---
title: "300.4 billion yuan! BYD's net profit increased by 80% year-on-year last year, planning to distribute cash dividends exceeding 9 billion | Financial Report Insights"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/200692855.md"
description: "BYD's gross profit margin for its automotive business last year was 23.02%, an increase of 2.63 percentage points year-on-year"
datetime: "2024-03-26T13:57:31.000Z"
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  - [zh-CN](https://longbridge.com/zh-CN/news/200692855.md)
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  - [zh-HK](https://longbridge.com/zh-HK/news/200692855.md)
---

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# 300.4 billion yuan! BYD's net profit increased by 80% year-on-year last year, planning to distribute cash dividends exceeding 9 billion | Financial Report Insights

In a year of continuous price wars in the new energy sector, BYD has withstood the pressure, with a net profit increasing by 80% year-on-year and a further rise in the gross profit margin of its automotive business.

On Tuesday, March 26, BYD released its 2023 annual report. The report shows that last year, BYD achieved revenue of 602.315 billion RMB, a year-on-year increase of 42.04%, with fourth-quarter revenue reaching 180.04 billion RMB.

**In terms of profit, the net profit attributable to shareholders of the listed company reached 30.04 billion RMB, an 80.72% year-on-year increase.** The non-GAAP net profit reached 28.462 billion RMB, an 82.01% year-on-year increase. Basic earnings per share were 10.32 RMB/share, an 80.74% year-on-year increase.

The revenue from the automotive, automotive-related products, and other products business was approximately 483.453 billion RMB, a 48.90% year-on-year increase; while the revenue from the mobile phone components, assembly, and other products business was approximately 118.577 billion RMB, a 20.00% year-on-year increase, accounting for 80.27% and 19.68% of total revenue, respectively.

**Furthermore, the gross profit margin of BYD's automotive business was 23.02%, an increase of 2.63 percentage points compared to the same period last year**, surpassing Tesla's 18.2% gross profit margin in 2023.

It is worth mentioning that BYD successfully secured the top spot in the global electric vehicle sales rankings last year, with annual electric vehicle sales reaching 3.024 million units, a 67.79% year-on-year increase, leaving Tesla behind. Overseas sales saw a significant year-on-year increase of 457.66%.

In the domestic market, according to data from the China Association of Automobile Manufacturers, BYD's market share of new energy vehicles increased to 31.9% last year, a 4.8 percentage point year-on-year increase, maintaining its leading position in China's new energy vehicle sales for the eleventh consecutive year and retaining the crown of global new energy vehicle sales.

**In addition, BYD announced a plan to distribute a cash dividend of 30.96 RMB for every 10 shares, based on the current total share capital of 2.911 billion shares, with a total cash dividend amount of approximately 9.012 billion RMB.**

Looking ahead to 2024, BYD stated in its financial report: Looking ahead to 2024, it is widely believed that BYD will continue to lead industry growth, with sales expected to be around 4 million units. Galaxy Securities research report points out that products, high-end development, and exports have become the three major growth drivers for BYD. Looking ahead to 2024, the company is expected to continue to grow with a complete product layout and a solid brand reputation, with overseas markets bringing additional volume. It is estimated that BYD's new energy passenger car sales will reach 3.8 million units in 2024, with export sales expected to reach 500,000 units

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