BYD(002594) 华龙证券·2024-12-06 08:58Investment Rating - The investment rating for BYD is maintained as "Buy" [3][8]. Core Views - BYD's passenger car sales have exceeded 500,000 units for two consecutive months, with November 2024 sales reaching 507,000 units, representing a year-on-year increase of 67.87% and a month-on-month increase of 0.83% [3][6]. - The company has a rich reserve of high-end products, supporting its high-end strategy, with new models expected to launch in Q1 2025 [4][5]. - The overseas production capacity is set to gradually come online from 2024 to 2025, which will support continuous growth in overseas sales [5]. Summary by Sections Sales Performance - In November 2024, BYD's passenger car sales reached 504,000 units, with a year-on-year increase of 67.23% and a month-on-month increase of 0.69% [6]. - Cumulative sales from January to November 2024 totaled 3.757 million units, reflecting a year-on-year growth of 40.02% [3]. Product Development - BYD has a strong lineup of high-end products, including the Han L and Tang L, expected to launch in Q1 2025, which will enhance the average selling price of its models [4]. - The company plans to introduce its first MPV, the Summer, and a large SUV, the Tengshi N9, both expected to launch in Q1 2025 [4]. Overseas Expansion - BYD is entering a phase of intensive overseas factory production, with factories in Uzbekistan and Thailand expected to start production in mid-2024, gradually ramping up to 50,000 and 150,000 units respectively [5]. - The Brazilian factory is projected to begin operations in the first half of 2025, with an annual capacity of 150,000 units [5]. Financial Forecast - The forecasted net profit for BYD from 2024 to 2026 is expected to be 39.896 billion, 50.457 billion, and 57.955 billion yuan respectively [9]. - The projected P/E ratios for 2024, 2025, and 2026 are 20.1, 15.9, and 13.8, respectively, indicating that BYD's valuation is lower than the average of comparable companies [8][10].