BYD(SZ:002594) Minsheng Securities·2025-03-02 11:41Investment Rating - The report maintains a "Buy" rating for BYD, with a target price based on the closing price of 361.82 CNY per share as of February 28, 2025 [6]. Core Viewpoints - BYD's wholesale sales of new energy vehicles reached 323,000 units in February, representing a year-on-year increase of 164.0% and a month-on-month increase of 7.4% [1][2]. - The company is experiencing significant growth in exports, with February's new energy vehicle exports reaching 67,000 units, marking a new high [2]. - The launch of the intelligent driving version of the Dynasty Ocean series is expected to accelerate the adoption of smart driving features, with orders for these models accounting for 25%-30% of total orders [3]. - 2025 is projected to be a pivotal year for BYD's high-end product offerings, with flagship models set to launch, enhancing overall profitability [3]. Summary by Sections Sales Performance - In February, BYD's new energy passenger vehicle wholesale sales were 318,000 units, up 161.4% year-on-year and 7.3% month-on-month. Cumulative sales for January and February reached 615,000 units, a 90.4% increase year-on-year [1][2]. Export Growth - The company has seen a steady increase in overseas sales, with significant demand from markets such as Turkey, Brazil, and Europe. The fleet of roll-on/roll-off ships is expected to expand, enhancing export capabilities [2]. Product Development - The introduction of high-end models equipped with advanced intelligent driving systems is anticipated to drive sales and profitability. The flagship models will support various smart driving functions [3]. Financial Forecast - Revenue projections for 2024-2026 are estimated at 833.6 billion CNY, 1,017.0 billion CNY, and 1,214.3 billion CNY respectively, with net profits expected to reach 39.9 billion CNY, 55.4 billion CNY, and 65.6 billion CNY [4][5].