BYD(002594) CAITONG SECURITIES·2024-11-07 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q3 2024, the company achieved operating revenue of 201.125 billion yuan, a year-on-year increase of 24.04%, and a net profit attributable to shareholders of 11.607 billion yuan, up 11.47% year-on-year. The net profit excluding non-recurring items was 10.877 billion yuan, reflecting a year-on-year growth of 12.67% [3][4] - The gross profit margin for Q3 2024 was 22.12%, an increase of 0.23 percentage points year-on-year. The sales expense ratio was 4.77%, up 0.83 percentage points, primarily due to increased advertising and depreciation expenses. The management expense ratio was 2.34%, up 0.21 percentage points, while the R&D expense ratio was 6.81%, down 0.04 percentage points. The financial expense ratio was 0.48%, an increase of 0.58 percentage points, mainly due to exchange rate fluctuations affecting foreign exchange gains and losses [3][4] - The company is actively advancing its overseas localization production process, with plans for its Uzbekistan factory to produce two popular plug-in hybrid models, aiming for an annual production capacity of 50,000 units. Additionally, the company has completed its factory in Thailand, which has an annual production capacity of approximately 150,000 vehicles [4] - The company expects to achieve net profits attributable to shareholders of 38.510 billion yuan, 47.290 billion yuan, and 56.218 billion yuan for the years 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 22.69, 18.48, and 15.54 times [4][5] Financial Summary - For 2024, the company is projected to have operating revenue of 765.146 billion yuan, with a revenue growth rate of 27.03%. The net profit is expected to be 38.510 billion yuan, reflecting a net profit growth rate of 28.19% [5] - The earnings per share (EPS) for 2024 is estimated at 13.24 yuan, with a projected P/E ratio of 22.69 [5] - The return on equity (ROE) is expected to be 23.30% in 2024, with a price-to-book (P/B) ratio of 5.29 [5]