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As Buffett has been reducing his stake in BYD, its share price has indeed come under great pressure recently. It just disclosed its three-quarter results on Friday, so how do we, as individual investors, view BYD's current three-season return paper?
1. Both income and profit show substantial growth, and the scale effect is obvious.
BYD's revenue in the third quarter was 114.999 billion yuan, an increase of 111% over the same period last year and 39% month-on-month. The substantial increase in revenue benefited from the substantial increase in BYD's sales, forming a significant scale effect, which can effectively dilute the depreciation of the automobile factory and have a strong bargaining power to the upstream raw material suppliers. At the same time, it can also dilute a series of expenses such as management, sales and research and development of the company, and improve human efficiency output.
The net profit of returning to the mother in the third quarter was 5.7 billion yuan, an increase of 350.26% over the same period last year and 105.11% compared with the same period last year. The net profit after deducting non-return was 5.335 billion yuan, an increase of 930.48% over the same period last year, and an increase of 112.10% from the previous quarter, and the performance exceeded market expectations. The profit in one quarter is already the sum of the past four quarters, and more importantly, the quality of the profit this time is very high, most of which is contributed by the automobile business.
2. Sales continue to increase, and sales for the whole year are expected to exceed the target.
BYD's passenger car sales in September were 201000, an increase of 187.01% over the same period last year. BYD's cumulative sales in the first three quarters have reached 1.175 million.