BYD(002594) 东吴证券·2024-09-02 23:30Investment Rating - Buy (Maintained) [1] Core Views - BYD's August sales of 373,000 units exceeded market expectations, with a 9% month-on-month increase and a 36% year-on-year increase [3][8] - The company's 1-8 month sales reached 2.33 million units, a 30% year-on-year increase, with overseas sales accounting for 265,000 units, a 125% year-on-year increase [3][8] - The plug-in hybrid (PHEV) segment maintained a 60% market share, with the Denza Z9 receiving over 20,000 pre-orders [3][8] - BYD's battery installations for 1-8 months reached 108GWh, a 25% year-on-year increase, with August installations at 18.8GWh, up 35% year-on-year and 14% month-on-month [3][13] Sales and Market Performance - BYD's August sales were driven by the DM5.0 new car cycle and price reductions, with the third week of August seeing sales of 88,000 units, a 12% month-on-month increase [3][8] - The company expects September sales to exceed 400,000 units, with full-year 2024 sales projected at 4 million units, a 32% year-on-year increase [3][8] - Export sales are expected to reach 400,000-450,000 units in 2024, a 65% year-on-year increase, accounting for over 10% of total sales [3][8] Product and Technology Highlights - BYD's fifth-generation DM technology platform, launched in May 2024, features the world's highest engine thermal efficiency of 46.06%, the lowest fuel consumption of 2.9L per 100km, and a maximum range of 2,100km [12] - The company plans to launch new models under the Denza, Yangwang, and Fang Cheng Bao brands, with the Fang Cheng Bao 8 expected to debut in Q3 2024, equipped with Huawei's ADS3.0 autonomous driving system [3][12] Financial Projections - BYD's revenue for 2024 is projected at 718.4 billion yuan, a 19.28% year-on-year increase, with net profit attributable to shareholders expected to reach 38.1 billion yuan, a 27% year-on-year increase [2][15] - The company's EPS for 2024 is forecasted at 13.08 yuan per share, with a P/E ratio of 19.07x [2][15] - BYD's target price is set at 327 yuan, based on a 25x P/E ratio for 2024 [15]