的銷量占比提升，另外原材料價格回落和銷量擴大（Q3 銷量同
比大增 38%，突破百萬台）帶來的規模效應也貢獻了盈利能力。
第三季度銷售費用率 4.77%，同比+0.83 個百分點，主要系廣告展覽費和折舊及攤銷增
加所致；管理費用率 2.34%，同比+0.21 個百分點；為保持在電池技術和自動駕駛領域
的競爭優勢，公司加大了對研發的投入，研發費用達 137 億元，同比+52%，環比
+23.4%，研發費用率 6.81%，同比基本持平；財務費用率 0.48%，同比+0.58 個百分
點，主要系匯率變動影響匯兌損益變動所致。剔除比亞迪電子的數據，汽車業務相關
財務數據增速和整體增速基本一致，其歸母淨利潤 105.9 億元，同比+12.6%，環比
+28.1%。折算單車淨利潤 0.93 萬元/台，環比+7.3%，同比-17%，同比下降主要因 2 月
起公司推出榮耀版低價車型應對市場價格戰，單車均價有所下降；環比增長主要系王
朝和海洋兩網逐步推出定位更高的 DM-i 5.0 換代車型，拉高了單車均價及利潤。
三季度經營性現金流為淨流入 420.95 億元，同比環比分別+262 億和+381 億。截至 9
月底公司存貨周轉天數為 71.9 天、應收賬款周轉天數為 38.0 天，較上季度環比明顯改
善。

Investment Summary
BYD Took a Firm Lead by Achieving Exceptional Results in Q3
In the first three quarters of 2024, BYD recorded total revenue of RMB502,251 million, up
18.94% yoy, and net profit attributable to the parent company of RMB25,238 million, up
18.12% yoy. The basic ESP was RMB8.68, from RMB7.35 in the same period of the previous
year. By quarter, the Company's net profit attributable to the parent company was RMB4.57
billion in Q1, RMB9,062 million in Q2 and RMB11,607 million in Q3, climbing by 10.62%,
32.8% and 11.47% yoy, respectively, and revenue was RMB124,944 million in Q1,
RMB176,182 million in Q2 and RMB201,125 million in Q3, representing yoy growth rates of
3.97%, 25.89% and 24.04%, respectively..
BYD's Gross Profit Margin Recovered Notably Q-o-Q and R&D Input was Increased
In Q3, the Company's gross profit margin stood at 21.89%, the fifth highest since the
Company's listing and representing a substantial qoq increase of 3.2 ppts, despite a slight
yoy decrease of 0.23 ppts. The main reason lies in the optimised sales structure of the
Company's models in Q3, in contrast to the fierce price competition in the auto market in Q2.
The increased sales share of DM5.0 and the scale effect driven by lower raw material prices
and expanding sales (sales volume in Q3 surged by 38% yoy and exceeded one million)
significantly bolstered profitability.
In Q3, the sales expense ratio was 4.77%, up 0.83 ppts yoy as primarily driven by higher
advertising and exhibition expenses and amortisation charges, and the administration
expense ratio was 2.34%, up 0.21 ppts yoy. To maintain its competitive edge in battery
technology and autonomous driving, the Company increased R&D input up to RMB13.7
billion, up 52% yoy and 23.4% qoq, representing an R&D expense ratio of 6.81%, basically
flat with that of the same period of the previous year. The financial expense ratio rose by
0.58 ppts yoy to 0.48%, mainly due to the impact of exchange rate changes on exchange
gains and losses. Excluding the performance of BYD Electronic, automobile business saw a
growth rate of financial data basically the same as the overall growth rate, and a net profit
attributable to the parent company of RMB10.59 billion, a yoy increase of 12.6% and qoq
increase of 28.1%. This translated to a single-vehicle net profit of RMB9.3 thousand,
reflecting a qoq increase of 7.3% as driven by the roll-out of the high-end DM-i 5.0
generation in the Company's Dynasty-series and Ocean-series, which boosted the average
single-vehicle price and profit. However, on a year-on-year basis, the single-vehicle net
profit fell by 17%, mainly because the Company introduced the lower-priced Glory edition to
cope with the market's price war, resulting in a fall in the average single-vehicle price.
In Q3, the operating cash flow saw a net inflow of RMB42,095 million, up RMB26.2 billion
yoy and RMB38.1 billion qoq. As at the end of September, the Company spent 71.9 days on
inventory turnover and 38.0 days on accounts receivable turnover, representing a significant
qoq improvement

投資概要
三季度業績靚麗，領先地位穩固
比亞迪於近期發佈 2023 年前三季度業績預告，預計實現歸母淨利潤 205 億元-225 億元
（人民幣，下同），同比增長 120.16%-141.64%；實現扣非淨利潤 183-202 億元，同比
增長 118.8%-141.5%，實現基本每股收益 7.06-7.74 元/股。根據公司的半年報數據測
算 ， 公 司 一 / 二 / 三 季 度 淨利潤 分 別 為 41.3/68.24/95-115 億 元 ， 同 比 增 長
411%/145%/67%-102%。
2023 年前三季度，國內新能源汽車行業保持快速增長，銷量同比增加 37.5%。比亞迪
的新能源汽車銷量在去年同期的高基數（118 萬輛）上實現強勁增長+76%，至 208 萬
輛，並在新能源乘用車市場份額達到 40%，較 2022 年全年提升 11.4pcts。憑藉丌斷提
升的品牌力、銷量持續擴大的規模優勢和產業鏈成本控制能力，以及上游原材料價格
回落，公司繼續於競爭加劇的汽車行業中，保持良好的盈利水平，單車盈利明顯攀
升，第三季單車淨利潤約為 1.16 萬元，環比提高接近三成。手機部件及組裝業務方
面，受益於大客戶份額提升，新能源汽車及新型智能產品等新興業務增長，產能利用
率提升，業務結構也進一步優化，實現盈利大幅改善。

Investment Summary
BYD Took a Firm Lead for its 3Q23 Results
BYD recently published the forecast for its results of Q3 2023. It reported the net profit
attributable to the parent company of RMB20.5-22.5 billion in 9M 2023, up 120-142% yoy;
the net profit after deduction of non-recurring profit or loss of RMB 18.3-20.2 billion, up
119-142% yoy, with the basic EPS of RMB7.06-7.74. Calculated based on the data from the
latest report, its net profit in Q1/Q2/Q3 would be RMB 4.13/6.8/9.5-11.5 billion, up
411%/145%/67-102% yoy.
In 9M 2023, the industry of new energy vehicle in China maintained rapid growth, with sales
volume increasing by 37.5% yoy. BYD’s sales volume of new energy vehicles robustly
increased by 76% from the high base (1,180 thousand units) of 9M last year to 2,079.6
thousand units, with a market share in the market of new energy vehicles reaching 40%,
increasing by 11.4 pcts from the level of 2022. In 2023, BYD owned constantly boosted
brand strength, the scale advantage of continuously expanded sales volume, the cost

control capabilities of industrial chains, and the dropping prices of upstream raw materials.
Due to these strong points, in the auto industry with intensified competition during H1, BYD
continued to maintain good profitability, giving it a markedly rising single vehicle profit. In
H1, BYD had a net single vehicle profit of approximately RMB 11,600, which increased by
near 30% qoq. In terms of the component and assembly business of mobile phones,
benefiting from the increased shares of major customers, and boosted emerging business
such as new energy vehicles, and new types of smart products, BYD promoted its capacity
utilization, further optimized its business structure, and substantially improved its profits.

投資概要
銷量強勢延續，提前達成目標
比亞迪 12 月的汽車銷量 23.5 萬輛，同比+150%（已是連續十二個月錄得三位數增
幅），遠高於國內新能源車的整體漲幅（+47%），環比+2%，其中純電 11.2 萬輛，同
比+132%，環比-2%，插電混 12.3 萬輛，同比+176%，環比+6%。
全年新能源乘用車銷量累計 186.3 万輛，同比+208.64%，超额完成 150 萬台的年度銷
量目標。其中純電動累計+184%，插混累計增速 247%。在刀片電池、DM-i 超級混動、
e 平臺 3.0 和 CTB 電池車身一體化等技術的基礎上，公司丌斷推出的新品競爭力顯著，
在終端市場呈現供需兩旺的格局。

Investment Summary
Continuing the Strong Sales Momentum, the Company Reaches the Target Ahead of
Schedule
BYD sold 235 thousand vehicles in December, +150% yoy (It has recorded a triple-digit
growth for 12 consecutive months), far higher than the overall increase of domestic new
energy vehicles (about +47%), and + 2% mom, including 112 thousand pure electric vehicles,
+132% yoy and down 2% mom, and 123 thousand plug-in hybrid electric vehicles, +176% yoy
and +6% mom.
For 2022, BYD’s new energy passenger vehicles reported a cumulative sales volume of 1,863
thousand units, +208.64% yoy, exceeding its annual sales target of 1,500 thousand units. On
a closer look, the cumulative growth rate of pure electric vehicles was 184%, and that of
plug-in hybrid electric vehicles was 247%. On the basis of the blade battery, the DM-i super
hybrid technology, the e-platform 3.0 and the CTB battery body integration technology, new
products constantly launched by the Company were significant in the competitive strength,
showing a pattern of prosperous supply and demand in the terminal market.

投資概要
銷量一路飆升，六月同比+163%
最新的銷售數據顯示，比亞迪六月份新能源汽車銷量再創歷史新高：共銷售新能源汽
車 134036 台，同比+163%，環比+17%，預計將高於國內新能源車的整體漲幅。前六個
月累計銷量為 641350 台，按年升 314.9%，完成其年度銷量目標 150 萬台的 43%。
分類別看，新能源商用車六月的銷量為 274 輛，同比/環比分別-78%/-64%。純電乘用
車銷售 69544 台，同比+247%，環比+30%；插電混乘用車 64218 台，同比+219.5%，環
比+5.6%，前六個月累計分別為 323519，314638 台，按年+246%，+454%。前者主要由
深圳工廠擴產帶動，後者環比增幅略低則因受長沙工廠停工調查影響。
多款車型持續熱銷，新車密集發佈
六月隨著復工復產持續推進，整體車市回暖。憑藉極強的產品競爭力，王朝系列中的
旗艦車型“漢”持續熱銷，已連續幾個月錄得大幅上漲，六月更是連續兩個月突破 2 萬
+，銷量達到 25439 台，同比+203%，其中漢 DMI 交付同比+386%，漢 EV 交付接近 1.3
萬台。首六個月的累計銷售超 25 萬輛，繼續領跑同級別轎車細分市場。
王 朝 系 列 的 其 他 車 型 銷 量 亦 十 分 強 勁 ： 唐 / 秦 / 宋 / 元 系 列 的 單 月 銷 量 分 別 為
8134/26623/32077/19731 台，同比增幅達到了+159%/+71.7%/+113%/+1494%，前六個
月累計銷售分別 55825/146737/163356/78662 台。
另外，驅逐艦 05/海豚/e 系列則分別錄得 7464/10376/3918 台的銷量。
今明兩年是比亞迪的產品大年，預計合計將推出包括改款車在內的不少於 20 款新車，
今年已經上市了驅逐艦 05、海豹、騰勢 D9、22 款唐 EV、22 款漢 EV、DM-i、DM-p 及
秦 PlusDM-i，下半年及明年，比亞迪將繼續發佈騰勢 SUV、軍艦系列、海獅、海鷗，
產品矩陣進一步完善，同時從目前樂觀的預售情況來看，產品單價預計亦將不斷向上
突破。
政策堅定支持下，產能不斷釋放
5 月以來，中國政府宣佈開展新一輪新能源車下鄉活動，6 月召開的國常會明確支持新
能源汽車消費，並考慮延長免征新能源汽車購置稅的優惠政策，共涉及 26 家車企共
69 款車型，覆蓋面相較 2021 年進一步擴大（2021 年涉及 18 個品牌的 52 款車型）；

Investment Summary
Sales Volume Soars by 163% YoY in June
The latest sales data show that BYD's new energy vehicle sales hit another record high in
June: a total of 134,036 new energy vehicles were sold, up163% yoy and 17% mom, which is
expected to be higher than the overall rise in domestic new energy vehicles. The cumulative
sales volume for the first six months was 641,350 units, up 314.9% yoy, reaching 43% of the
annual sales target of 1,500thousand units.
From the perspective of different types, the sales volume of new energy commercial
vehicles was 274 units in June, down 78% yoy and 64% mom. The sales volume of pure
electric passenger vehicles was 69,544 units, up 247% yoy and 30% mom, while the sales
volume of plug-in hybrid electric vehicles was 64,218 units, up 219.5% yoy and 5.6% mom.
The cumulative sales volume for the first six months was 323,519 and 314,638 units,
respectively, up 246% yoy and 454% yoy. The former was mainly driven by the expansion of
production at the Shenzhen plant, while the latter's slightly lower yoy growth was due to the
impact of the shutdown of the Changsha plant for investigation..
A Number of Models Continue to Be Sold Well, and New Vehicle Models Are Launched
Intensively
The overall vehicle market picked up in June as the resumption of work and production
continued. With strong product competitiveness, the flagship model of the Dynasty series,
Han, saw hot sales, recording sharp increases for several months in a row. In June, its sales
volume exceeded 20 thousand units for two consecutive months, reaching 25,439 units, up
203% yoy, of which the delivery of Han DMI was up 386% yoy and that of Han EV closed to
13 thousand units. The cumulative sales volume for the first six months exceeded 250
thousand units, continuing to lead the sedan segment of the same class.
The sales of other models of the Dynasty series was also high: 8,134/26,623/32,077/19,731
units of the Tang/Qin/Song/Yuan series were sold in June, up 159%/71.7%/113%/1494% yoy,
with a cumulative sales volume of 55,825/146,737/163,356/78,662 units in the first six
months.
In addition, the Destroyer 05/Dolphin/e series recorded a sales of 7,464/10,376/3,918 units,
respectively.
This year and next are major product years for BYD, which is expected to launch no less than
20 new vehicle models in total, including facelifts. This year, the Destroyer 05, Seal, Denza
D9, 22 Tang EVs, 22 Han EVs, DM-i, DM-p and Qin Plus DM-i have already been launched,
and in the second half of the year and next year, BYD will continue to launch Denza SUVs,
the Warship series, Sea Lion and Seagull. The product matrix will be further improved and,
judging from the current optimistic pre-sale situation, the product unit price is expected to
continue to see upward breakthrough