Guolian Securities·2024-09-04 06:30Investment Rating - The investment rating for BYD is "Buy" (maintained) [7] Core Insights - In August, BYD reported a record monthly sales of 371,000 new energy passenger vehicles, representing a year-on-year growth of 35.3% and a month-on-month growth of 8.8% [11] - The sales breakdown includes 148,000 pure electric vehicles (up 2.0% YoY, up 14.2% MoM) and 222,000 plug-in hybrid vehicles (up 73.1% YoY, up 5.5% MoM) [11] - Exports reached 31,000 units, marking a 25.7% increase YoY and a 4.8% increase MoM [11] - The launch of the DM5.0 technology has enhanced product competitiveness, with new models achieving significant sales [11] - High-end brand sales increased by 40.0% YoY, while overseas sales surged by 125.5% YoY [11] Financial Data Summary - Revenue projections for 2024-2026 are estimated at 813.1 billion, 952.9 billion, and 1,162.6 billion yuan, with respective growth rates of 35.0%, 17.2%, and 22.0% [12] - Net profit for the same period is projected to be 38.94 billion, 50.58 billion, and 63.31 billion yuan, with growth rates of 29.6%, 29.9%, and 25.2% [12] - Earnings per share (EPS) are expected to be 13.4, 17.4, and 21.8 yuan, with a three-year compound annual growth rate (CAGR) of 28.2% [12]