上 市 公 司 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 04 月 11 日 | | --- | --- | | 收盘价（港币） | 368.80 | | 恒生中国企业指数 | 7801.51 | | 52 周最高/最低（港币） | 426.60/195.20 | | H 股市值（亿港币） | 11,208.07 | | 流通 H 股（百万股） | 1,227.80 | | 汇率（人民币/港币） | 1.0762 | 一年内股价与基准指数对比走势： -7% 43% 93% 143% HSCEI 比亚迪股份 2025 年 04 月 13 日 比亚迪股份 (01211) ——工程能力开始向智能和海外索取变现空间 资料来源：Bloomberg 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 戴文杰 (8621)23297818× daiwj@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资要点： 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | ...

智通财经4月11日讯（记者 林坚 王晨）你好，国泰海通！ 4月11日起，国泰海通证券股份有限公司A股证券简称由"国泰君安"正式变更为"国泰海通"，A股证券代 码"601211"保持不变。这一天，对于国泰海通而言，是新的开始；对于中国资本市场而言，则是又一个 见证企业成长、市场繁荣的重要时刻。 国泰海通证券重组更名上市仪式在上交所举行。 也就在这一天，国泰海通证券重组更名上市仪式在上交所举行，上交所与国泰海通签订《证券上市协 议》。上海市国资委党委书记、主任贺青，国泰海通党委书记、董事长朱健，上海国际集团党委书记、 董事长、国泰海通副董事长周杰，上海证监局副局长王登勇，上交所副总经理王泊，国泰海通党委副书 记、总裁李俊杰出席仪式。贺青、朱健、周杰、李俊杰共同为国泰海通在上交所主板股票交易鸣锣开 市。 上海市国资委党委书记、主任贺青对国泰海通证券的发展提出新的期许。 贺青在致辞中表示，国泰君安、海通证券的合并重组，对于助力金融强国建设、增强上海国际金融中心 的竞争力和影响力、更好引领证券行业创新发展，具有里程碑意义。合并重组后，国泰海通将拥有更强 大的资本实力、更完善的业务体系、更优秀的专业人才和更广泛的网络布局 ...

m 2024 年 4 月 8 日 | H70455@capital.com.tw | | | --- | --- | | 沈嘉婕 目标价(元/港元) | 426HKD | 公司基本资讯 | 产业别 | 汽车 | | --- | --- | | H 股价(2025/04/07) | 315.20 | | 恒生指数(2025/04/07) | 19,828.3 | | 股价 12 个月高/低 | 424.2/194.55 | | 总发行股数(百万) | 3,039.07 | | H 股数(百万) | 1,227.80 | | H 市值(亿元) | 9,579.14 | | 主要股东 | 王传福 (16.93%) | | 每股净值(元) | 58.56 | | 股价/账面净值 | 5.38 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -11.26% 22.17% 48.14% | 近期评等 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 比亚迪(01211.HK ) Buy 买进 公司 2025Q1 业绩 ...

m 2024 年 4 月 8 日 | H70455@capital.com.tw | | | --- | --- | | 沈嘉婕 目标价(元/港元) | 426HKD | 公司基本资讯 | 产业别 | 汽车 | | --- | --- | | H 股价(2025/04/07) | 315.20 | | 恒生指数(2025/04/07) | 19,828.3 | | 股价 12 个月高/低 | 424.2/194.55 | | 总发行股数(百万) | 3,039.07 | | H 股数(百万) | 1,227.80 | | H 市值(亿元) | 9,579.14 | | 主要股东 | 王传福 (16.93%) | | 每股净值(元) | 58.56 | | 股价/账面净值 | 5.38 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -11.26% 22.17% 48.14% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-3-25 | 389.2 | 买进 | 产品组合 | 汽车业务 | 79.5% | | --- | --- | | ...

Investment Rating - The report maintains a "Buy" rating for BYD [6] Core Views - BYD is expected to significantly increase its smart driving penetration rate, driving substantial growth in both sales and profits for new energy vehicles [2][6] - The target price for BYD shares is set at HKD 481.0, representing a potential upside of 18% for the Hong Kong stock and CNY 469.0 for the A-share, with a potential upside of 21% [4][5] Financial Forecasts - Revenue is projected to grow from RMB 602,315 million in 2023 to RMB 966,125 million in 2025, reflecting a compound annual growth rate (CAGR) of 24% [3][9] - Net profit is expected to increase from RMB 30,041 million in 2023 to RMB 50,211 million in 2025, with a net profit growth rate of 25% [3][9] - The gross margin is forecasted to decline slightly from 20.2% in 2023 to 18.7% in 2025 [3][9] Sales and Market Performance - BYD's vehicle sales are anticipated to reach 5.5 million units in 2025, with overseas sales expected to nearly double [6] - The sales of high-end brands such as Tengshi, Fangchengbao, and Yangwang are projected to grow significantly [6] Valuation - The report employs a sum-of-the-parts valuation method, assigning price-to-earnings ratios of 29.0x for new energy vehicles, 21.0x for mobile and electronic businesses, and 10.0x for other businesses, leading to target prices of HKD 481.0 and CNY 469.0 [10]

Investment Rating - The report maintains a "Buy" rating for BYD Company Limited (1211 HK) with a target price of HKD 503.25, indicating a potential upside of 24.8% from the current closing price of HKD 403.40 [1][4][10]. Core Insights - The company's performance meets expectations, driven by export expansion and advancements in intelligent driving technology. The report emphasizes the dual engines of growth: increased exports and the democratization of intelligent driving features [2][7]. - Revenue for 2024 is projected at RMB 777.1 billion, representing a year-on-year growth of 29%. The net profit is expected to reach RMB 40.254 billion, a 34% increase compared to the previous year [7][8]. - The report highlights that BYD's sales volume is anticipated to reach 4.27 million vehicles in 2024, a 41.2% increase year-on-year, with a market share of 33.2% in the new energy vehicle sector [7][8]. Financial Overview - Revenue (in million RMB) is forecasted to grow from 602,315 in 2023 to 977,249 in 2025E, reflecting a compound annual growth rate (CAGR) of approximately 25.8% [3][12]. - Net profit is expected to increase from 30,041 million RMB in 2023 to 52,460 million RMB in 2025E, with a significant year-on-year growth rate of 30.3% in 2025 [3][12]. - The earnings per share (EPS) is projected to rise from RMB 13.33 in 2023 to RMB 23.28 in 2025E, indicating a strong growth trajectory [3][12]. Market Position and Strategy - BYD is positioned as a robust and reliable player in the automotive sector, with a focus on expanding its export markets, particularly in Brazil and Southeast Asia, and enhancing its intelligent driving capabilities [7][8]. - The report notes that the average selling price of vehicles is expected to increase, driven by a higher proportion of premium models and stable pricing in the market [7][8]. - The company is also investing in technology and innovation, with significant increases in research and development expenses, reflecting its commitment to maintaining a competitive edge in the industry [7][8].

Investment Rating - The report maintains a "Buy" rating for BYD Company Limited (1211 HK) with a target price of HKD 503.25, indicating a potential upside of 24.8% from the current closing price of HKD 403.40 [1][4][10]. Core Insights - The company's performance met expectations, driven by export expansion and advancements in intelligent driving technology. The report emphasizes the dual engines of growth: increased exports and the democratization of intelligent driving features [2][7]. - The revenue forecast for 2024 is set at RMB 777.1 billion, reflecting a year-on-year growth of 29%, with net profit expected to reach RMB 40.254 billion, a 34% increase [7][8]. - The report highlights that BYD's sales volume for 2024 is projected to be 4.27 million vehicles, representing a 41.2% year-on-year increase, with a market share of 33.2% in the new energy vehicle sector [7][8]. Financial Overview - Revenue (in million RMB) is projected to grow from 602,315 in 2023 to 977,249 in 2025E, with a compound annual growth rate (CAGR) of 25.8% [3]. - Net profit is expected to increase from 30,041 million RMB in 2023 to 52,460 million RMB in 2025E, reflecting a CAGR of 30.3% [3]. - The earnings per share (EPS) is forecasted to rise from RMB 13.33 in 2023 to RMB 23.28 in 2025E, indicating strong profitability growth [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 28.2 in 2023 to 16.2 in 2025E, suggesting improved valuation attractiveness [3]. Market Position and Strategy - BYD is expected to leverage its self-built roll-on/roll-off fleet and expanding overseas factories in Thailand, Brazil, and Hungary to boost export volumes significantly [7]. - The introduction of the "Tian Shen Zhi Yan" intelligent driving system aims to make high-level autonomous driving features accessible in lower-priced models, enhancing market penetration [7]. - The report anticipates that sales will reach 5.23 million vehicles in 2025, a 23% increase year-on-year, supported by the growth in exports and intelligent driving technology [7].

Revenue and Financial Performance - In 2024, revenue from automobiles and related products accounted for 79.45% of total revenue, a slight decrease from 80.27% in 2023[14] - Revenue for 2024 reached RMB 777,102,455, an increase from RMB 602,315,354 in 2023, representing a growth of approximately 29%[15] - Gross profit for 2024 was RMB 151,055,839, with a gross profit margin of 19%, consistent with 2023[15] - Net profit attributable to owners of the parent for 2024 was RMB 40,254,346, reflecting a net profit margin of 5.2%, up from 5.0% in 2023[15] - The Group's operating revenue for 2024 was approximately RMB 777.1 billion, a year-on-year increase of 29.02%[72] - Profit attributable to the owners of the parent company was approximately RMB 40.254 billion, representing an increase of 34.00% year-on-year[72] - The current ratio improved to 0.75 in 2024 from 0.67 in 2023, indicating better short-term financial health[15] - The receivables turnover days decreased to 35 days in 2024 from 43 days in 2023, suggesting improved efficiency in collecting receivables[15] Market Presence and Expansion - The company generated 28.55% of its revenue from the PRC (including Hong Kong, Macau, and Taiwan) in 2024, compared to 26.60% in 2023[14] - Overseas revenue constituted 71.45% in 2024, down from 73.40% in 2023[14] - BYD launched the Song PLUS DM-i in Mexico and the Dolphin in Chile in 2024, expanding its international market presence[22][27] - BYD's passenger vehicles entered the Indonesian market for the first time in January 2024[41] - BYD's first store in Saudi Arabia was opened in June 2024, marking a significant market expansion[41] - BYD's brand officially entered Peru, further enhancing its international footprint[52] - The Group's new energy vehicles have entered over 100 countries and regions across six continents by the end of 2024, maintaining strong overseas sales growth[170] Research and Development - BYD's R&D investment exceeded RMB 100 billion, supporting rapid iterations of its intelligent driving technology[18] - The company filed an average of 45 patent applications and received 20 patent grants per working day, showcasing its commitment to innovation and technology leadership[84] - The Group invested approximately RMB 54.2 billion in R&D in 2024, a year-on-year increase of 35.68%[71] - Cumulative R&D investment has exceeded RMB 180 billion, positioning the company as an industry leader across various sectors[118] - The Group will continue to deepen its R&D in core technologies for new energy vehicles, focusing on electrification and intelligence, to drive product upgrades and fortify its technological moat[192] Product Development and Innovation - BYD has developed "Blade Batteries," a highly safe LFP battery, to meet market safety demands and enhance the adoption of LFP batteries in the power battery sector[5] - The company is actively expanding its photovoltaics business, aiming for a complete industrial chain covering silicon wafers, solar cells, and photovoltaic modules[6] - The company introduced innovative parking features, including the world's first easy three-way and four-way parking systems[20] - The Group launched several new models leveraging the "e-Platform 3.0 Evo" and "Fifth-generation DM Technology" during the year[80] - The "Qin L DM-i" and "Seal 06 DM-i" were officially launched in May, leading the A+ class plug-in hybrid electric sedan market with low fuel consumption and advanced technology[138] - The "Song L DM-i" was launched in July, establishing a new era of low fuel consumption for B-class plug-in hybrid SUVs, reinforcing the Song family's market leadership[141] - The "SEALION 05 DM-i" debuted in September, showcasing ocean aesthetics and setting a benchmark for A-class plug-in hybrid SUVs with exceptional efficiency and intelligent performance[143] - The "Denza Z9GT" topped the new energy luxury sedan market with a starting price of RMB 300,000, establishing itself as a flagship benchmark for new luxury sedans[156] Sales and Market Trends - In 2024, the sales volume of automobiles in China reached 31.436 million units, representing a year-on-year growth of 4.5%[66] - New energy vehicles in China recorded a sales volume of 12.866 million units, with a significant year-on-year growth of 35.5%[66] - The annual retail penetration rate of new energy passenger cars in China reached 47.6%, an increase of 12 percentage points year-on-year[66] - The share of Chinese brand passenger cars in the domestic market reached 65.2%, representing an increase of 9.2 percentage points year-on-year[66] - The Group secured the title of sales champion in China's automotive market for the year 2024[120] - The Group's sales volume in 2024 reached record highs, driven by the collaborative efforts of its various brands[126] Sustainability and Social Responsibility - The company aims to drive long-term sustainable development while addressing urban traffic congestion and air pollution through its transportation solutions[8] - The company reported a total domestic tax payment of approximately RMB 51,024 million and announced a plan to donate RMB 3 billion for educational scholarships and new energy technology promotion[89][92] - The Group aims to promote sustainable development in the global green industry while addressing social issues[118] - The Group will continue to provide sustainable, zero-pollution public transportation solutions and launch high-quality, environmentally friendly products recognized by the market[200] Strategic Partnerships and Collaborations - A strategic partnership with Raízen Power aims to establish BYD-Shell electric vehicle charging stations in eight major Brazilian cities over the next three years[180] - The Group has established strategic partnerships with Shell's Raizen Power to build electric vehicle charging centers in eight major Brazilian cities over the next three years[182] Industry Trends and Government Policies - The Chinese government implemented supportive policies to enhance the development of new energy vehicles and intelligent cars, including trade-in subsidies and promoting new energy vehicles in rural areas[106] - The new energy vehicle industry is entering a new growth cycle, with penetration rates expected to reach record highs[190] - The Chinese government is implementing proactive macro policies to stimulate demand for new energy vehicles, including expanded subsidies for vehicle scrappage and renewal[189]

Revenue and Financial Performance - For the fiscal year ending December 31, 2024, BYD's revenue from automobiles and related products accounted for 79.45% of total revenue, a slight decrease from 80.27% in 2023[16]. - Revenue for 2024 reached RMB 777,102,455, an increase from RMB 602,315,354 in 2023, representing a growth of approximately 29%[17]. - Gross profit for 2024 was RMB 151,055,839, maintaining a gross profit margin of 19%, consistent with 2023[17]. - Net profit attributable to owners of the parent for 2024 was RMB 40,254,346, reflecting a net profit margin of 5.2%, up from 5.0% in 2023[17]. - Total assets as of December 31, 2024, amounted to RMB 783,355,855, compared to RMB 679,547,670 in 2023[17]. - The gearing ratio improved to -36% in 2024 from -44% in 2023, indicating a stronger financial position[17]. - The current ratio increased to 0.75 in 2024 from 0.67 in 2023, suggesting improved liquidity[17]. - The receivables turnover days decreased to 35 days in 2024 from 43 days in 2023, indicating better collection efficiency[17]. - BYD's operating revenue for 2024 was approximately RMB 777.1 billion, representing a year-on-year increase of 29.02%[74]. - Profit attributable to the owners of the parent company was approximately RMB 40.3 billion, reflecting a year-on-year increase of 34.00%[74]. - Revenue from handset components and assembly services reached approximately RMB 159,609 million, reflecting a year-on-year increase of 34.60%[119]. Market Presence and Expansion - The revenue breakdown by customer location shows that 28.55% of revenue came from the PRC (including Hong Kong, Macau, and Taiwan) in 2024, compared to 26.60% in 2023, indicating a growing domestic market presence[16]. - BYD launched the Song PLUS DM-i in Mexico and the Dolphin in Chile in 2024, expanding its international market presence[24][39]. - BYD's passenger vehicles entered the Indonesian market for the first time, marking a significant expansion in Southeast Asia[43]. - BYD opened its first store in Estonia and expanded its presence in Peru, reflecting its commitment to international market penetration[54]. - The Group's new energy vehicles have entered over 100 countries and regions across six continents by the end of 2024, maintaining strong growth in overseas sales[172][175]. - The Group's overseas sales experienced strong growth, with new energy vehicles entering over 100 countries and regions across six continents by the end of 2024[89][92]. Research and Development - BYD's R&D investment exceeded RMB 100 billion, supporting rapid iterations of its intelligent driving technology[20]. - The company invested approximately RMB 54.2 billion in R&D in 2024, a year-on-year increase of 35.68%[73]. - Cumulative R&D investment has exceeded RMB 180 billion, showcasing the company's commitment to innovation[120]. - The Group applied for an average of 45 patents and received 20 patents granted per working day, showcasing its commitment to innovation and technology leadership[86]. - The Group's commitment to independent innovation is evident in its investment in intelligent driving technologies and the establishment of an AI supercomputing center[127]. Product Innovation and Technology - BYD has developed "Blade Batteries," which are highly safe lithium iron phosphate (LFP) batteries, to address market safety demands and enhance the adoption of LFP batteries in the power battery sector[7]. - The company emphasizes continuous technological innovation to maintain its competitive edge in the global new energy vehicle industry[6]. - The Group launched several new models leveraging the "e-Platform 3.0 Evo" and "Fifth-generation DM Technology" during the year[82]. - The Group's "Fifth Generation DM Technology" achieved a global engine thermal efficiency of 46.06%, the lowest fuel consumption of 2.9L per 100 km, and a comprehensive range of 2,100 km, marking a new era in fuel efficiency[86]. - The Group's advanced intelligent driving assistance system, "God's Eye," was equipped with nationwide mapless city navigation, enhancing its position in the intelligent driving sector[127]. - The "Yangwang U9" supercar was launched in February, featuring the "e4 Platform" and "DiSus-X" intelligent body control system, redefining supercar performance and experience[165][166]. Sales and Market Trends - In 2024, the sales volume of automobiles in China reached 31.436 million units, representing a year-on-year growth of 4.5%[68]. - New energy vehicles in China recorded a sales volume of 12.866 million units, marking a significant year-on-year growth of 35.5%[68]. - The annual retail penetration rate of new energy passenger cars in China reached 47.6%, an increase of 12 percentage points year-on-year[68]. - The share of Chinese brand passenger cars in the domestic market reached 65.2%, an increase of 9.2 percentage points year-on-year[68]. - The Group achieved a milestone of rolling out 10 million new energy vehicles in November 2024, with a year-on-year sales growth of over 40% despite a high base[122]. - The market share of the Group's new energy vehicles increased to 33.2%, representing a year-on-year increase of 1.3 percentage points[122]. Strategic Partnerships and Collaborations - A strategic partnership was established with Raízen Power in February to create electric vehicle charging stations in Brazil, enhancing local charging infrastructure[182]. - The Group signed a multi-year strategic partnership with Uber in July to expand the electric vehicle lineup on Uber's platform, promoting electric vehicle adoption[182]. - The Group established a dealer partnership model in June to enhance channel development for the "Denza" and "FANGCHENGBAO" brands, improving service quality for users[169]. Sustainability and Social Responsibility - The company is actively expanding its photovoltaics business, which includes a complete industrial chain from silicon wafers to photovoltaic system applications, aiming for sustainable clean energy development[8]. - The Group launched a charity fund with plans to donate a total of RMB 3 billion for university scholarships and promoting new energy technologies[91][94]. - The Group aims to promote sustainable development in the global green industry while addressing social issues[120]. Industry Trends and Government Policies - The Chinese government implemented supportive policies to enhance the development of new energy vehicles, including trade-in subsidies and promoting new energy vehicles in rural areas[108]. - The penetration of new energy vehicles is expected to continue growing, supported by government initiatives aimed at expanding their market presence[110]. - The new energy vehicle industry is entering a new growth cycle, with penetration rates expected to reach record highs[192].

Investment Rating - The report does not explicitly state an investment rating for BYD Company Limited Core Insights - BYD is a pioneer and leader in the global electric vehicle industry, leveraging a strong R&D team of 110,000 engineers to develop innovative and disruptive technologies, establishing a sustainable competitive advantage in electric, intelligent, high-end, and international aspects of the automotive industry [2] - The recent H-share placement involved the issuance of 129,800,000 new shares at a price of HKD 335.2 per share, raising approximately HKD 43.509 billion, marking the largest placement in the Hong Kong capital market since 2022 [1][2] Summary by Sections Transaction Overview - On March 3, 2025, BYD completed a new H-share placement, with a total issuance of 129,800,000 shares at a price of HKD 335.2, representing a discount of about 7.8% from the closing price on the same day, totaling HKD 43.509 billion [1] Company Profile - BYD has a robust accumulation of core technologies in the electric vehicle sector and continues to push forward with original and disruptive technologies, enhancing its long-term competitive edge [2] - The collaboration with CMB International in this transaction highlights the ongoing support for BYD's refinancing efforts in the capital market, reinforcing CMB International's commitment to the long-term development of China's new energy and high-tech industries [2]