BYD forecasts 67%-101.99% YoY spike in Q3 net profit

Shanghai (Gasgoo)- BYD Company Limited ("BYD") released its performance forecast for the first three quarters of 2023 (Q3 2023) on Tuesday.

For the third quarter, BYD anticipates a net profit attributable to shareholders in the range of 9.546 billion to 11.546 billion yuan, marking an impressive soar of 67% to 101.99% compared to the same period last year. The projected net profit, excluding non-recurring gains and losses, is expected to range from 8.605 billion to 10.505 billion yuan, with a year-on-year surge of 61.29% to 96.90%. The basic earnings per share are expected to fall within the range of 3.29 to 3.97 yuan, versus the 1.97 yuan in the same period last year.

Photo credit: BYD

For the first three quarters (Q1-Q3) of this year, BYD forecasts a net profit of 20.5 billion to 22.5 billion yuan, marking a remarkable spike of 120.16% to 141.64%. Excluding non-recurring gains and losses, the Q1-Q3 net profit is likely to range from 18.3 billion to 20.2 billion yuan, with a year-on-year hike of 118.78% to 141.49%. The basic earnings per share for this period are projected to be between 7.06 and 7.74 yuan, compared to the 3.2 yuan in the year-ago period.

Of particular note, if BYD's Q3 net profit surpasses 10 billion yuan, it would represent the first time for BYD to see its quarterly net profit exceed this threshold, averaging a daily profit of 104 million to 125.5 million yuan.

Regarding the reasons for this outstanding performance, BYD attributes it to the continued strong growth momentum in the new energy vehicle industry in the third quarter of 2023. BYD's new energy vehicle sales have consistently set historical records, securing its position as the global leader by new energy vehicle sales. Despite intensified competition in the third quarter, the company's strong brand influence, expanding scale advantages, and robust control over the industrial supply chain costs have all contributed to continued profitability.

Additionally, regarding handset components and assembly business, BYD said its continuous improvement in capacity utilization, further optimization of the business structure, and the ongoing enhancement of profitability were mainly credited to its growing market share among overseas major clients and the resurgence in demands from Android users.