Changjiang Securities·2024-11-18 02:34Investment Rating - The report maintains a "Buy" rating for BYD [10][8]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue reaching 502.25 billion yuan, a year-on-year increase of 18.9%, and a net profit attributable to shareholders of 25.24 billion yuan, up 18.1% year-on-year [5][2]. - The third quarter of 2024 saw a record net profit of 11.61 billion yuan, representing an 11.5% year-on-year increase and a 28.1% quarter-on-quarter increase [5][6]. - The company is expected to benefit from new technologies and products in 2024, with the DM5.0 and e 4.0 platforms enhancing product competitiveness and market position [8][7]. Financial Performance Summary - For Q3 2024, BYD achieved revenue of 201.12 billion yuan, a 24.0% year-on-year increase and a 14.2% quarter-on-quarter increase [5][6]. - The total sales volume in Q3 2024 reached 1.135 million vehicles, a 37.7% year-on-year increase, with a market share of 34.8% in the new energy vehicle sector [5][6]. - The gross margin for Q3 2024 was 21.9%, up 3.2 percentage points from the previous quarter, while the gross margin for the vehicle business was approximately 25.6% [6][7]. Strategic Developments - The company is focusing on expanding its international presence and high-end market offerings, with Q3 2024 exports reaching 94,000 vehicles, a 32.6% year-on-year increase [7][8]. - BYD is enhancing its product lineup with models like the Z9GT, Z9L, N9, and others, aimed at the high-end market [8][7]. - The report anticipates that the company's net profit attributable to shareholders will reach 38.5 billion yuan in 2024, 51.1 billion yuan in 2025, and 64.9 billion yuan in 2026, with corresponding price-to-earnings ratios of 21.9X, 16.5X, and 13.0X [8].