BYD Company Limited (01211) first quarter report decoded: Gross profit margin rebounding, technology dividends unleashed, globalization speeding up overseas expansion.

On April 28, BYD Company Limited (01211) released its first quarter report for 2026. The company achieved operating revenue of 150.2 billion yuan (RMB, the same below) and a net profit attributable to shareholders of 4.1 billion yuan during the period. The company's gross profit margin in the first quarter reached 18.8%, an increase of 1.4 percentage points compared to the previous quarter. International investment banks pointed out that BYD Company Limited's first quarter performance exceeded expectations and maintained a "buy" rating. According to Sinolink's calculations, excluding non-core factors such as exchange rate fluctuations and BYD ELECTRONIC's equity contribution, the profitability resilience of the core business far exceeds the surface data. In the first quarter, BYD Company Limited's average selling price (ASP) per car in the automotive business reached 163,000 yuan, an increase of 27,000 yuan year-on-year and 26,000 yuan quarter-on-quarter. The growth is expected to be driven by the high export growth and the increase in the proportion of high-end brands, confirming that BYD Company Limited's high-end layout is gradually transforming into a profit growth driver. The support behind the resilience is the high-intensity investment in research and development. The company's research and development expenses in the first quarter were 11.344 billion yuan, with cumulative research and development investment exceeding 250 billion yuan. The technology innovation driven by high investment is accelerating the transformation into user-perceivable experiences. In March, BYD Company Limited officially released the second-generation blade battery and flash charging technology, achieving "fully charged in 5 minutes at room temperature, fully charged in 9 minutes; only 3 more minutes at minus 30 degrees", solving the anxiety of range anxiety. As of April 28, BYD Company Limited has established 5,500 flash charging stations in 311 cities nationwide. According to the plan, the company will build 20,000 flash charging stations by the end of 2026. By opening up technology, building ecosystems, and expanding lightly, the coverage of the charging system is steadily increasing. In the field of intelligentization, BYD Company Limited's Tianshenzhiyan 5.0 has achieved comprehensive evolution. With over 2.85 million assisted driving models and daily generated data exceeding 180 million kilometers, the system, with full-stack self-developed sensors and end-to-end large models, has achieved industry-leading safety, anthropomorphism, and traffic efficiency. It can be seen that BYD Company Limited's technological dividend continues to be transmitted to the product matrix. At the 2026 Beijing International Auto Show, BYD Company Limited's full range of brands gathered at the Beijing Auto Show, covering household, urban, off-road, luxury, and performance segment scenarios, forming a complete layout from the hundred thousand-level national models to the million-level luxury flagship, building a multi-level, differentiated competitive barrier. The strong product strength is not only based on the domestic market but also establishes BYD Company Limited's core confidence in participating in global competition, allowing overseas consumers to "willingly choose and buy with confidence". In the first quarter, BYD Company Limited's overseas sales reached nearly 320,000 vehicles, a year-on-year increase of 55%. The new energy vehicle business covers 120 countries and regions globally, with total exports exceeding 2.08 million vehicles. With the commissioning of the passenger car factory in Brazil and the operation of eight car transport vessels, BYD Company Limited's global layout is shifting from product output to localized production and full-chain ecological layout, with the overseas sales target for 2026 aiming for 1.5 million units. Leveraging the advantages of vertical integration of the entire industry chain, the company is upgrading its competitiveness from traditional cost advantages to efficiency advantages and localization operating advantages, effectively reducing operational risks, rising rapidly in overseas business, and achieving high-quality global expansion. The century-old transformation of the automotive industry is essentially a long-term competition core based on technology, ecology, and endurance. As a global leader in the new energy vehicle industry, BYD Company Limited is steadily releasing enterprise value through technological innovation as the core, the entire industry chain as the support, and globalization as the stage. The company is expected to continue leading in the global race track and help the Chinese automotive industry move towards the top of the global value chain.