GOLDEN SUN SECURITIES·2024-09-02 09:12Investment Rating - The report maintains a "Buy" rating for BYD [2] Core Views - BYD's vehicle sales reached a record high in August 2024, with total sales of 373,000 units, representing a year-on-year increase of 36% and a month-on-month increase of 9% [1] - The company is expected to see continued strong performance in both domestic and international markets, driven by new model launches and a robust sales strategy [1] - The forecast for net profit attributable to shareholders for 2024-2026 is 37.7 billion, 47.1 billion, and 57.7 billion yuan, respectively, with corresponding P/E ratios of 19, 15, and 13 times [2] Sales Performance - In August, BYD's passenger car sales were 371,000 units, up 35% year-on-year and 9% month-on-month [1] - The sales of pure electric vehicles reached 148,000 units, showing a year-on-year increase of 2% and a month-on-month increase of 14% [1] - The sales of plug-in hybrid vehicles surged by 73% year-on-year to 222,000 units [1] Brand Performance - The main brand (Dynasty + Ocean) sold 356,000 units in August, accounting for 95.3% of total sales, with a month-on-month increase of 8% [1] - High-end brands (Denza + Fangchengbao + Yangwang) collectively sold 15,200 units, a month-on-month increase of 20%, representing 4.1% of total sales [1] Export and Global Expansion - BYD exported 31,000 vehicles in August, a month-on-month increase of 5%, with total exports reaching 265,000 units from January to August [1] - The company has established a presence in 77 countries and regions, including Brazil, Germany, Japan, and Thailand, and plans to enhance overseas market penetration [1] Financial Forecast - The projected revenue for 2024-2026 is 765.1 billion, 940 billion, and 1,109.4 billion yuan, with year-on-year growth rates of 27%, 22.9%, and 18% respectively [2] - The net profit margin is expected to remain stable, with a net profit margin of 4.9% in 2024 and gradually increasing to 5.2% by 2026 [6] Market Positioning - The company is well-positioned to benefit from domestic policies promoting vehicle upgrades and the continuous iteration of hybrid and electric platforms [1] - BYD's brand strength is expected to improve as new models are launched, maintaining a high market share [1]