Shanghai Securities·2024-07-03 01:00Investment Rating - The investment rating for BYD is "Buy" (maintained) [4][10]. Core Insights - In June, BYD achieved record sales of 341,700 vehicles, a year-on-year increase of 35.02%. Cumulative sales for the year reached 1.613 million units, up 28.46% year-on-year [4]. - The company’s core technology has been recognized, being selected for the first batch of intelligent connected vehicle pilot programs and winning a national science and technology progress award [4]. - BYD's overseas market sales maintained high growth, with exports in the first half of the year increasing by 173.80% year-on-year [4]. Summary by Sections Sales Performance - June sales reached 341,700 units, with pure electric vehicle sales at 145,200 units (up 13.25%) and plug-in hybrid vehicle sales at 195,000 units (up 57.93%) [4]. - The sales breakdown includes 324,800 units from the Dynasty and Ocean series, 12,300 units from Tengshi, and 418 units from Yangwang [4]. Technological Advancements - BYD was included in the national pilot program for intelligent connected vehicles, indicating recognition of its R&D capabilities [4]. - The company led a project that won a second-class national science and technology progress award, focusing on key components and platforms for electric vehicles [4]. Overseas Expansion - In June, BYD exported 27,000 vehicles, a year-on-year increase of 156.22%, with total exports for the first half of the year reaching 203,400 units [4]. - The company opened its 108th store in Thailand and launched its first store in Jamaica, enhancing its brand presence internationally [4]. Financial Projections - BYD is expected to achieve net profits of 35.32 billion, 41.25 billion, and 49.53 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.58%, 16.78%, and 20.08% [4][5]. - The projected P/E ratios for the same years are 20.33X, 17.41X, and 14.50X [4][5].