BYD(SZ:002594) Minsheng Securities·2025-03-02 12:23Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company achieved a record high in overseas sales, with February's wholesale sales of new energy vehicles reaching 323,000 units, a year-on-year increase of 164.0% and a month-on-month increase of 7.4% [1][2]. - The company is accelerating its entry into international markets, with significant growth in exports, particularly in Turkey, Brazil, and Europe, supported by the introduction of new roll-on/roll-off ships to enhance shipping capacity [2][3]. - The launch of the Dynasty Ocean series smart driving models is expected to democratize advanced driving features, with 25%-30% of orders for smart driving versions, leveraging the company's data advantage from over 4.4 million vehicles equipped with L2 or higher driving assistance [3]. - The year 2025 is projected to be a significant year for high-end products, with flagship models like Han L and Tang L set to launch, which will enhance the brand's premium positioning and profitability [3]. Financial Forecasts - Revenue projections for 2024-2026 are estimated at 833.6 billion, 1,017.0 billion, and 1,214.3 billion yuan respectively, with net profit forecasts of 39.9 billion, 55.4 billion, and 65.6 billion yuan [4][5]. - Earnings per share (EPS) are expected to rise from 13.71 yuan in 2024 to 22.55 yuan in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 26 to 16 over the same period [4][5].