GOLDEN SUN SECURITIES·2024-12-03 02:49Investment Rating - The report maintains a "Buy" rating for BYD [5][7] Core Views - In November 2024, BYD's sales reached 506,800 units, a year-on-year increase of 67.9% and a month-on-month increase of 0.8%. The sales of pure electric vehicles were 198,000 units, up 16.4% year-on-year, while plug-in hybrid vehicles sold 306,000 units, up 133% year-on-year [3] - The report highlights the strong performance of new models and the impact of the vehicle replacement policy, which is expected to significantly benefit the mid-to-low-end market [3][4] - BYD's export volume in November was 31,000 units, with a cumulative export of 360,000 units from January to November 2024. The company is expected to strengthen its overseas market presence with new model introductions and the establishment of local factories [4] Financial Performance - The projected net profit for BYD from 2024 to 2026 is 38.52 billion, 47.62 billion, and 57.75 billion yuan, respectively, with corresponding P/E ratios of 21, 17, and 14 times [5] - Revenue for 2024 is estimated at 765.14 billion yuan, with a year-on-year growth rate of 27% [6] - The report provides detailed financial metrics, including a projected EPS of 13.24 yuan for 2024 and a return on equity (ROE) of 24.4% [6][12]