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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  BYD Company Limited    002594   CNE100001526

BYD COMPANY LIMITED

(002594)
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Electric car maker BYD says profits up as becomes leading mask maker

08/28/2020 | 11:08am EST
FILE PHOTO: Man cleans a BYD e-SEED GT concept EV during the media day for the Shanghai auto show in Shanghai

BYD Co Ltd, a major electric vehicle maker in China, said on Friday it has become the world's biggest mask maker, helping it to post a 14.3% rise in first-half profit on Friday, even as car sales fell because of the COVID-19 pandemic.

BYD, which started making masks early this year, shortly after the COVID-19 outbreak began, did not give details, but said it has become the world's biggest mask maker. In May it said it can make 50 million masks a day.

The Shenzhen-based company, which is backed by U.S. investor Warren Buffett and whose products include battery electric and plug-in hybrid vehicles, posted net profit of 1.66 billion yuan ($241.80 million), up from 1.45 billion yuan in the same period a year earlier, beating a Refinitiv Eikon analysts' estimate of 1.63 billion yuan.

BYD sold 60,677 new energy vehicles (NEVs) between January and June, down 58% from a year earlier. It also sold 97,951 gasoline cars, up 19%. NEVs include battery-powered electric, plug-in gasoline-electric hybrid and hydrogen fuel-cell vehicles.

Revenue fell 2.7% to 60.5 billion yuan from 62.2 billion yuan a year earlier.

Car sales have been hard hit by the COVID-19 crisis and overall sales of NEVs in China, the world's biggest auto market, dropped 37.4% in the first six months of this year from a year earlier.

China's Association of Automobile Manufacturers expects NEV sales of 1.1 million vehicles this year, a drop of around 11% from last year.

BYD estimated 2.8 to 3 billion yuan profit in the first nine months this year, up 78% to 91% from the same period last year, as China's overall auto sales recover.

($1 = 6.8652 Chinese yuan renminbi)

(Reporting by Yilei Sun and Brenda Goh; Editing by Kirsten Donovan and Barbara Lewis)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BERKSHIRE HATHAWAY INC. 0.11% 345117 Delayed Quote.1.21%
BYD COMPANY LIMITED -7.89% 172.8 End-of-day quote.344.79%
BYD COMPANY LIMITED -3.99% 169.75 End-of-day quote.256.09%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.04% 6.54691 Delayed Quote.-5.47%
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Financials
Sales 2020 145 B 22 026 M 22 026 M
Net income 2020 4 555 M 694 M 694 M
Net Debt 2020 61 768 M 9 413 M 9 413 M
P/E ratio 2020 115x
Yield 2020 0,07%
Capitalization 522 B 67 295 M 79 494 M
EV / Sales 2020 4,04x
EV / Sales 2021 3,43x
Nbr of Employees 229 154
Free-Float 49,1%
Chart BYD COMPANY LIMITED
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Technical analysis trends BYD COMPANY LIMITED
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 134,61 CNY
Last Close Price 172,80 CNY
Spread / Highest target 66,4%
Spread / Average Target -22,1%
Spread / Lowest Target -81,0%
EPS Revisions
Managers
NameTitle
Chuan Fu Wang Chairman, President & General Manager
Jun Qing Dong Chairman-Supervisory Board
Ya Lin Zhou Chief Financial Officer
Zuo Quan Xia Non-Executive Director
Xiang Yang Lü Vice Chairman
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