Financials BYD Company Limited

Equities

81211

CNE100000296

Auto & Truck Manufacturers

Market Closed - Hong Kong S.E. Other stock markets 08:08:37 04/12/2025 GMT			5-day change	1st Jan Change
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12-04	Tesla's UK Sales Drop in November Year-on-Year	MT

Projected Income Statement: BYD Company Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	153,469	211,300	424,061	602,315	777,102	851,999	1,007,630	1,135,562
Change	-	37.68%	100.69%	42.04%	29.02%	9.64%	18.27%	12.7%
EBITDA ¹	22,381	20,236	41,830	81,656	114,749	104,293	130,746	151,711
Change	-	-9.59%	106.72%	95.21%	40.53%	-9.11%	25.36%	16.04%
EBIT ¹	10,193	6,571	21,542	38,103	50,486	43,236	62,654	77,321
Change	-	-35.54%	227.83%	76.88%	32.5%	-14.36%	44.91%	23.41%
Interest Paid ¹	-3,763	-1,787	-1,316	1,475	-1,216	-895.2	-1,463	-1,245
Earnings before Tax (EBT) ¹	6,883	4,518	21,080	37,269	49,681	44,076	64,469	79,373
Change	-	-34.36%	366.57%	76.8%	33.3%	-11.28%	46.27%	23.12%
Net income ¹	4,234	3,045	16,622	30,041	40,254	36,344	52,464	64,326
Change	-	-28.08%	445.86%	80.72%	34%	-9.71%	44.35%	22.61%
Announcement Date	29/03/21	29/03/22	28/03/23	26/03/24	24/03/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	51,575	40,992	48,139	54,307	70,950	66,825	83,782	117,081	156,373	120,174	139,951	162,151	180,041	124,944	176,182	201,125	274,851	170,360	200,920	194,985	269,265	156,719	203,784	257,756	317,739	176,001	235,979	284,349
Change	-	-20.52%	17.44%	12.81%	30.65%	-5.81%	25.37%	39.74%	33.56%	-23.15%	16.46%	15.86%	11.03%	-30.6%	41.01%	14.16%	36.66%	-38.02%	17.94%	-2.95%	38.1%	-41.8%	30.03%	26.48%	23.27%	-44.61%	34.08%	20.5%
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	30,953	24,517	30,211	45,281	48,070	30,851	39,510	54,281
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-20.79%	23.22%	49.88%	6.16%	-35.82%	28.07%	37.39%
EBIT ¹	1,285	646.4	1,207	-	763.2	1,061	3,561	7,463	9,456	5,299	8,433	12,906	11,466	5,798	9,323	11,910	18,739	11,021	7,699	10,186	14,832	3,788	8,604	22,740	24,599	6,445	14,239	28,226
Change	-	-49.71%	86.78%	-	-	39.05%	235.55%	109.59%	26.71%	-43.97%	59.15%	53.05%	-11.16%	-49.43%	60.78%	27.75%	57.34%	-41.19%	-30.14%	32.31%	45.61%	-74.46%	127.14%	164.3%	8.18%	-73.8%	120.93%	98.23%
Charge d'intérêts ¹	-	-	-	-	-	-	-	-	-	-	-	-369.1	-	-	-	-	-	-	-	-	-311	-311	-311	-311	-311	-311	-311	-311
Earnings before Tax (EBT) ¹	1,205	-	1,548	1,722	-	-	-	-	8,961	5,217	8,183	12,665	11,203	5,717	11,511	14,091	18,361	11,191	7,719	9,750	14,867	3,352	8,168	22,303	24,162	6,009	13,802	27,790
Change	-	-	-	11.26%	-	-	-	-	-	-41.78%	56.84%	54.78%	-11.55%	-48.97%	101.33%	22.42%	30.3%	-39.05%	-31.02%	26.31%	52.48%	-77.45%	143.68%	173.05%	8.34%	-75.13%	129.69%	101.35%
Net income ¹	820.7	-	936.2	1,270	602.1	-	2,787	5,716	7,311	4,130	6,824	10,413	8,674	4,569	9,062	11,607	15,016	9,155	6,356	7,823	11,877	2,718	6,613	18,059	19,600	4,870	11,185	22,522
Change	-	-	-	35.6%	-52.58%	-	-	105.11%	27.9%	-43.51%	65.23%	52.59%	-16.7%	-47.33%	98.36%	28.08%	29.37%	-39.03%	-30.58%	23.08%	51.83%	-77.12%	143.3%	173.08%	8.53%	-75.15%	129.67%	101.36%
Announcement Date	29/03/21	28/04/21	27/08/21	28/10/21	29/03/22	27/04/22	29/08/22	28/10/22	28/03/23	27/04/23	28/08/23	30/10/23	26/03/24	29/04/24	28/08/24	30/10/24	24/03/25	25/04/25	29/08/25	30/10/25	-	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2021 S1	2021 S2	2022 S1	2022 S2	2023 S2	2025 S2
Net sales ¹	89,131	122,169	150,607	273,453	-	496,771
Change	-	37.07%	23.28%	81.57%	-	-
EBITDA	-	-	-	-	-	-
Change	-	-	-	-	-	-
EBIT	1,854	3,269	4,622	-	-	-
Change	-	76.33%	41.4%	-	-	-
Charge d'intérêts ¹	-	-415	-	-	371.9	-1,247
Earnings before Tax (EBT) ¹	-	2,314	4,641	16,438	-	25,081
Change	-	-	100.59%	254.16%	-	-
Net income ¹	-	1,872	3,595	13,027	-	20,336
Change	-	-	92.09%	262.34%	-	-
Announcement Date	27/08/21	29/03/22	29/08/22	28/03/23	26/03/24	-

¹CNY in Million

Estimates

Forecast Balance Sheet: BYD Company Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	38,544	-16,091	-38,436	-78,213	-82,378	-119,583	-169,902	-239,193
Change	-	-141.75%	-138.87%	-103.49%	-5.33%	-45.16%	-42.08%	-40.78%
Announcement Date	29/03/21	29/03/22	28/03/23	26/03/24	24/03/25	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: BYD Company Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	11,774	37,344	97,457	122,094	97,360	90,328	89,914	89,175
Change	-	217.17%	160.97%	25.28%	-20.26%	-7.22%	-0.46%	-0.82%
Free Cash Flow (FCF) ¹	33,619	28,123	43,381	47,632	36,094	42,340	66,232	72,397
Change	-	-16.35%	54.25%	9.8%	-24.22%	17.31%	56.43%	9.31%
Announcement Date	29/03/21	29/03/22	28/03/23	26/03/24	24/03/25	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: BYD Company Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	14.58%	9.58%	9.86%	13.56%	14.77%	12.24%	12.95%	13.47%
EBIT Margin (%)	6.64%	3.11%	5.08%	6.33%	6.5%	5.07%	6.35%	6.76%
EBT Margin (%)	4.48%	2.14%	4.97%	6.19%	6.39%	5.17%	6.4%	6.99%
Net margin (%)	2.76%	1.44%	3.92%	4.99%	5.18%	4.27%	4.99%	5.39%
FCF margin (%)	21.91%	13.31%	10.23%	7.91%	4.64%	4.97%	5.1%	6.21%
FCF / Net Income (%)	793.96%	923.53%	260.98%	158.56%	89.67%	116.5%	102.2%	115.26%
Profitability
ROA	2.13%	1.23%	4.21%	5.12%	5.5%	4.02%	5.35%	5.84%
ROE	7.45%	4.01%	16.13%	24.05%	24.84%	17.57%	20.46%	21.57%
Financial Health
Leverage (Debt/EBITDA)	1.72x	-	-	-	-	-	-	-
Debt / Free cash flow	1.15x	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	7.67%	17.67%	22.98%	20.27%	12.53%	10.61%	8.87%	7.79%
CAPEX / EBITDA (%)	52.61%	184.54%	232.98%	149.52%	84.85%	86.67%	68.91%	58.29%
CAPEX / FCF (%)	35.02%	132.79%	224.65%	256.33%	269.74%	213.48%	135.76%	123.17%
Items per share
Cash flow per share ¹	5.253	7.596	16.13	19.45	15.29	13.72	17.13	17.66
Change	-	44.61%	112.3%	20.64%	-21.38%	-10.31%	24.86%	3.13%
Dividend per Share ¹	0.0493	0.035	0.3807	1.032	1.325	1.188	1.584	1.938
Change	-	-29.05%	987.63%	171.1%	28.36%	-10.33%	33.37%	22.35%
Book Value Per Share ¹	6.626	10.89	12.71	15.92	21.23	25.82	30.31	34.67
Change	-	64.29%	16.79%	25.23%	33.33%	21.64%	17.39%	14.37%
EPS ¹	0.49	0.3533	1.903	3.44	4.613	4.067	5.5	6.827
Change	-	-27.89%	438.68%	80.74%	34.11%	-11.84%	35.23%	24.14%
Nbr of stocks (in thousands)	8,184,429	8,733,429	8,716,895	8,716,895	8,716,224	9,105,624	9,105,624	9,105,624
Announcement Date	29/03/21	29/03/22	28/03/23	26/03/24	24/03/25	-	-	-