Guolian Securities·2024-08-04 07:30Investment Rating - The investment rating for BYD is "Buy" (maintained) [7] Core Insights - In July, BYD's new energy vehicle sales reached 342,000 units, a year-on-year increase of 30.6% and a month-on-month increase of 0.2%. The sales of pure electric vehicles were 130,000 units, down 3.5% year-on-year and down 10.5% month-on-month. The sales of plug-in hybrid vehicles were 211,000 units, up 66.9% year-on-year and up 8.1% month-on-month. Export sales were 30,000 units, up 11.2% year-on-year and up 65.2% month-on-month [3][11] - The launch of the DM5.0 model is expected to help the company navigate through the traditional industry off-season and the transition of models, maintaining stable sales [11] - The DM5.0 technology enhances product competitiveness, with the first models achieving significant sales shortly after launch. The average selling price (ASP) is expected to increase due to the introduction of new models equipped with DM5.0 technology [11] - The high-end brand sales reached 9,600 units in July, a year-on-year increase of 41.3%, and the export volume increased by 152.5% year-on-year, indicating a positive trend in profitability and overall performance [11] Financial Projections - Revenue projections for BYD from 2024 to 2026 are as follows: 813.06 billion, 952.98 billion, and 1,162.64 billion yuan, with year-on-year growth rates of 35.0%, 17.2%, and 22.0% respectively. Net profit attributable to the parent company is projected to be 38.94 billion, 50.59 billion, and 63.33 billion yuan, with growth rates of 29.64%, 29.91%, and 25.18% respectively [12][11] - Earnings per share (EPS) are expected to be 13.39, 17.39, and 21.77 yuan per share for the years 2024 to 2026, with a three-year compound annual growth rate (CAGR) of 28.23% [11][12]