Guolian Securities·2024-10-07 02:38Investment Rating - The investment rating for BYD is maintained at "Buy" [7] Core Views - BYD's September sales report shows a significant increase in new energy vehicle sales, reaching 418,000 units, a year-on-year growth of 45.6% and a month-on-month growth of 12.6% [11] - The sales of pure electric vehicles reached 165,000 units, with a year-on-year growth of 9.1% and a month-on-month growth of 11.1%, while plug-in hybrid sales surged to 253,000 units, marking an 86.2% year-on-year increase and a 13.6% month-on-month increase [11] - The company's overseas sales reached 33,000 units, reflecting a year-on-year growth of 17.7% and a month-on-month growth of 5.0% [11] - The launch of the fifth-generation DM technology has enhanced product competitiveness, with new models achieving significant sales shortly after their release [11] - High-end brand sales and overseas expansion are expected to drive long-term performance improvements, with high-end brand sales growing by 37.4% year-on-year and overseas sales increasing by 104.7% year-on-year [11][12] Summary by Sections Sales Performance - In September, BYD achieved a record monthly sales of 418,000 new energy vehicles, with significant growth in both year-on-year and month-on-month comparisons [11] - The breakdown of sales includes 165,000 pure electric vehicles and 253,000 plug-in hybrids, showcasing strong demand across different segments [11] Product Development - The introduction of DM5.0 technology has improved vehicle efficiency and extended range, contributing to the strong sales performance of new models [11] - The pricing strategy for new models has been adjusted to enhance competitiveness, with price increases for certain models leading to higher average selling prices [11] Financial Projections - Revenue projections for BYD from 2024 to 2026 are estimated at 813.1 billion, 952.98 billion, and 1,162.64 billion yuan, respectively, with corresponding year-on-year growth rates of 35.0%, 17.2%, and 22.0% [12] - Net profit forecasts for the same period are 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 projected to be 13.4, 17.4, and 21.8 yuan, indicating a compound annual growth rate (CAGR) of 28.2% over three years [12]