On the evening of April 27, BYD (002594) released the first quarter performance report of 2022: the company achieved operating income of 66.825 billion yuan in the current period, an increase of 63.02% year-on-year; the net profit attributable to the shareholders of listed companies was 808 million yuan, an increase of 240.59% year-on-year, maintaining a rapid growth momentum.
Industry growth is strong
In the first quarter of 2022, despite the adverse effects of macroeconomic downturns, epidemic sporadic and other factors, the new energy automobile industry as a whole continued the momentum of rapid growth, and the speed of industry change continued to accelerate. According to the data of the Association, the sales of new energy vehicles in the first quarter reached 1.257 million units, an increase of 138.6% year-on-year, and the market penetration rate in the first three months reached 19.3%, an increase of 5.9 percentage points over the whole year of 2021.
Under the trend of continuous improvement in the development of the industry, BYD's new energy vehicle business has followed the trend, with sales of all new energy vehicles reaching 105,000 units in March, up 333.1% year-on-year; the cumulative sales volume in the first quarter exceeded 286,000 units, an increase of 423.0% year-on-year. Among them, as of March, the cumulative sales of the BYDHan family has exceeded 190,000 units, ranking among the top 1 of medium and large cars of Chinese brands; in March, DM plug-in and mixed sales of 50,674 units, an increase of 615.2% year-on-year.
New models are unveiled intensively
BYD adheres to the strategy of "two legs and walking together" of DM plug-in and mixing and EV pure electricity, and continues to exert efforts in the new energy market.
In February this year, BYD Yuan PLUS was officially launched, which is equipped with e-platform 3.0, ultra-safe blade battery, DiLink4.0 intelligent network system, and adopts the Dragon Face 3.0 family design language, which is well recognized by consumers, and is hot on the market, with pre-sale orders exceeding 20,000 units. It is worth mentioning that as the first global model in BYD's overseas strategy, the yuan PLUS is listed in overseas markets at the same time, and it enters overseas markets with its core technical advantages and opens up a new pattern of China's new energy vehicles going to sea.
In the hybrid market, BYD DM-i focuses on "electricity-based", taking into account battery life and power, and adapting to a variety of car scenes. In March, BYD launched a new car, the Song MAX DM-i, which makes up for a major gap in the current new energy vehicle market for residential MPV models. In the same month, Ocean.com's first sedan destroyer, the 05, was launched, designed for young users, with DM-i supermix technology as the core advantage, and entered the compact sedan market dominated by joint venture models.
In April, the new Han EV Genesis Edition, Han QianshanCui Limited Edition, Han DM-i and Han DM-p were officially launched, with a cumulative order of nearly 50,000 units as of April 10. With the introduction of DM-i hybrid models, the competitiveness of BYDHan products has been further improved.
It is understood that many models such as SEAL, Denza MPV, and Frigate 07 will be listed one after another. With the launch of new models, BYD's product matrix will become more and more perfect.
According to brokerages, BYD's sales volume will maintain rapid growth in 2022. Based on the technical advantages of platform e 3.0 and DM-i, through the further subdivision of product categories, it is expected to drive the simultaneous increase of BYD product sales and brand premium.