On the evening of March 29, 2022, BYD (002594) released its 2021 annual performance report. According to the report, BYD achieved operating income of 216.142 billion yuan in 2021, an increase of 38.02% year-on-year; net profit attributable to shareholders of listed companies was 3.045 billion yuan; net cash flow from operating activities was 65.467 billion yuan, an increase of 44.22% year-on-year.
The sales of new energy vehicles in many models have led the way
According to the China Automobile Association, in 2021, the production and sales of China's new energy vehicle market reached 3.545 million units and 3.521 million units, respectively, an increase of 1.6 times year-on-year, and the market share reached 13.4%, 8 percentage points higher than that of the previous year. Under the general trend of industrial development, BYD exceeded 600,000 new energy vehicles in 2021, an increase of 218.30% year-on-year, achieving the first domestic sales of new energy vehicles for 9 consecutive years.
In 2021, BYD ushered in the 1 millionth new energy vehicle off the production line, and many models are selling well. Among them, Han's annual sales volume was about 117,700 units, breaking the sales record of new energy independent brand cars priced at more than 200,000. In addition, the newly launched Dolphin also broke through, breaking through 10,000 units in December last year, successfully ranking among the top ten in the retail sales list of new energy cars.
It is worth mentioning that last year, BYD launched a number of DM-i super hybrid models such as Qin PLUS DM-i, Song PLUS DM-i, And Tang DM-i. With the characteristics of ultra-low fuel consumption, quiet and smooth, and excellent power, dm-i models have been widely concerned and recognized by the market, driving the cumulative sales of DM models to about 272,900 units throughout the year.
Under the leadership of a number of hot-selling models, BYD's brand power has increased rapidly. According to Wilson data, the average bicycle price of BYD passenger cars has exceeded 150,000 yuan. It is reported that in 2022, BYD will further expand the high-end market and launch high-end brands, and the price range is expected to be more than 50-1 million yuan. In the future, BYD's automotive business will be composed of four sections: Dynasty.com, Ocean.com, Denza and high-end brands. With the launch of new models, BYD's product matrix will become more and more perfect.
The advantages of going hand in hand with the whole industry chain are highlighted
In recent years, the automotive industry has encountered challenges due to rising raw material prices and the impact of the global epidemic. As the only car company in the world that has mastered the core technology of the whole industry chain of new energy vehicles such as batteries, motors, electronic controls and chips, BYD has outstanding advantages.
According to the financial report data, in 2021, BYD's R&D investment was 10.627 billion yuan, an increase of 24.20% year-on-year; the number of R&D personnel was about 40,400, an increase of 31.52% year-on-year. The continuous increase in research and development has made BYD have core technologies such as ultra-safe blade batteries, DM-i super hybrid, e-platform 3.0, and IGBT4.0. Driven by technological innovation, BYD's various business segments are booming.
In the battery business, blade batteries, which won the "Global New Energy Vehicle Innovation Technology" award, have accelerated the penetration of lithium iron phosphate batteries in the passenger car field by virtue of their technological advantages such as super safety, super endurance and super strength. It is understood that with the continuous expansion of open sharing, many car brands around the world are negotiating cooperation with Fordy Battery.
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In terms of semiconductor business, BYD Semiconductor brings together a full range of solutions such as power semiconductors, intelligent control ICs, intelligent sensors, optoelectronic semiconductors, etc., covering the fields of automotive regulations, consumer electronics, home appliances, etc., and chip products are better than mainstream products in the market in a number of key technical indicators. It is reported that the semiconductor split listing project is steadily advancing.
In addition, BYD Electronics' business share in Major Android customers continued to increase, and its business layout in Major Customers in North America continued to strengthen; the new smart product sector was rapidly rolled out, and the shipments of smart homes, game hardware, drones and other products continued to grow; and the shipments of automotive intelligent system products increased significantly.
In terms of commercial vehicles, sales exceeded 10,000 units in 2021. Among them, under the fluctuations and challenges encountered by the industry, the new energy bus achieved sales of 5772 units, and quickly attacked the small bus market of 7 meters and below, achieving the first sales volume and the first market share in this segment. Looking at the world, BYD has won a large number of orders from the United Kingdom, Colombia and other countries, and has successively brought new experiences of pure electric travel to Japan, New Zealand, Germany, Sweden and other countries.
At the same time, BYD passenger cars officially laid out overseas markets. In 2021, thousands of Don EVs will be delivered in Norway, and the flagship Han EV will arrive in Brazil, Mexico, Colombia and other Latin American countries. The results of the "going to sea" strategy have begun to appear.
According to the calculation of securities companies, from 2020 to 2030, the compound annual growth rate of new energy vehicles in the three major markets of China, the United States and Europe can reach 22.5%, 36.7 and 19.7% respectively, and new energy vehicles are in a period of rapid development. In this context, BYD, which has been deeply engaged in the field of new energy for many years, is expected to usher in a continuous breakthrough in sales volume and performance.