BYD(SZ:002594) Tianfeng Securities·2024-11-12 06:25Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - In October 2024, the company achieved a monthly sales record of 503,000 vehicles, marking a year-on-year increase of 66.5% and a month-on-month increase of 19.8%. Cumulative sales from January to October reached 3.251 million vehicles, up 36.5% year-on-year [1][4]. - The company is making significant progress in global expansion, with cumulative overseas sales of 329,000 vehicles from January to October 2024, reflecting an 86.9% year-on-year increase. The company has established production facilities in Uzbekistan and Thailand to support this growth [2]. - The launch of new high-end models is expected to enhance profit margins, with the company targeting annual sales of 200,000 units for its premium brand, Tengshi [3]. Sales Performance - In October 2024, the company sold 503,000 vehicles, including 501,000 passenger cars and 2,131 commercial vehicles. The sales of pure electric passenger cars reached 190,000 units, a year-on-year increase of 14.6%, while plug-in hybrid passenger cars sold 311,000 units, up 129.3% year-on-year [1]. - The high-end series, including models from Tengshi, Yangwang, and Fangchengbao, accounted for 3.4% of total passenger car sales in October, with a total of 17,000 units sold [1]. Financial Forecast - The company is projected to achieve net profits of 38.13 billion, 47.42 billion, and 55.79 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are expected to be 23, 18, and 16 times [3][4]. - Revenue is forecasted to grow significantly, with expected figures of 826.39 billion, 969.76 billion, and 1,083.46 billion yuan for 2024, 2025, and 2026, respectively, reflecting growth rates of 37.2%, 17.35%, and 11.72% [4][9]. Global Expansion - The company has successfully launched its first batch of new energy vehicles from its Uzbekistan factory, with plans for further production capacity in Central Asia. The Thailand factory is expected to produce 150,000 vehicles annually [2]. - The company is actively expanding into markets in Africa and South America, which is anticipated to provide strong profit support [2]. High-End Model Development - The company has launched several high-end models, including the Tengshi Z9GT and the second-generation Song Pro DM-i, which are expected to drive sales growth and improve profit margins [3]. - The Tengshi brand aims to capture the luxury market, with a focus on high-performance and technologically advanced vehicles [3].