比亚迪：半年报点评：龙头地位稳固，海外市场拓展顺利

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company maintains a strong market position with successful expansion into overseas markets, achieving a 16% year-on-year increase in revenue to 301.1 billion yuan in H1 2024 and a 24% increase in net profit to 13.6 billion yuan [2][3] - The company sold 1.61 million new energy vehicles in H1 2024, representing a 28% year-on-year growth and capturing a market share of 32.6% [3] - The gross margin improved to 20.01%, up 1.68 percentage points year-on-year, with the automotive segment's gross margin reaching 23.94%, an increase of 3.27 percentage points [3] - The company is expected to continue rapid sales growth, with projected sales exceeding 3.95 million vehicles in 2024 and overseas sales anticipated to surpass 410,000 vehicles [3] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 301.1 billion yuan, a 16% increase year-on-year, and a net profit of 13.6 billion yuan, up 24% [2][3] - For Q2 2024, revenue reached 176.2 billion yuan, reflecting a 26% year-on-year growth and a 41% quarter-on-quarter increase, with net profit of 9.1 billion yuan, a 33% year-on-year increase and a 98% quarter-on-quarter increase [2] Market Position - The company sold 1.61 million new energy vehicles in H1 2024, achieving a market share of 32.6% in the national new energy vehicle market [3] - The company is actively expanding into international markets, with overseas sales of new energy passenger vehicles reaching 203,000 units in H1 2024, a 174% increase year-on-year [3] Profitability and Margins - The gross margin for H1 2024 was 20.01%, an increase of 1.68 percentage points year-on-year, while the automotive-related business gross margin was 23.94%, up 3.27 percentage points [3] - The company is expected to benefit from lower upstream battery material costs, enhancing profitability in its automotive business [3] Future Projections - Revenue projections for 2024-2026 are 729.3 billion yuan, 872.9 billion yuan, and 1,025.6 billion yuan, with year-on-year growth rates of 21.1%, 19.7%, and 17.5% respectively [4] - Net profit projections for the same period are 37.9 billion yuan, 46.7 billion yuan, and 56.8 billion yuan, with growth rates of 26.2%, 23.3%, and 21.6% respectively [4]