BYD(002594) 国投证券·2025-03-05 00:25Investment Rating - The investment rating for BYD is "Buy-A" with a target price of 416.07 CNY per share, maintaining the rating [6]. Core Views - BYD's February sales reached 318,000 units, a year-on-year increase of 161% and a month-on-month increase of 7%. The sales of pure electric vehicles were 125,000 units, up 127% year-on-year, while plug-in hybrid vehicles sold 193,000 units, up 189% year-on-year [1]. - The launch of intelligent driving models is expected to enhance BYD's competitiveness in the market below 200,000 CNY, driving sales growth and providing significant data and cost advantages [2]. - High-end brands performed as expected, with sales of the Fangchengbao brand reaching 4,942 units, a year-on-year increase of 114%. The Tengshi brand sold 8,513 units, up 85% year-on-year [3]. - Overseas sales reached a record high of 67,000 units in February, a year-on-year increase of 188%, driven by new model launches and increased shipping capacity [3]. - BYD raised approximately 56 billion USD through the placement of H-shares, which will be used for R&D, overseas business development, and working capital [4]. Summary by Sections Sales Performance - February sales of BYD's Dynasty and Ocean series were 150,000 and 152,000 units respectively, with year-on-year increases of 184% and 149% [2]. - The company’s overseas sales in January and February consistently exceeded 60,000 units per month, indicating strong international demand [4]. Financial Outlook - The projected net profits for BYD from 2024 to 2026 are 41.03 billion, 55.02 billion, and 62.12 billion CNY respectively, with corresponding P/E ratios of 24.4, 18.9, and 16.1 [8]. - The report anticipates continued growth in revenue, with expected revenues of 72.25 billion, 84.01 billion, and 94.93 billion CNY for the years 2024 to 2026 [10]. Strategic Initiatives - The funds raised from the H-share placement will support capacity expansion, channel development, and new product launches, enhancing BYD's long-term growth prospects [4]. - The introduction of new models such as the Han L, Tang L, and Tengshi N9 is expected to upgrade the sales structure and improve profitability [8].