BYD Electronic (International) Company (285) H2 2024 earnings summary

Executive summary

• Revenue rose 36.43% year-over-year to RMB177,306 million, driven by consumer electronics and new energy vehicles.

• Profit attributable to shareholders increased 5.55% to RMB4,266 million; EPS reached RMB1.89.

• Gross profit grew 17.90% to RMB12,301 million, but gross margin declined to 6.94% due to product mix.

• Overseas markets contributed 69% of revenue, with major customers accounting for significant sales.

• Final dividend proposed at RMB0.568 per share, up from RMB0.538 last year.

Financial highlights

• EBITDA increased 45.21% year-over-year to RMB11,660 million.

• Operating cash inflow was RMB6,714 million, down from RMB10,243 million in 2023.

• Interest-bearing borrowings decreased to RMB10,807 million from RMB14,613 million.

• Gearing ratio improved to 18.01% from 26.11% last year.

• Inventory turnover days improved to 41 days from 49 days.

Outlook and guidance

• Expects robust growth in consumer electronics, new energy vehicles, and AI-related businesses in 2025.

• Anticipates policy support and subsidies to boost demand for digital products and vehicles.

• AI integration in devices and expansion in AI data centers and robotics seen as key growth drivers.

• New energy vehicle business to benefit from rising penetration and intelligence trends.