中国深圳比亚迪公司byd市场前景及投资研究报告-培训课件外文版2024.6宁德时代特斯拉吉利小米SU7

COMPANIES

&

PRODUCTSBYDAutoCHAPTER

01OverviewGlobalplug-inelectricvehiclemarketsharein2023,bymainmanufacturerPlug-inelectricvehiclemarketsharebymanufacturer2023Marketshare0%5%10%15%20%25%30%35%40%45%50%BYDTeslaInc.22%13.2%VWGroup7.3%Geely-VolvoCarGroupSAIC*6.8%5.8%Others45%3Description:BYDwasrankedasthebest-sellingelectricvehiclemanufacturerworldwideaftersellingoverthreemillionunitsin2023afterovertakingTeslaasthebest-sellingelectricvehiclemanufacturerinthepreviousyear.BYD'ssalesvolumetranslatesintoamarketshareofaround22percent.TeslaandtheVolkswagenGroupwereamongtherunners-up.ReadmoreNote(s):Worldwide;2023;*IncludesSAIC-GM-Wuling.ReadmoreSource(s):EV-V;InsideEVsBest-sellingplug-inelectricvehiclemodelsworldwidein2023(in1,000units)Electricvehiclesalesgloballybymodel2023Salesinthousandunits60002004008001,0001,2001,211.61,400TeslaModelYBYDSongPlus(BEV+PHEV)TeslaModel3636.53529.29BYDQinPlus(BEV+PHEV)BYDYuanPlus(akaAtto3)BYDDolphin456.31418.99354.59BYDSeagull254.18237.92235.86228.01220.92WulingHongGuangMINIEVGACAionYBYDHan(BEV+PHEV)GACAionSVolkswagenID.4192.694Description:TheTeslaModelYwastheworld’smostpopularplug-inelectricvehiclewithworldwideunitsalesofroughly771,300in2022.Thatyear,deliveriesofTesla'sModel3andModelYhavesurpassed1.7million.

ReadmoreNote(s):Worldwide;2023Source(s):EV-V;InsideEVsLeadingChineseautomobilemanufacturersontheFortuneChina500rankingsin2023,basedonrevenue(inbillionyuan)LeadingChineseautomobilemanufacturersontheFortuneChina500ranking2023Revenueinbillionyuan0100200300400500600700800ShanghaiAutomotiveIndustryCorporationBYD744.06424.06ContemporaryAmperexTechnologyCo.,Ltd.BaicMotorCorporation328.59190.46175.16147.96137.34121.2511092.66WeichaiDieselEngineFactoryGeelyAutomobileGreatWallAutomobileChongqingChang'anAutomobileGuangzhouAutomobileGroupCo.,Ltd.DongfengMotor5Description:ShanghaiAutomotiveIndustryCorporation(SAIC)wasrankednumberoneontheFortune500ChinalistforChineseautomobilemanufacturersin2023,withannualrevenuessurpassing744billionyuanin2023.TheFortuneChina500for2023isarankingbasedontherevenueofeachcompanyin2022.ReadmoreNote(s):China;2023;Figuresrefertoannualrevenuesin2022.Source(s):FortuneTopfifteennewenergypassengercarcompaniesinChinain2022,basedonsalesvolume(in1,000units)MajornewenergypassengercarcompaniesinChina2022,basedonsalesvolumeSalesvolumeinthousandunits600

800

1,00002004001,2001,4001,6001,8002,000BYDAutoSAIC-GM-Wuling(SGMW)Tesla1,799.95442.12439.77GeelyGACAIONCheryChangan304.91273.76221.16212.28148.66NezhaLiAutoGreatWallMotorsNIO133.25123.92122.49120.76111.1799.76XpengLeapmotorFAW-VolkswagenSAIC-Volkswagen91.766Description:In2021,BYDAutowastheleadingnewenergypassengervehiclecompanyinChinawitharound1.8millionunitssold,representinganincreaseofaround208percentoverthepreviousyear.ThiswasfollowedbySAIC-GM-Wuling(SGMW)whichsoldmorethan442,000unitsthatyear.ReadmoreNote(s):China;2022Source(s):Mostpopularpassengerbatteryelectricvehicle(BEV)companiesinChinain2021,basedonsalesvolume(in1,000units)MajorpassengerBEVbrandsinChina2021,basedonsalesvolumeSalesvolumeinthousandunits050100150200250300350400450SAIC-GM-Wuling424.35Tesla311.83296.76BYDGreatWallMotor132.96GAC122.34Changan101.2596.5790.8785.6284.5XpengNIOCherySAIC-PassengerAutomobileBranch7/statistics/997282/china-leading-bev-brands-based-on-sales-volumeIn2021,SAIC-GM-Wuling(SGMW)wastheleadingpassengerbatteryelectricvehicle(BEV)companyintheChinesemarket,witharound424,400unitsofcarsales.ThiswasfollowedbyTeslawhichsoldmorethan311,800BEVsinChinathatyear.

ReadmoreNote(s):China;2021Source(s):SToptenpassengerelectricvehiclemodelsinChinain2021,basedonsalesvolume(in1,000s)Best-sellingpassengerelectricvehiclemodelsinChina2021Salesinthousands150

200050100250300350400450WulingHongGuangMiniEVTeslaModelY395.45169.85TeslaModel3150.89BYDQinPLUSDM-iLiXiangOneEREVBYDHanEV110.9790.4987.08CheryeQ76.99BYDSongDM76.3876.38ChanganBenbenEVGACAionS69.228Description:In2021,WulingHongguangMiniEVrankedasthebest-sellingpassengerelectricvehiclemodelinChina,withsalesofnearly400,000units.Withmanycitiesimposingrestrictionsontheregistrationofcombustionenginecars,buyinganelectriccarhadbecomeaviablealternativeformanyChineseconsumers.ReadmoreNote(s):China;2021Source(s):;SCHAPTER

02FinancialsRevenueofBYDGroupfrom2010to2023(inbillionyuan)BYDGroup:revenue2010-2023700600500400300200602.32424.06216.142021156.62020127.742019*121.792018*100.212016102.65201777.612015100055.37201446.69201046.31201144.38201249.7720132022202310Description:Asamovetocombattheswiftlyescalatingclimatecrisis,Chinahasaccelerateditsproductionofelectriccarswhileintroducingpoliciesthatmakeithardertoacquiregasoline-poweredvehicles.China’sleadingOEM,theBYDGroup,earnedmorethan602billionyuaninrevenuein2023,anincreaseof42percentcomparedtothepreviousyear.Amongthis,around483.45billionyuanoftherevenuecamefromtheelectricvehiclesandrelatedproducts,accountingformorethan80percentofthe[...]

ReadmoreNote(s):China;2010to2023Source(s):BYDCompany;RevenueofBYDGroupbetween2021and2022,byproductsector(inbillionyuan)BYDGroup:revenue2021-2022,byproductRevenueinbillionyuan2022

2021500100150200250300350324.69Automobilesandrelatedproducts128.9698.8286.45Mobilehandsetcomponents,assemblyserviceandotherproducts0.550.73Others11Description:In2022,BYDGroupreportedtotalrevenueofover424billionyuan.Around76percentofthetotalrevenuewasgeneratedbytheautomobilesandrelatedproducts,amountingtoalmost324.7billionyuan.Thecompany'smobilehandsetsegmentgeneratedapproximately98.8billionyuaninrevenuethatyear.ReadmoreNote(s):China;2021and2022Source(s):BYDCompany;SRevenuedistributionofBYDGroupbetween2016and2023,bylocationsofcustomersBYDGroup:revenue2016-2023,bycustomerlocationsGreaterChina16%Overseas120%100%8%13%87%201713%87%201821.57%26.6%29.6%37.8%80%60%40%20%0%92%84%78.43%202273.4%202370.4%202162.2%20202016201912Description:In2023,BYDGroup'soperatingrevenueinGreaterChinaregionaccountedfor73.4percentoftotalrevenue,whileitsrevenueinoverseasregionsrepresented26.6percent.BYDGroup'stotalrevenueexceeded602billionyuanin2023.

ReadmoreNote(s):China;2016to2023Source(s):BYDCompany;SalesrevenueofBYDGroup'snewenergyvehiclesbetween2020and2023,bytype(inbillionyuan)BYDGroup:newenergycarsalesrevenue2020-2023,bytypePassengercarsCommercialvehicles450400350300250200150406.63272.2310050079.4224.376.976.617.876.07202020212022202313Description:In2023,China'sBYDGroupgeneratedmorethan406billionyuaninsalesrevenuefromnewenergypassengervehicles,representinganincreaseof49percentfromthepreviousyear.Inthatyear,BYD'ssalesrevenuefromnewenergycommercialvehicleswasabout6.07billionyuan,representingadropofalmost30percentcomparedtothepreviousyear.ReadmoreNote(s):China;2020to2023Source(s):BYDCompany;GrossprofitofBYDGroupfrom2010to2023(inbillionyuan)BYDGroup:grossprofit2010-202314012010080121.7672.24604030.35202028.15202119.02201617.94201718.07201818.08201920011.8620158.267.626.876.525.13201020112012201320142022202314Description:In2023,ChinaBYDGroup'sgrossprofitamountedtoapproximately121.76billionyuan,representingasurgeofmorethan68percentfromthepreviousyear.Inthesameyear,BYDGroup'stotalrevenueamountedtomorethan602billionyuanandthegrossmarginwasmorethan20percent.ReadmoreNote(s):China;2010to2023Source(s):BYDCompanyTotalassetsofBYDGroupfrom2010to2023(inbillionyuan)BYDGroup:totalassets2010-2023800700600500400679.55493.86295.783002001000201.022020194.572018*195.642019178.12017145.072016115.49201594.01201478.01201365.62201168.71201252.96201020212022202315Description:In2023,BYDGroup'stotalassetsamountedtonearly680billionyuan,anincreaseof37.6percentcomparedtothepreviousyear.ChineseBYDGroupisaglobalpioneerinproducingnewenergyvehicles.

ReadmoreNote(s):China;2010to2023Source(s):BYDCompany;CHAPTER

03SegmentsTotalvehicleproductionvolumeofBYDGroupfrom2019to2023,bytypeBYD:totalvehicleproduction2019-2023,bytypePassengercarsCommercialvehicles3,500,0003,000,0002,500,0002,000,0001,500,0001,000,000500,00003,033,6621,875,554737,502444,920421,31910,15310,63510,0386,11511,5692019202020212022202317Description:In2023,China'sBYDGroupproducedmorethan3.04millionvehicles,ofwhich3.03millionwerepassengervehiclesand11,569wereforcommercialpurposes.BYDGroup'spassengercarproductionin2023increasedbymorethan61percentcomparedtothatof2022.ReadmoreNote(s):China;2019to2023Source(s):BYDCompany;NewenergyvehicleproductionofBYDGroupfrom2019to2023,bytypeBYD:newenergycarproduction2019-2023,bytypePassengercarsCommercialvehicles3,500,0003,000,0002,500,0002,000,0001,500,0001,000,000500,00003,033,6621,870,919597,081217,538183,51310,15310,63510,0386,11511,5692019202020212022202318Description:In2023,China'sBYDGroupproducedmorethan3.03millionnewenergypassengervehicles.Inthatyear,thenumberofnewenergycommercialvehiclesmanufacturedbyBYDGroupamountedto11,569units.

ReadmoreNote(s):China;2019to2023Source(s):BYDCompany;NewenergyvehiclesalesvolumeofBYDGroupinChinafrom2019to2023,bytypeBYD:newenergycarsalesvolumeinChina2019-2023,bytypePassengercarsCommercialvehicles3,500,0003,000,0002,500,0002,000,0001,500,0001,000,000500,0003,012,9061,781,999554,980179,242156,24220206,9696,6517,8915,83911,5110201920212022202319Description:In2023,BYDGroupsoldmorethan1.78millionnewenergypassengervehiclesinChina.Inthatyear,thecompanyalsosold1,1511newenergycommercialvehicle,representingasignificantincreasefromthepreviousyears.

ReadmoreNote(s):China;2019to2023Source(s):BYDCompany;MonthlysalesofBYD'snewenergypassengervehiclesfromDecember2021toApril2022(in1,000units)BYD:monthlysalesofnewenergypassengercars2021-2022DMmodelsEVmodels120100806040200Dec'21Jan'22Feb'22Mar'22Apr'2220/statistics/1306844/new-energy-passenger-auto-sales-byd-by-month-modelsInApril2022,BYD'snewenergypassengervehiclesaleswereapproximately105,470units.Amongthem,salesofplug-inhybridvehicles(DMmodels)wereabout48,070unitsandthoseofbatterypassengervehicles(EVmodels)wereabout57,400units.ReadmoreNote(s):China;December2021toApril2022Source(s):BYDCompanySalesofBYD'snewenergypassengervehiclesasofApril2022,byproductseries(in1,000units)BYD:newenergypassengercarsales2022,byproductseriesSalesin1,000units60002004008001,0001,2001,1501,400SongQin600Tang330Yuan270Han200Dolphine7021Description:AsofApril2022,amongBYD'snewenergypassengervehicleproductseries,theSongserieshasaccumulatedsalesof1.15millionunitsandtheQinserieshassoldabout600,000units.TheDolphin,launchedinAugust2021,asthefirstmodelofBYD'sePlatform3.0,achievedsalesof70,000unitsasofApril2022.ReadmoreNote(s):China;asofApril2022Source(s):BYDCompanyBYD'sbest-sellingmodelsinChinain2021BYD:best-sellingmodelsinChinain2021Modelsales020,00040,00060,00080,000100,000120,000QinPlusDM(PHEV)HanEV113,65687,189SongDM(PHEV)QinPlusEVTangDM(PHEV)YuanEV79,50856,15148,15241,402e234,26530,476HanDM(PHEV)Dolphin29,59829,340SongEVQinEV+QinProEVD119,77910,176TangEV5,06222Description:In2021,thebest-sellingmodelfortheBYDGroupinChinawastheplug-inhybridQinPlusDM,withapproximately113,700units.CloselyfollowedbytheBYDHanEVandtheplug-inhybridSongDM,witharound87,200and79,500unitsrespectivelysoldthatyear.ReadmoreNote(s):China;2021Source(s):InsideEVsCHAPTER

04MajorcompetitorsVolkswagenGroup'ssalesrevenuefromFY2006toFY2023(inbillioneuros)VolkswagenGroup'ssalesrevenue2006-202335030025020015010050020062007200820092010201120122013201420152016201720182019202020212022202324Description:VolkswagenGroup’srevenuegrewinthe2023fiscalyear.Thecarmaker’s322.3billioneurosinrevenuealsosecuredVWaspotintherankingofthewealthiestcompaniesworldwide.

ReadmoreNote(s):Worldwide;FY2006toFY2023;fiscalyearendsDecember31.Source(s):VolkswagenTesla'srevenuefromFY2008toFY2023(inmillionU.S.dollars)Tesla'srevenue2008-2023120,000100,00080,00096,77381,46260,00040,00020,000053,82331,536202024,578201921,461201811,75920177,00020164,04620153,19820142,01420131511211720441320082009201020112012202120222023Fiscalyear25Description:Tesla’srevenuegrewtonearly96.8billionU.S.dollarsinthe2023fiscalyear,an18.8percentincreasefromthepreviousyear.TheUnitedStatesisTesla'slargestsalesmarket.

ReadmoreNote(s):Worldwide;FY2008toFY2023Source(s):TeslaOperatingrevenueofShanghaiAutomotiveIndustryCorporation(SAICMotor)from2011to2021(inbillionyuan)SAICMotor:revenue2011-20211,000900887.63857.98826.538007006005004003002001000759.91746.23723.04670.45630565.81478.43433.1201120122013201420152016201720182019*2020202126Description:In2021,China'sShanghaiAutomotiveIndustryCorporation(SAICMotor)recordedoperatingrevenueofaround759.9billionyuan.Thisrepresentsanincreaseof5.1percentincomparisontothepreviousyearwhenSAICMotor'srevenuewas723billionyuan.ReadmoreNote(s):China;2011to2021Source(s):ShanghaiAutomotiveIndustryCorporationRevenueofDongfengMotorGroupCompanyLimitedfrom2013to2023(inbillionyuan)DongfengMotorGroup:revenue2013-2023140126.57125.98122.54120100806040200113.01108.44104.54101.0999.3292.6683.1137.262013201420152016201720182019*202020212022202327Description:In2023,DongfengMotorGroupCo.,Ltd(DFG)reportedrevenuesofalmost100billionyuan,representinganincreaseofsevenpercentcomparedtothepreviousyear.DFGisasubsidiaryofDongfengMotorCorporation,aleadingstate-ownedautomakerbasedinWuhan,China.ReadmoreNote(s):China;2013to2023Source(s):DongfengMotorRevenueofFAWJiefangGroupfrom2010to2023(inbillionyuan)FAWJiefangGroup:revenue2010-2023120100806040200113.68106.4598.1798.7563.938.33202237.36201033.86201432.65201129.68201327.326.66201523.38201222.71201620172018201920202021202328Description:In2023,ChineseautomobilemanufacturerFAWJiefangGroupreportedrevenuesof63.9billionyuan,representingastrongrecoveryfromtheunderperformancein2022.TheCompanycompletedamajorassetrestructuringin2020,resultinginadjustedfinancialsfor2018and2019,withJiefangAutoLtd.beingincludedintheadjustedconsolidatedfinancialstatements.Inthatyear,theGroupshifteditsmainactivitiesfromthedevelopment,production,andsaleofpassengercarstothat[...]ReadmoreNote(s):China;2010to2023Source(s):FAWGroup;STotalrevenueofGreatWallMotorCompanyLtd.from2011to2023(inbillionyuan)GreatWallMotors:revenue2011-202320018016014012010080173.21136.4137.34103.31101.1798.6299.2396.2176.0362.656.7820136043.164020030.0920112012201420152016201720182019202020212022202329Description:In2023,ChinaGreatWallMotorCompanyLtd.generatedrevenuesof173.21billionyuan,representinganincreaseofmorethan26percentcomparedto2022.Inthepastdecade,ChinaGreatWallMotors'annualrevenuehasincreasedsignificantlybyalmostthreetimes.ReadmoreNote(s):China;2011to2023Source(s):GreatWallMotorsGeely'srevenuefrom2011to2021(inbillionyuan)Geely:revenue2011-2021120106.6101.6197.410080604020092.7692.1153.7230.14201528.71201324.63201221.74201420.9620112016*2017201820192020202130Description:In2021,GeelyAutomobileHoldingsLimitedreportedrevenuesofaround101.6billionyuan,anincreaseofmorethan10percentyear-on-year.HeadquarteredinHangzhou,GeelyAutomobileisthelargestprivatelyheldautomakerinChina.

ReadmoreNote(s):China;2011to2021Source(s):GeelyOperatingrevenueofChongqingChanganAutomobilefrom2012to2023(inbillionyuan)ChongqingChanganAutomobile:operatingrevenue2012-202316014012010080151.3121.25105.1484.5780.0178.5470.666.7766.3604020052.91201439.14201329.4620122015201620172018*2019202020212022202331Description:In2023,China'sChongqingChanganAutomobileCo.,Ltd.reportedoperatingrevenuesofaround151.3billionyuan,representinganincreaseofalmost25percentcomparedtothepreviousyear.Overthepastdecade,ChanganAutomobile'soperatingincomehassoaredbymorethan2.8times.ReadmoreNote(s):China;2012to2023Source(s):ChanganAutoXPeng'sannualrevenuefrom2019to2023(inbillionyuan)XPeng:revenue2019-20233530.683026.862520.992015105.8452.3202019202020212022202332Description:In2023,XPengreportedtotalrevenueofmorethan30.6billionyuan,representinganincreaseof14percentfromthepreviousyear.HeadquarteredinGuangzhou,XPengisaleadingChinesesmartelectricvehiclemanufacturer.

ReadmoreNote(s):China;2019to2023Source(s):XpengCHAPTER

05EnvironmentalfootprintGreenhousegasemissionsoftheBYDGroupfrom2016to2023(inmillionmetrictonsofCO₂equivalent)BYDGroup:greenhousegasemission2016-20231412.3412108.06865.224.1543.594202.862.052016201720182019202020212022202334/statistics/1307091/co2-emissions-of-bydIn2023,BYDGroupemittedgreenhousegasesequivalentto12.34millionmetrictonsofCO₂,representinganincreaseofmorethan50percentcomparedtothepreviousyear.Since2016,BYDGrouphasincreaseditsCO₂emissionsbymorethanfivetimes.Re