BYD(SZ:002594) Changjiang Securities·2025-01-14 05:56Investment Rating - The investment rating for BYD is "Buy" and is maintained [5]. Core Views - BYD's December sales reached 515,000 units, a year-on-year increase of 51.0% and a month-on-month increase of 1.6%. The total passenger car sales for December were 509,000 units, with a year-on-year growth of 49.8% and a month-on-month growth of 1.1% [3][5]. - The company achieved a total of 4.25 million passenger car sales in 2024, representing a year-on-year increase of 41.1% [5]. - The export sales in December were 57,000 units, showing a year-on-year increase of 58.3% and a month-on-month increase of 84.5% [5]. Summary by Sections Sales Performance - December sales included 208,000 pure electric vehicles, a year-on-year increase of 8.9% and a month-on-month increase of 4.9%. Hybrid sales reached 302,000 units, with a year-on-year growth of 101.9% but a month-on-month decrease of 1.4% [5]. - The sales breakdown by brand for December shows that the Dynasty and Ocean series sold approximately 488,000 units, a year-on-year increase of 52% and a month-on-month increase of 0.6%. The Tengshi brand sold 15,059 units, up 26.2% year-on-year and 50.6% month-on-month [5]. Market Expansion and Product Development - The DM5.0 technology is expected to enhance sales as new models are launched, with price increases reflecting improved features and performance. The company anticipates continued growth in sales volume as production capacity for DM5.0 is released [5]. - BYD is expanding its overseas market presence with factories in Thailand, Uzbekistan, Brazil, and Hungary, and is entering new markets such as Vietnam, Pakistan, and Tunisia. This expansion is expected to boost export sales further [5]. Financial Projections - The projected net profit for BYD from 2024 to 2026 is estimated at 39.9 billion, 52.4 billion, and 67.9 billion respectively, with corresponding price-to-earnings ratios of 19.7X, 15.0X, and 11.5X [5].