(Yicai Global) Aug 22 -- BYD's first-half revenue hit CNY62.2 billion (USD8.8 billion), up 15 percent yearly, and net profit attributable to its parent was CNY1.5 billion, up over three times annually.
Most of these gains stemmed from its new energy vehicle and smartphone parts businesses.
The Shenzhen-based company's growth rate has slowed amid the auto market's overall downturn and NEV subsidy cuts, however. Its net profit for the first three quarters is projected at between CNY15.55 to CNY17.55 billion in a 1.83 percent to 14.93 percent rise.
BYD's shares [SHE:002594] fell 3.53 percent to CNY49.80 (USD7) and [HKG:1211] 6.02 percent to HKD40.60 (USD5.18) at today's market opening, as gloom over the future prospects of its main NEV line gripped markets.
Its auto business contributed revenue of CNY33.98 billion, up 16.3 percent per year, official data show. BYD sold 228,100 vehicles in the first half, up 1.6 on the year, of which 145,700 units were NEVs, up 94.5 percent annually, outpacing the NEV market's growth rate of almost 50 percent. The firm's market share rose from last year's one-fifth to nearly one-quarter this year.
The firm's handset components and assembly business took in CNY23.3 billion in a 14.4 percent annual jump. The world's second-largest cellphone original equipment manufacturer, BYD's mobile phone business is booming as Chinese telecom equipment and smartphone giant Huawei Technologies' main foundry.
BYD Electronics, BYD's handset OEM unit, will attain revenue of more than CNY100 billion in the three business areas of mobile phones and notebooks, new intelligent products, and smart car systems in the next five to 10 years, Wang Nianqiang, BYD's cofounder and BYD Electronics' chief executive, told Yicai Global.
Formed in 1995, BYD produces automobiles, electric bicycles, buses and forklifts, and rechargeable batteries. It has two main units, BYD Automobile and BYD Electronic.
Editor: Ben Armour