BYD(002594) 申港证券·2024-11-07 05:45Investment Rating - Buy (Maintained) [3] Core Views - BYD achieved a record monthly sales volume in October 2024, with total vehicle sales reaching 503,000 units, a year-on-year increase of 66.5% and a month-on-month increase of 19.8% [2] - The company's power battery and energy storage battery installation volume reached 21.0GWh in October, up 37.5% year-on-year and 6.2% month-on-month [2] - BYD's dual-drive strategy is performing well, with plug-in hybrid vehicle sales reaching 311,000 units in October, a year-on-year increase of 129.3% and a month-on-month increase of 23.1% [3] - The company's high-end product matrix, including Denza, Fang Cheng Bao, and Yangwang, is expected to drive significant incremental growth and profitability [3] - BYD is accelerating its global expansion, with new energy passenger vehicle sales in overseas markets reaching 31,000 units in October, and cumulative sales from January to October reaching 329,000 units, up 87% year-on-year [4] - The company is expected to sell 410,000 new energy passenger vehicles overseas in 2024, representing a year-on-year growth rate of 69% [4] - BYD's technological advancements, including the e-platform 3.0 EVO, fifth-generation DM technology, and the Yi Sifang intelligent control platform, are enhancing its brand competitiveness [4] Financial Projections - Revenue for 2024-2026 is projected to be 7297/9078/10664 billion yuan, with year-on-year growth rates of 21.1%/24.4%/17.5% [5] - Net profit attributable to the parent company for 2024-2026 is expected to be 39.3/49.2/61.1 billion yuan, with year-on-year growth rates of 30.9%/25.0%/24.4% [5] - The company's 2025 PE ratio is estimated at 25x, corresponding to a target price of 422 yuan and a market capitalization of 12289 billion yuan [5] Overseas Expansion - BYD has entered 77 countries and regions with its new energy passenger vehicles as of June 2024 [4] - The company has started production at its Uzbekistan factory in January 2024 and completed construction of its Thailand factory in July 2024 [4] - BYD is steadily progressing with factory construction in Brazil and Hungary [4] Technological Innovation - BYD continues to push the boundaries of technology with its e-platform 3.0 EVO, fifth-generation DM technology, and Yi Sifang intelligent control platform [4] - These technological advancements are expected to strengthen BYD's competitiveness in the mainstream market and drive growth in the high-end luxury segment [4]