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Consumer Durables

BYD Co., Ltd.

Company Background

BYD is a major Chinese automaker based in Shenzhen, Guangdong Province. It sells vehicles under the BYD brand.

Founded in 1995, BYD started out as a battery maker and entered the automobile business in 2003. The company has diversified into areas such as cellphone assembly and solar cell manufacturing. Leveraging its strength as a battery maker, the company is developing electric and plug-in hybrid vehicles.

BYD Chairman Wang Chuanfu, who was once the richest man in China, still has supreme power within the company. Wang holds about a 23% stake in BYD as of March 2015, making him the largest shareholder. A subsidiary of Berkshire Hathaway, run by U.S. billionaire investor Warren Buffett, bought into the company in 2008. It is still a major shareholder with about a 9% stake.

Business Summary

BYD Co. Ltd. engages in the research, development, manufacture and sale of rechargeable batteries and photovoltaic business. It operates its business through four segments: Rechargeable Battery and Other Products; Mobile Handset Components and Assembly Service; Automobiles and Related Products; and Corporate and Others. The Rechargeable Battery and Other Products segment manufactures and sells lithium-ion and nickel batteries principally for mobile phones, electric tool, and other portable electronic instruments and new energy products. The Mobile Handset Components and Assembly Service segment consists of mobile handset components such as housings, keypads, and the provision of assembly services. The Automobiles and Related Products segment comprises of automobiles, auto-related moulds and components, automobiles leasing, after sales service, and skyrail related business. The company was founded by Chuan Fu Wang on February 10, 1995 and is headquartered in Shenzhen, China.

Financial Highlights

Dec 2020 HKDUSD
Revenue172,452.30M22,234.71M
Gross Profit27,338.09M3,524.76M
Operating income10,350.48M1,334.51M
Income before tax7,943.86M1,024.22M
Net income4,514.58M582.07M
EBITDA24,414.61M3,147.83M
Diluted EPS1.650.21
Dividends Per Share0.170.02
Total Assets239,129.72M30,840.12M
Total liabilities161,317.93M20,804.88M
Total equity66,134.63M8,529.26M
Operating cash flow46,766.25M6,029.69M
Currency in HKDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 117,084.53M 118,365.07M 144,255.73M 138,086.21M 172,452.30M
Gross Profit 22,567.45M 20,857.78M 21,539.22M 20,357.53M 27,338.09M
Operating income 9,295.36M 7,161.73M 5,022.34M 3,832.86M 10,350.48M
Income before tax 8,375.49M 6,739.98M 5,460.76M 3,236.09M 7,943.86M
Net income 5,655.18M 4,407.59M 3,010.56M 1,830.65M 4,514.58M
EBITDA 17,377.08M 15,190.78M 16,015.96M 14,987.91M 24,414.61M
Diluted EPS 2.19 1.61 1.10 0.67 1.65
Dividends Per Share 0.62 0.17 0.23 0.06 0.17
Total Assets 161,846.96M 213,798.62M 221,880.51M 219,439.31M 239,129.72M
Total liabilities 102,641.80M 144,492.01M 154,918.59M 151,832.60M 161,317.93M
Total equity 52,948.48M 61,352.83M 58,503.15M 58,578.26M 66,134.63M
Operating cash flow -4,669.03M 4,315.21M 10,702.01M 12,475.35M 46,766.25M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 15,083.43M 15,188.99M 18,405.72M 17,623.83M 22,234.71M
Gross Profit 2,907.25M 2,676.54M 2,748.21M 2,598.21M 3,524.76M
Operating income 1,197.47M 919.01M 640.80M 489.18M 1,334.51M
Income before tax 1,078.97M 864.89M 696.74M 413.01M 1,024.22M
Net income 728.53M 565.59M 384.12M 233.64M 582.07M
EBITDA 2,238.60M 1,949.33M 2,043.49M 1,912.89M 3,147.83M
Diluted EPS 0.28 0.20 0.14 0.08 0.21
Dividends Per Share 0.08 0.02 0.02 0.00 0.02
Total Assets 20,874.99M 27,349.42M 28,339.58M 28,162.85M 30,840.12M
Total liabilities 13,238.72M 18,483.62M 19,786.90M 19,486.20M 20,804.88M
Total equity 6,829.28M 7,848.34M 7,472.28M 7,517.93M 8,529.26M
Operating cash flow -601.48M 553.74M 1,365.48M 1,592.21M 6,029.69M

Valuation Measures

Dec 2020
PER103.56
ROA1.96%
ROE7.23%
Operating margin6.00%
Profit margin2.61%

Key executives

  • Chairman, President & General Manager: Chuan Fu Wang
  • Chief Financial Officer: Ya Lin Zhou
  • Vice President: Huan Ming Liu
  • Vice President & General Manager-Division I: Nian Qiang Wang
  • Vice President & General Manager-Division 14: Hong Bin Luo

Shareholders

  • Berkshire Hathaway, Inc. (21.4%)
  • Himalaya Capital Management LLC (5.9%)
  • The Vanguard Group, Inc. (2.2%)
  • BlackRock Fund Advisors (1.8%)
  • Norges Bank Investment Management (1.1%)
  • Global X Management Co. LLC (0.7%)
  • BlackRock Advisors (UK) Ltd. (0.6%)
  • Aegon-Industrial Fund Management Co., Ltd. (0.6%)
  • State Street Global Advisors Asia Ltd. (0.6%)
  • BlackRock Investment Management (UK) Ltd. (0.6%)

Contact Details

Related Companies

  • BYD Auto Finance Co., Ltd.
  • Huizhou Byd Battery Co., Ltd.
  • BYD (Shenzhen) Supply Chain Management Co., Ltd.
  • Changsha BYD Auto Co., Ltd.
  • BYD Motors, Inc.
  • BYD (Shangluo) Industrial Co., Ltd.
  • BYD Auto Industry Co., Ltd.
  • Ogihara Corp. /Tatebayashi Ops/
  • Shanghai BYD Co. Ltd.
  • BYD Lithium Batteries Co., Ltd.
  • BYD Industry & Commerce Co., Ltd.
  • Byd Electronic Hungary Ltd.
  • Beijing Byd Mould Co. Ltd.
  • Byd Automobile Co. Ltd.
  • BYD (Huizhou) Co. Ltd.
  • BYD Auto Sales Co., Ltd.
  • BYD Battery Co. Ltd.
  • BYD America Corp.
  • BYD (Ningbo) Semi-conductor Co. Ltd.
  • BYD Hungary Kft
  • BYD (H.K.) Co. Ltd.
  • Shanghai BYD Lithium Battery Co. Ltd.
  • BYD Auto Co., Ltd.
  • Xian Zhen Chuan Automobile Ltd
  • BYD Electronic (International) Co., Ltd.

Competitors

  • Great Wall Motor Co., Ltd. Class H
  • LVMC Holdings Co. Ltd.
  • Cummins Inc.
  • CBAK Energy Technology, Inc.
  • Enphase Energy, Inc.
  • China Shipbuilding Industry Group Power Co., Ltd. Class A
  • Nikola Corporation
  • SolarEdge Technologies, Inc.
  • Electrovaya Inc.
  • SYNergy ScienTech Corp.
  • Blivex Energy Technology Co., Ltd Class A
  • Lion Electric Company
  • Xiamen King Long Motor Group Co. Ltd. Class A
  • NHOA SA
  • Blackstone Resources AG
  • Nolato AB Class B
  • ADOMANI, Inc.
  • Advanced Lithium Electrochemistry (Cayman) Co. Ltd.
  • Gentex Corporation
  • Mechema Chemicals International Corp.
  • NFI Group Inc.
  • SEOWONINTECH Co., Ltd.
  • Tianjin Motor Dies Co. Ltd. Class A
Last Updated on 5 Aug, 2021

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