Soochow Securities·2024-11-01 16:08Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - Q3 performance exceeded market expectations with total revenue of 502.3 billion yuan, a year-on-year increase of 19%, and net profit attributable to shareholders of 25.2 billion yuan, up 18% [2] - The company is expected to sell over 4.1 million vehicles in 2024, maintaining a growth rate of over 20% in 2025, with Q3 sales reaching 2.75 million units, a 32% increase year-on-year [3] - The actual profit per vehicle significantly increased in Q3, with an average vehicle price of 157,000 yuan, contributing a total profit of 10.6 billion yuan [4] - R&D and financial expenses increased significantly, but operating cash flow remained strong, with operating cash flow for Q3 reaching 42.1 billion yuan, a 165% increase quarter-on-quarter [5] - The profit forecast for 2024-2026 has been revised upwards, with net profit expected to reach 40 billion yuan in 2024, reflecting a 33% year-on-year growth [5] Financial Summary - Total revenue for 2024 is projected at 730.3 billion yuan, with a year-on-year growth of 21.26% [1] - Net profit attributable to shareholders is expected to be 40.045 billion yuan in 2024, a 33.30% increase [1] - The latest diluted EPS is projected to be 13.76 yuan per share in 2024, with a P/E ratio of 21.30 [1]