BYD Electronic (International) Full Year 2023 Earnings: EPS Beats Expectations

BYD Electronic (International) (HKG:285) Full Year 2023 Results

Key Financial Results

• Revenue: CN¥130.0b (up 21% from FY 2022).
• Net income: CN¥4.04b (up 118% from FY 2022).
• Profit margin: 3.1% (up from 1.7% in FY 2022). The increase in margin was driven by higher revenue.
• EPS: CN¥1.79 (up from CN¥0.82 in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

BYD Electronic (International) EPS Beats Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.6%.

The primary driver behind last 12 months revenue was the Overseas segment contributing a total revenue of CN¥87.4b (67% of total revenue). Notably, cost of sales worth CN¥119.5b amounted to 92% of total revenue thereby underscoring the impact on earnings. The largest operating expense was Research & Development (R&D) costs, amounting to CN¥4.72b (70% of total expenses). Over the last 12 months, the company's earnings were enhanced by non-operating gains of CN¥361.6m. Explore how 285's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Communications industry in Asia.

Performance of the market in Hong Kong.

The company's shares are down 6.0% from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. We've done some analysis and you can see our take on BYD Electronic (International)'s balance sheet.

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