By Jiahui Huang

Chinese electric-vehicle giant BYD's shares are lower after the company reported its annual results, which were broadly in line with expectations.

BYD's shares fell 3.5% to 389.20 Hong Kong dollars, or equivalent of $50.06, early Tuesday, while its Shenzhen-listed shares were 0.8% lower. The benchmark Hang Seng Index dropped 2.1%.

BYD's losses came amid caution over its net profit per unit, even though its annual results released late Monday were broadly in line with market expectations.

BYD's net profit in 2024 jumped 34% to 40.25 billion yuan while its revenue rose 29% to 777.10 billion yuan, equivalent to $107 billion, topping $100 billon for the first time.

Its net profit per car came in at 9,300 yuan, compared with 8,500 yuan the year earlier, Bernstein analysts wrote in a note.

BYD's net profit per car will likely stay around 10,000 yuan, CCB International analyst Qu Ke said, adding that the company's management team doesn't seem to be pressed to significantly increase its net profit per car given the intense competition in China's EV market.

That may have led to some concerns about its net profit this year, Qu added.

That said, overall sentiment surrounding BYD remains positive. Its upgrades to improve charging times and its assisted autonomous driving system will sustain its growth momentum, Bernstein analysts said.

Bernstein maintains an outperform rating on the stock.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

March 24, 2025 23:58 ET (03:58 GMT)

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