Minsheng Securities·2024-09-02 07:11Investment Rating - The report maintains a "Recommended" rating for BYD [1] Core Viewpoints - BYD's wholesale sales of new energy passenger vehicles reached 373,000 units in August 2024, a year-on-year increase of 36.0% and a month-on-month increase of 9.0% [1] - The company is expected to accelerate its market share in the joint venture fuel vehicle market with the launch of new models, enhancing its scale effect and promoting profitability [1] - The company plans to increase its overseas market investments, with cumulative exports of 233,000 units from January to August 2024, representing a year-on-year growth of 152.5% [1] Sales Performance - In August 2024, BYD's sales of pure electric passenger vehicles were 148,000 units, a year-on-year increase of 2.0% and a month-on-month increase of 14.2% [1] - The sales of plug-in hybrid passenger vehicles reached 222,000 units in August, a year-on-year increase of 73.1% and a month-on-month increase of 5.5% [1] - Cumulative wholesale sales from January to August 2024 reached 2.328 million units, a year-on-year increase of 29.9% [1] New Product Launches - The new model "Xia" from the Dynasty series was officially launched on August 30, 2024, with a starting price of 300,000 yuan [1] - The 2025 model of Song L EV will be launched, featuring advanced driving assistance systems and a price range of 189,800 to 249,800 yuan [1] - The new model "Seal 06 GT" is positioned as a two-door electric sports car, with a blind booking price range of 150,000 to 200,000 yuan, expected to be launched in mid to late September [1] Financial Forecast - Revenue forecasts for 2024-2026 are projected at 833.6 billion, 1,000.3 billion, and 1,194.4 billion yuan respectively, with net profit attributable to shareholders expected to be 39.81 billion, 51.15 billion, and 64.36 billion yuan [1] - Earnings per share (EPS) are projected to be 13.68, 17.58, and 22.12 yuan for 2024, 2025, and 2026 respectively [1] - The price-to-earnings (PE) ratios are expected to be 18, 14, and 11 for the respective years [1]