BYD(002594) 天风证券·2024-09-03 08:40Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 247.08 yuan [4][6] Core Views - The company's 2024H1 performance met expectations, with strong revenue and profit growth driven by a robust product cycle and overseas expansion [1] - Overseas markets are becoming a significant profit driver, with the company accelerating its global factory construction and achieving a 173.8% YoY increase in passenger car exports [2] - The launch of DM 5.0 products has shown strong sales performance, with expectations of further growth and improved profitability due to economies of scale [2] Financial Performance Summary 2024H1 Performance - Revenue: 3011.3 billion yuan, up 15.8% YoY [1] - Net profit attributable to parent company: 136.3 billion yuan, up 24.4% YoY [1] - Gross margin: 20.0%, up 1.68 percentage points YoY [1] - Overseas revenue per vehicle: 442,000 yuan, significantly higher than domestic revenue per vehicle of 149,800 yuan [1] 2024Q2 Performance - Revenue: 1761.8 billion yuan, up 26% YoY and 41% QoQ [1] - Net profit attributable to parent company: 90.6 billion yuan, up 32.8% YoY and 98.4% QoQ [1] - Vehicle sales: 987,000 units, up 40.3% YoY and 57.6% QoQ [1] Financial Forecasts - Revenue growth is expected to be 37.2% in 2024, 17.35% in 2025, and 11.72% in 2026 [3] - Net profit attributable to parent company is forecasted to be 381.3 billion yuan in 2024, 474.2 billion yuan in 2025, and 557.9 billion yuan in 2026 [2] - The company's P/E ratio is projected to be 19x in 2024, 15x in 2025, and 13x in 2026 [2] Overseas Expansion - The company has established factories in Thailand, Uzbekistan, and Hungary, with plans to further expand in Africa, South America, and Asia [2] - The company's overseas sales are expected to become a strong profit driver, supported by its global manufacturing footprint [2] Product Cycle - The DM 5.0 product line has shown strong sales performance, with models like the Qin L and Seal 06 achieving significant sales growth [2] - The company expects further sales growth and improved profitability as new models with DM 5.0 technology are launched [2] Valuation Metrics - The company's P/E ratio is currently 19x for 2024, with a P/B ratio of 4.25x and a P/S ratio of 0.87x [3] - The EV/EBITDA ratio is projected to be 6.55x in 2024, 2.92x in 2025, and 3.78x in 2026 [3]