Changjiang Securities·2024-12-03 08:09Investment Rating - The investment rating for BYD is "Buy" and is maintained [9]. Core Insights - In November 2024, BYD achieved a total sales volume of 507,000 vehicles, representing a year-on-year increase of 67.9% and a month-on-month increase of 0.8%. The passenger vehicle sales reached 504,000 units, with a year-on-year growth of 67.2% and a month-on-month growth of 0.7% [5][6]. - The sales breakdown shows that pure electric vehicle sales were 198,000 units, up 16.4% year-on-year and 4.5% month-on-month, while hybrid vehicle sales reached 306,000 units, marking a significant year-on-year increase of 133.1% but a month-on-month decline of 1.6% [5][6]. - The report highlights that the DM5.0 technology is expected to enhance sales through improved product offerings and pricing strategies, with new models set to launch in 2024 [6][7]. - BYD's international expansion is ongoing, with new factories established in Thailand, Uzbekistan, Brazil, and Hungary, and plans to enter markets like Vietnam and Pakistan, which is anticipated to boost export sales [7][8]. - The financial projections indicate that BYD's net profit attributable to shareholders is expected to reach 39.5 billion, 51.5 billion, and 65.4 billion yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 20.3X, 15.5X, and 12.2X [7][8]. Summary by Sections Sales Performance - In November 2024, BYD's overall sales reached 507,000 vehicles, with a year-on-year increase of 67.9% and a month-on-month increase of 0.8%. Passenger vehicle sales were 504,000 units, up 67.2% year-on-year and 0.7% month-on-month [5][6]. - The breakdown of sales by type shows pure electric vehicle sales at 198,000 units (up 16.4% YoY, 4.5% MoM) and hybrid vehicle sales at 306,000 units (up 133.1% YoY, down 1.6% MoM) [5][6]. Product and Technology Development - The DM5.0 technology is expected to drive sales growth, with new models launching in 2024 that will enhance product offerings and profitability [6][7]. - The report notes that the new pricing strategies for models equipped with DM5.0 technology are anticipated to improve margins [6][7]. International Expansion - BYD is expanding its international presence with factories in multiple countries and plans to enter new markets, which is expected to enhance export sales [7][8]. Financial Projections - The projected net profits for BYD are 39.5 billion, 51.5 billion, and 65.4 billion yuan for the years 2024, 2025, and 2026, respectively, indicating strong growth potential [7][8].