BYD(SZ:002594) CAITONG SECURITIES·2024-10-10 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year increase in sales for September 2024, with total sales reaching 419,000 units, a growth of 45.9%. The sales of pure electric passenger vehicles were 165,000 units, up 9.1%, while plug-in hybrid passenger vehicles saw a remarkable increase of 86.2% with 253,000 units sold. Commercial vehicle sales surged by 230.9% to 1,823 units [4] - The launch of two new A-class SUV models is expected to further enhance the product lineup and boost sales. The company’s sales in September reached 205,000 units for the Dynasty series, a growth of 52.9%, and 194,000 units for the Ocean series, a growth of 38.8% [4] - The company is expanding its overseas product offerings and accelerating its international presence, with new electric commercial vehicles showcased at international exhibitions and plans to open additional stores in the Middle East [4] - The profit forecast for the company is projected to reach 36.87 billion, 45.09 billion, and 54.12 billion yuan for the years 2024 to 2026, respectively, with corresponding PE ratios of 24.12, 19.72, and 16.43 [4] Financial Performance Summary - The company’s revenue is expected to grow from 424.06 billion yuan in 2022 to 1,055.70 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of 27.03% from 2024 to 2026 [6] - The net profit is projected to increase from 16.62 billion yuan in 2022 to 54.12 billion yuan in 2026, with a net profit growth rate of 22.73% in 2024 and 20.01% in 2026 [6] - The earnings per share (EPS) is expected to rise from 5.71 yuan in 2022 to 18.60 yuan in 2026, indicating a strong growth trajectory [6]