BYD(002594) Guolian Securities·2024-12-03 04:10Investment Rating - The investment rating for BYD is "Buy" (maintained) [7] Core Views - BYD achieved a record high in November sales, with total new energy vehicle sales reaching 504,000 units, a year-on-year increase of 67.2% and a month-on-month increase of 0.7% [2][11] - The sales of pure electric vehicles were 198,000 units, representing a year-on-year growth of 16.4% and a month-on-month growth of 4.5% [2][11] - Plug-in hybrid sales reached 306,000 units, showing a year-on-year increase of 133.1% but a month-on-month decline of 1.6% [2][11] - Overseas sales amounted to 31,000 units, with a year-on-year increase of 1.1% and a month-on-month decline of 0.7% [2][11] Summary by Sections Sales Performance - In November 2024, BYD's new energy passenger car sales reached 504,000 units, with significant growth in both year-on-year and month-on-month metrics [2][11] - The company continues to innovate with the DM5.0 technology, enhancing product competitiveness and profitability [11] Financial Forecast - Revenue projections for 2024-2026 are estimated at 813.06 billion, 952.98 billion, and 1,162.64 billion yuan respectively, with year-on-year growth rates of 35.0%, 17.2%, and 22.0% [12] - Net profit attributable to shareholders is forecasted to be 39.72 billion, 51.11 billion, and 64.19 billion yuan for the same period, with growth rates of 32.2%, 28.7%, and 25.6% respectively [12] Market Position - BYD is positioned as a global leader in the new energy sector, with strong growth potential driven by high-end models and international expansion [11][12] - The high-end brand sales for January to November 2024 reached 163,000 units, a year-on-year increase of 39.5% [11]