Amid Buffett's hold-up reduction, $BYD Company Limited (002594.SZ)$ $BYD COMPANY (01211.HK)$Results for the first quarter of 2023 were announced.
In the first quarter of 2023, BYD's revenue increased 79.83% year on year to 120.074 billion yuan (in RMB, same below), mainly due to the 89.47% increase in automobile sales during the period.
Caihua estimates that BYD's gross margin for the first quarter may be 17.86%, up 5.46 percentage points from the previous quarter, but down 1.14 percentage points from the previous quarter; net profit after deducting non-return mothers increased 593.68% year-on-year to 3,565 million yuan; net profit margin after deducting non-return mothers was 2.97%, up 2.2 percentage points from the same period last year and down 1.68 percentage points from the previous quarter.
In contrast, Tesla's overall revenue for the first quarter of 2023 increased 24.38% year-on-year to 23.329 billion US dollars, or about 161,304 billion yuan; the overall gross margin was 19.34%, 9.77 percentage points lower than the same period last year and 4.42 percentage points lower than the previous quarter; net profit attributable to non-accounting standards shareholders was 2,931 million US dollars, about 202.066 billion yuan, a decrease of 21.55% from year to year, mainly due to increased depreciation expenses due to capacity expansion and vehicle price reductions.
In March of last year, BYD announced that it would completely stop production of fuel vehicles, and that all of its production capacity would be used to produce hybrid and pure electric vehicles. It takes...