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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 on February 10, 1995 and is headquartered in Shenzhen, China.

Financial Highlights

Dec 2018 HKDUSD
Revenue144,255.73M18,405.72M
Gross Profit21,539.22M2,748.21M
Operating income5,022.34M640.80M
Income before tax5,460.76M696.74M
Net income3,010.56M384.12M
EBITDA16,015.96M2,043.49M
Diluted EPS1.100.14
Dividends Per Share0.230.02
Total Assets221,880.51M28,339.58M
Total liabilities154,918.59M19,786.90M
Total equity58,503.15M7,472.28M
Operating cash flow10,702.01M1,365.48M
Currency in HKDCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 69,680.22M 95,732.88M 117,084.53M 118,365.07M 144,255.73M
Gross Profit 8,954.38M 13,829.57M 22,567.45M 20,857.78M 21,539.22M
Operating income 1,186.03M 4,410.92M 9,295.36M 7,161.73M 5,022.34M
Income before tax 1,253.92M 4,980.52M 8,375.49M 6,739.98M 5,460.76M
Net income 545.60M 3,432.29M 5,655.18M 4,407.59M 3,010.56M
EBITDA 6,487.25M 10,965.16M 17,377.08M 15,190.78M 16,015.96M
Diluted EPS 0.22 1.38 2.19 1.61 1.10
Dividends Per Share 0 0 0.62 0.17 0.23
Total Assets 117,508.79M 137,832.93M 161,846.96M 213,798.62M 221,880.51M
Total liabilities 80,003.94M 96,805.74M 102,641.80M 144,492.01M 154,918.59M
Total equity 31,706.38M 34,724.34M 52,948.48M 61,352.83M 58,503.15M
Operating cash flow -2,020.66M 2,611.97M -4,669.03M 4,315.21M 10,702.01M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 8,985.56M 12,348.52M 15,083.43M 15,188.99M 18,405.72M
Gross Profit 1,154.70M 1,783.86M 2,907.25M 2,676.54M 2,748.21M
Operating income 152.94M 568.96M 1,197.47M 919.01M 640.80M
Income before tax 161.69M 642.43M 1,078.97M 864.89M 696.74M
Net income 70.35M 442.73M 728.53M 565.59M 384.12M
EBITDA 836.55M 1,414.39M 2,238.60M 1,949.33M 2,043.49M
Diluted EPS 0.02 0.17 0.28 0.20 0.14
Dividends Per Share 0 0 0.08 0.02 0.02
Total Assets 15,152.94M 17,784.54M 20,874.99M 27,349.42M 28,339.58M
Total liabilities 10,316.63M 12,490.82M 13,238.72M 18,483.62M 19,786.90M
Total equity 4,088.58M 4,480.47M 6,829.28M 7,848.34M 7,472.28M
Operating cash flow -260.57M 336.91M -601.48M 553.74M 1,365.48M

Valuation Measures

Dec 2018
PER39.69
ROA1.38%
ROE5.02%
Operating margin3.48%
Profit margin2.08%

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. (24.5%)
  • Himalaya Capital Management LLC (8.2%)
  • The Vanguard Group, Inc. (2.7%)
  • BlackRock Fund Advisors (2.3%)
  • Norges Bank Investment Management (1.1%)
  • Global X Management Co. LLC (0.6%)
  • Dimensional Fund Advisors LP (0.5%)
  • BlackRock Investment Management (UK) Ltd. (0.5%)
  • BlackRock Advisors (UK) Ltd. (0.4%)
  • Hang Seng Investment Management Ltd. (0.3%)

Contact Details

  • Website:http://www.byd.com.cn
  • Address: No.1, Yan'an Road, Kuichong Street, Shenzhen, 518118, China
  • Phone: +86.755.8988.8888

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 (Wuhan) Electronic 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

  • Beiqi Foton Motor Co., Ltd. Class A
  • Hengdian Group DMEGC Magnetics Co., Ltd Class A
  • CBAK Energy Technology, Inc.
  • Alstom SA
  • SHIN HEUNG ENERGY & ELECTRONICS Co., Ltd.
  • Xiamen King Long Motor Group Co. Ltd. Class A
  • Cummins Inc.
  • SolarEdge Technologies, Inc.
  • Electrovaya Inc.
  • Tianjin Motor Dies Co. Ltd. Class A
  • Advanced Lithium Electrochemistry (Cayman) Co. Ltd.
  • NFI Group Inc.
  • ADOMANI, Inc.
  • Engie EPS SA
  • Gentex Corporation
Last Updated on 18 Nov, 2019

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