BYD(002594) CAITONG SECURITIES·2024-11-14 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in sales for October 2024, with total sales reaching 503,000 vehicles, a year-on-year growth of 66.5%. The sales of pure electric passenger vehicles were 190,000 units, up 14.6% year-on-year, while plug-in hybrid passenger vehicles saw a remarkable increase of 129.3% with 311,000 units sold. Commercial vehicle sales also surged by 188.8% to 2,131 units [2][3] - The company is entering a new technological phase with the introduction of its innovative three-motor independent drive system, enhancing brand competitiveness. This system allows for advanced functionalities such as precise turning and stability control, showcasing the company's strong technological capabilities [3] - The company is projected to achieve net profits of 38.51 billion, 47.29 billion, and 56.22 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings (PE) ratios are expected to be 22.71, 18.49, and 15.55 times [3] Financial Performance Summary - The company's revenue is forecasted to grow from 424.06 billion yuan in 2022 to 1,055.70 billion yuan by 2026, with a revenue growth rate of 96.2% in 2022, tapering to 16.65% by 2026 [4][5] - The net profit is expected to increase significantly from 16.62 billion yuan in 2022 to 56.22 billion yuan in 2026, reflecting a net profit growth rate of 445.86% in 2022, decreasing to 18.88% by 2026 [4][5] - Earnings per share (EPS) are projected to rise from 5.71 yuan in 2022 to 19.32 yuan in 2026, indicating a strong upward trend in profitability [4][5]