·Traditional auto business fell BYD's loss of 390 million in the first three quarters

Recently, BYD announced its third-quarter report. The report showed that the company achieved operating income of 40.409 billion yuan from January to September, up 4.4% year-on-year; net profit was 389 million yuan, down 16.38% year-on-year. After deducting non-recurring gains and losses, BYD lost 390 million yuan in the first three quarters.
According to the quarterly report, the net profit attributable to shareholders of listed companies in the third quarter was 28.218 million yuan, down 26.06% year-on-year; operating income was 13.693 billion yuan, up 8.13% year-on-year. BYD said that due to factors such as increased competition in China's auto market and weaker demand from independent brands, full-year profits are expected to fall by 10% to 22%. Similar to the situation in the first half of this year, BYD's net profit decreased, mainly due to the decline of the traditional car business.
BYD did not announce the results of the first nine months of car sales. According to statistics from LMC Automotive Consulting, BYD sold a total of 297,956 vehicles of various types as of September, down 20% year-on-year. However, BYD's new energy vehicle business is growing rapidly. From January to September this year, the sales volume of hybrid vehicle “Qin” reached 9,473, and the sales of pure electric vehicle “E6” reached 2004.
According to analysis, in the first half of this year, new energy vehicles such as electric vehicles and plug-in hybrid vehicles brought BYD's revenue of 2.7 billion yuan, an increase of more than 10 times. The traditional car is facing the impact of foreign auto brands such as Volkswagen and GM. In the Chinese auto market, sales volume has fallen, resulting in a halving increase to 7%. BYD said its net profit fell to 430 million to 500 million yuan in 2014, compared with 553 million yuan last year.
According to BYD insiders, in September this year, BYD's new energy vehicle sales reached 1,895 units, an increase of 24% from the previous month. Among them, BYD Qin sold 1,700 vehicles in September, an increase of 384 vehicles from the previous month, an increase of 29% from the previous month. The cumulative sales volume from January to September has reached 9,473 vehicles. BYD's new energy vehicle sales in January-September this year have exceeded 10,000 units, reaching 11,477 units, ranking the top of the domestic new energy vehicle sales champion.
The new energy vehicle exemption tax policy, which was implemented on September 1st, has ignited the new energy vehicle market. BYD Qin, which sells for between 188,800 and 198,800 yuan, subtracts 65,000 yuan from the state and local governments and 1 After the purchase tax of more than 10,000 yuan, the minimum entry price is only 112,800 yuan. If you buy in the Shanghai area, you can get a license worth about 100,000 yuan, which is causing the car to be in short supply.
Compared with Qin's hot sales, BYD's other pure electric vehicle E6 has a flat sales performance. The average monthly sales volume in the first nine months of this year is around 200. Some analysts pointed out that this may be related to the high selling price of E6. Although the car has a cruising range of 300 kilometers, it is the longest electric vehicle in China, but the price of more than 300,000 yuan is still prohibitive for ordinary consumers.
The analysis believes that although BYD's new energy vehicle business grew rapidly in the first three quarters, its net profit decreased year-on-year, indicating that the company's new energy vehicle development has not been converted into profitability, and it is expected to have a certain negative impact on the stock price.

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