Xin Lang Cai Jing·2025-03-25 12:39Core Viewpoint - BYD's 2024 performance is strong, with revenue and net profit showing significant year-on-year growth, driven by its product lineup and global expansion efforts [1][2]. Financial Performance - In 2024, the company achieved revenue of 777.1 billion yuan, a year-on-year increase of 29.0% [1]. - The net profit attributable to shareholders reached 40.25 billion yuan, up 34.0% year-on-year [1]. - For the automotive segment, revenue was 617.4 billion yuan, reflecting a 28% increase, while the electronics segment generated 159.6 billion yuan, a 35% increase [1]. - The average selling price (ASP) for vehicles in 2024 was 145,000 yuan, down 9% year-on-year [1]. - The net profit per vehicle was 8,800 yuan, a decrease of 3.1% year-on-year [1]. Profitability and Cost Structure - The gross margin for 2024 was 19.44%, a decline of 0.77 percentage points year-on-year, with automotive and electronics gross margins at 22.3% and 8.3%, respectively [2]. - The overall expense ratio for 2024 was 12.5%, a slight decrease of 0.2 percentage points year-on-year [2]. - The increase in financial expenses was primarily due to foreign exchange losses [2]. Market Position and Strategy - The domestic market remains strong, supported by trade-in policies and a robust lineup of hybrid and electric vehicles, which are expected to maintain high market share [2]. - The company is enhancing its global presence, with plans for new model introductions and the establishment of overseas factories contributing to future growth [2]. Earnings Forecast and Valuation - The company is projected to achieve net profits of 55.5 billion yuan, 67.6 billion yuan, and 80.1 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 21, 17, and 14 times [2].