BYD(SZ:002594) CHINA DRAGON SECURITIES·2024-11-03 08:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company has shown significant improvement in net profit per vehicle, with a quarter-on-quarter increase of 8.77% to 0.93 million yuan per vehicle in Q3 2024. The overall net profit for Q3 2024 reached 11.607 billion yuan, reflecting a year-on-year increase of 11.47% and a quarter-on-quarter increase of 28.08% [2][3]. - The company is focusing on high-end and global market expansion, with new high-end models expected to launch by the end of 2024, which is anticipated to enhance profitability and sales [3][4]. - The company's revenue for the first three quarters of 2024 was 502.251 billion yuan, a year-on-year increase of 18.94%, with a net profit attributable to shareholders of 25.238 billion yuan, also up 18.12% year-on-year [2][4]. Summary by Sections Recent Performance - In Q3 2024, the company achieved a revenue of 116.07 billion yuan, with a gross margin of 21.89%, and a net profit margin of 11.47% [2][3]. - The sales expenses increased significantly due to the launch of new models and channel expansion, impacting the overall cost structure [2][3]. Market Data - As of November 1, 2024, the company's stock price was 290.31 yuan, with a market capitalization of approximately 844.59 billion yuan [2][4]. - The company’s projected net profits for 2024-2026 are 39.896 billion yuan, 50.457 billion yuan, and 57.955 billion yuan, respectively, indicating a strong growth trajectory [4][6]. Financial Forecast - The company is expected to maintain a robust growth rate, with projected revenue growth rates of 26.39% in 2024, 17.24% in 2025, and 9.41% in 2026 [4][6]. - The projected P/E ratios for 2024, 2025, and 2026 are 21.2, 16.7, and 14.6, respectively, which are considered reasonable compared to industry averages [4][6].