比亚迪：业绩同比高增长，毛利率同比提升

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant year-on-year growth in performance, with a revenue of 301.13 billion yuan for the first half of 2024, representing a 15.76% increase, and a net profit attributable to shareholders of 13.63 billion yuan, up 24.44% year-on-year [4] - The gross margin improved to 20.01%, an increase of 1.68 percentage points year-on-year, while the sales expense ratio rose to 4.75%, up 0.58 percentage points [4] - The company is accelerating its global expansion and local production, with new factories in Uzbekistan and Thailand, and a strategic partnership with Uber to promote electric vehicles [4] - The forecast for net profit attributable to shareholders for 2024-2026 is 36.87 billion, 45.09 billion, and 54.12 billion yuan respectively, with corresponding PE ratios of 19.85, 16.23, and 13.53 [4] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 301,127 million yuan, a 15.76% increase year-on-year, and a net profit of 13,631 million yuan, a 24.44% increase [4][5] - The second quarter of 2024 saw a revenue of 176,182 million yuan, up 25.89% year-on-year, and a net profit of 9,062 million yuan, up 32.80% [4] - The company’s gross margin for the first half of 2024 was 20.01%, reflecting a year-on-year increase of 1.68 percentage points [4] - The projected revenue for 2024 is 765,146 million yuan, with a growth rate of 27.03% [5] - The projected net profit for 2024 is 36,868 million yuan, with a net profit growth rate of 22.73% [5] Global Expansion and Strategic Initiatives - The company has initiated production at its Uzbekistan factory and launched the "Song PLUS DM-i Champion Edition" in June 2024 [4] - The first automotive transport roll-on/roll-off ship successfully set sail in January 2024, marking a new phase in overseas market expansion [4] - The Thailand factory was officially completed and put into operation in July 2024, contributing to the transformation of the Thai automotive industry [4]