BYD(01211) 国证国际证券·2024-11-03 23:39Investment Rating - The report maintains a "Buy" rating for BYD with a target price of 340.0 HKD, indicating a potential upside of 21% from the current price of 281.4 HKD [5][3]. Core Insights - BYD's revenue for the first three quarters of 2024 reached 502.25 billion RMB, representing a year-on-year growth of 18.9%. The net profit attributable to shareholders was 25.24 billion RMB, up 18.1% year-on-year, while the non-GAAP net profit was 23.19 billion RMB, reflecting a 19.9% increase [2][3]. - In Q3 2024, BYD's revenue was 201.12 billion RMB, showing a year-on-year growth of 24.0% and a quarter-on-quarter increase of 14.2%. The net profit for the same period was 11.61 billion RMB, up 11.5% year-on-year and 28.1% quarter-on-quarter [2][3]. - The sales volume in Q3 2024 reached 1.135 million vehicles, a significant increase of 37.7% year-on-year and 15.0% quarter-on-quarter. The average revenue per vehicle was 139,000 RMB, slightly up from the previous quarter [2][3]. Summary by Sections Financial Performance - For FY2024, BYD is projected to achieve sales revenue of 746.27 billion RMB, with a growth rate of 24%. The net profit is expected to reach 39.4 billion RMB, reflecting a growth rate of 31% [4]. - The overall gross margin for Q3 2024 was 21.9%, a decrease of 0.2 percentage points year-on-year but an increase of 3.2 percentage points quarter-on-quarter. The automotive business gross margin was 25.6%, showing a similar trend [2][4]. Product Development - The launch of the DM5.0 model has significantly boosted sales, with a higher proportion of sales coming from this model. The report anticipates continued strong sales growth driven by new models and government incentives for vehicle upgrades [3][2]. Market Position - The report emphasizes BYD's strong technological and cost advantages, which are expected to help maintain market share and steady performance amid increasing industry competition [3][5].