KAIYUAN SECURITIES·2024-11-01 04:30Investment Rating - The investment rating for BYD is maintained as "Buy" [1] Core Views - The report highlights that BYD achieved record sales and improved profit margins, with the DM5.0 technology benefits expected to accelerate [1][3] - The company reported Q3 revenue of 502.25 billion yuan, a year-on-year increase of 18.9%, and a net profit attributable to shareholders of 25.24 billion yuan, up 18.1% year-on-year [2][3] - The report anticipates continued growth in sales and profitability driven by the DM5.0 technology, expansion in overseas markets, and development of high-end brands [3] Financial Performance Summary - Q3 sales reached 1.135 million vehicles, a year-on-year increase of 37.7% [3] - The average selling price per vehicle increased by 2.2% to 138,800 yuan, while net profit per vehicle rose by 8.8% to 9,300 yuan [3] - The report projects net profits for 2024-2026 to be 37.95 billion yuan (+20.6%), 49.15 billion yuan (+28.9%), and 59.56 billion yuan (+31.1%) respectively, with corresponding P/E ratios of 22.5, 17.4, and 14.3 [2][4] Revenue and Profitability Forecast - Revenue is forecasted to grow from 602.32 billion yuan in 2023 to 740.11 billion yuan in 2024, representing a year-on-year growth of 22.9% [4] - The gross margin is expected to improve from 20.2% in 2023 to 20.8% in 2024, while the net margin is projected to increase from 5.0% to 5.1% [4] - The report indicates a significant increase in return on equity (ROE) from 20.8% in 2023 to 21.8% in 2024 [4]