Changjiang Securities·2024-11-18 02:33Investment Rating - The investment rating for BYD is "Buy" and is maintained [9]. Core Insights - In October 2024, BYD achieved a record monthly sales volume of 503,000 vehicles, representing a year-on-year increase of 66.5% and a month-on-month increase of 19.8%. Passenger car sales reached 501,000 units, with a year-on-year growth of 66.2% and a month-on-month growth of 19.9% [5][6]. - The sales breakdown shows that pure electric vehicle sales were 190,000 units, up 14.6% year-on-year and 14.9% month-on-month, while hybrid vehicle sales reached 311,000 units, marking a significant year-on-year increase of 129.3% and a month-on-month increase of 23.1% [5][6]. - The report highlights that the new DM5.0 hybrid technology is expected to enhance profitability and sales, with various new models being launched throughout 2024 [7][6]. - BYD's international expansion and high-end product offerings are anticipated to further boost sales, with the company planning to enhance its overseas production capabilities and model lineup [7][6]. Summary by Sections Sales Performance - October 2024 total sales reached 503,000 vehicles, with a year-on-year increase of 66.5% and a month-on-month increase of 19.8% [5]. - Passenger car sales were 501,000 units, showing a year-on-year growth of 66.2% and a month-on-month growth of 19.9% [5]. - Breakdown of sales: pure electric vehicles at 190,000 units (up 14.6% YoY), hybrid vehicles at 311,000 units (up 129.3% YoY) [5][6]. Brand Performance - The Dynasty and Ocean series sold 483,000 units in October, up 66.9% YoY and 20.4% MoM [5]. - The Tengshi brand saw a decline in sales, with 10,781 units sold, down 6.3% YoY but up 4.7% MoM [5]. - The Fangchengbao and Yangwang brands had sales of 6,026 and 282 units respectively, with Fangchengbao showing a month-on-month increase of 11.1% [5]. Financial Projections - BYD's projected net profits for 2024-2026 are 38.5 billion, 51.1 billion, and 64.9 billion respectively, with corresponding PE ratios of 21.9X, 16.5X, and 13.0X [7].