Analysis of Financial Reports During May Day Holiday: Leading New Energy Vehicles Continue to Dominate the Automotive Industry

Analysis of Financial Reports During the May Day Holiday: The Automotive Industry – Leading New Energy Vehicle Manufacturers Continue to Excel

The financial reports for the year 2024 and the first quarter of 2025 for the A-share market have been released. Coinciding with the May Day holiday, reporters from the Securities Times have selected several key industries to summarize their performance and highlights for readers. Over the past year, the automotive industry has encountered significant changes, with the trends of electrification and intelligence sweeping through the sector. The term “price war” has frequently appeared in news reports, impacting various players across the industry chain in differing ways.

Steady Performance of Automotive Companies

According to the data disclosed in the 2024 annual reports and the first quarter of 2025, the overall performance of passenger vehicle manufacturers remained stable. Based on the Shenwan industry classification, electric passenger vehicle companies continued to show growth momentum, with industry leader BYD maintaining a significant lead and experiencing rapid growth. Data indicates that BYD’s revenue in 2024 increased by 29.02% year-on-year, while the net profit attributable to shareholders rose by 34.00%. In its 2024 annual report, BYD noted that, according to data from the China Association of Automobile Manufacturers (CAAM), the group’s sales of new energy vehicles in 2024 grew by over 40% year-on-year from a high base, increasing its market share to 33.2%, up 1.3 percentage points year-on-year. In 2024, the group retained the title of sales champion in China’s automotive market, the brand sales champion in China, and the global sales champion in the new energy vehicle market.

In the first quarter of 2025, BYD’s revenue and net profit attributable to shareholders further accelerated, with growth rates reaching 36.35% and 100.38%, respectively. Among other electric passenger vehicle manufacturers, Seres achieved triple-digit revenue growth in 2024 and turned a profit, while its net profit attributable to shareholders continued to grow in the first quarter of 2025 despite a revenue decline of 27.91%. BAIC Blue Valley experienced a situation of increased revenue but decreased profit in both 2024 and the first quarter of 2025.

In the comprehensive passenger vehicle sector, 2024 saw a divergence in revenue among major companies as SAIC Motor, GAC Group, and Haima Automobile reported a decline in revenue year-on-year, while Great Wall Motors and Changan Automobile experienced revenue growth. In the first quarter of 2025, these companies all faced varying degrees of revenue decline. In terms of profit, SAIC Motor and Changan Automobile reported year-on-year increases in net profit attributable to shareholders in the first quarter of 2025, while Haima recorded a loss, although the loss amount decreased compared to the previous year.

Commercial Vehicle Sector Exhibiting Distinct Trends

From the 2024 annual reports and the first quarter of 2025, a clear differentiation is observed between the performance of commercial passenger vehicles and commercial freight vehicles. Generally, commercial passenger vehicle manufacturers, such as Zhongtong Bus, King Long, Ankai, and Yutong, reported revenue growth in 2024, while companies primarily focused on commercial freight vehicles, including FAW Jiefang, Dongfeng Motor, Jianghuai Automobile, and CIMC Vehicles, experienced revenue declines year-on-year. In the first quarter of 2025, Zhongtong and King Long further reported increases in both revenue and profit.

Overall Stability in the Automotive Parts Sector

Apart from complete vehicle manufacturers, there are over 250 listed automotive parts companies in the A-share market, encompassing various sub-industries such as chassis and engine systems, body attachments and decorations, automotive electronic systems, and tires and wheels. Data shows that among these over 250 listed automotive parts companies, more than 190 recorded year-on-year revenue growth in 2024, accounting for over three-quarters of the total. Nearly 150 companies also saw an increase in net profit attributable to shareholders year-on-year, representing close to 60% of the total. In the first quarter of 2025, most of these companies continued to report year-on-year growth in both revenue and profit. Overall, the financial performance of listed automotive parts companies remained stable in 2024 and the first quarter of 2025.