BYD(002594)：KEY TAKEAWAYS FROM AGM

Group 1 - BYD's chairman confirmed that all businesses in the Group are included in the listed entity, indicating limited liquidity risk with notes and accounts payable of RMB244 billion at the end of FY24 [1] - Approximately 98% of other payables (RMB143 billion) at the end of FY24 are estimated to be related to payables to suppliers, suggesting controllable liquidity risks compared to FY24 revenue of RMB777 billion and net cash of RMB74 billion [1] - Management expects overseas sales volume to exceed 0.9 million units in FY25, with long-term targets of 4-6 million units overseas and 6-7 million units domestically, leading to a total sales volume of 10 million units [1] Group 2 - Denza aims for over 0.2 million units in FY25, targeting close to a 10% market share in the RMB300,000-600,000 price range [1] - Management is confident that Denza could achieve a market share similar to Mercedes-Benz in China in the long term, allowing BYD to maintain its average selling price despite increased competition [2] - BYD maintains a FY25E sales volume forecast of 5.25 million units and a 4% YoY increase in NEV ASP, with an unchanged FY25E net profit forecast of RMB57.5 billion [2]