比亚迪股份公布2024年上半年业绩。集团上半年营收3011.3亿元(人民币，下同)，同比增长15.8%；上半年毛利602.8亿元，同比增长26.42%，毛利率为20%，较去年同期的18.33%有所上升。净利润136.3亿元，同比增长24.4%；每股收益同比增长24.1%至4.68元。业绩增长主要得益于手机组装业务的强劲表现，新能源汽车业务也实现了稳步扩张。上半年汽车、汽车相关产品及其他产品业务的收入2283.2亿元，同比增长9.3%；手机部件、组装及其他产品业务的收入约727.8亿元，同比增长42.5%，两大业务占集团总收入的比例分别为75.82%和24.17%。值得一提的是，集团新能源汽车市占率进一步提升，蝉联国内汽车销量冠军，稳居全球新能源汽车销量第一。而且毛利率是全球新能源车之冠，表现出色。Golden Securities | The Hang Seng Index closed at 17,786 on Thursday (29th), up 93 points or 0.53%. The total market turnover was 10.81 billion yuan. The National Index rose 0.34% to 6,247; the Technology Index rose 0.46% to 3,461. Blue-chip stock Meituan (03690) adjusted its earnings in the last quarter, earning 78% more and rose sharply by 12.5% for the entire day, performing the best among blue-chip stocks. Apple reportedly increased iPhone orders by 10%, and overall Apple supplier stocks rose. Cowell Electronic (01415) rose 1.6%;
The Dow Jones Industrial Average closed at 41,335 on Thursday (29th), up 243 points or 0.59%. The Standard & Poor's 500 Index retreated by less than 1 point to 5,591; the Nasdaq turned down 0.23% to 17,516; the King Dragon Index, which reflects the performance of Chinese concept stocks, rebounded by 2.63%. European stocks are all rising, with UK and French stocks up 0.43% and 0.84%, and German stocks closing up 0.69% at 18,912 to break through the top. Among heavyweight stocks, Microsoft and Tesla saw their stock prices narrow their gains to 0.6% and 0.3% respectively at the closing, while Apple surged 1.5% and Intel rose by 2.7%, becoming the best-performing stocks in the Dow Jones Industrial Average. Nvidia had impressive performance, but failed to dispel investors' concerns about slowing growth. The stock price plunged 7.1% at one point, and still fell 6.4% at the closing, with a market cap loss of 19.7 billion US dollars in a single day; software company Salesforce's performance exceeded expectations, and the stock price rose 5% before closing down 0.7%. Individual stock markets in the Asia-Pacific region this morning (30th) fluctuated. The Nikkei 225 Index is currently at 38,476, up 113 points or 0.03%. The South Korean Composite Index is currently at 2,682, up 20 points or 0.77%. The Hang Seng Index has risen to the current level, with limited room for further upside.
Market Focus: BYD Company (01211)
BYD Company announced its performance for the first half of 2024. The group's revenue in the first half of the year was 301.13 billion yuan, a year-on-year increase of 15.8%; the gross profit in the first half of the year was 60.28 billion yuan, a year-on-year increase of 26.42%, with a gross profit margin of 20%, which is higher than the 18.33% in the same period last year. Net profit was 13.63 billion yuan, a year-on-year increase of 24.4%; earnings per share increased by 24.1% to 4.68 yuan. The impressive performance growth is mainly attributed to the strong performance of the mobile phone assembly business and the steady expansion of the new energy vehicle business. The revenue of the automotive, automotive-related products, and other product businesses in the first half of the year was 228.32 billion yuan, a year-on-year increase of 9.3%; the revenue of the mobile phone parts, assembly, and other product businesses was approximately 72.78 billion yuan, a year-on-year increase of 42.5%. The proportion of these two major businesses in the total revenue of the group was 75.82% and 24.17% respectively. It is worth mentioning that the group's market share of new energy vehicles has further increased, making it the domestic sales champion of new energy vehicles and the global leader in sales volume. Moreover, the gross margin is the highest among global new energy vehicles, showing outstanding performance.
Target price $250, stop loss price $200
(The author is a licensed person of the China Securities Regulatory Commission and does not hold any of the above stocks.)
Author: Dr. Tang Shengxing, Chairman of the Hong Kong Stock Analysts Association.
