BYD(SZ:002594) KAIYUAN SECURITIES·2025-03-05 08:23Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - The report highlights that BYD's recent H-share placement of 1.3 billion shares at a price of HKD 335.2 per share is the largest equity refinancing project in the global automotive industry in the past decade, indicating strong confidence from global investors in the company's growth prospects [4] - The company is expected to see significant growth in net profit from 2024 to 2026, with projections of CNY 400.2 billion, CNY 531.8 billion (up 8.1%), and CNY 646.7 billion (up 8.1%) respectively, leading to a corresponding PE ratio of 24.0, 18.1, and 14.9 times [4] - BYD's overseas sales have shown remarkable growth, with a year-on-year increase of 83% in January and 188% in February 2025, indicating a strong expansion in international markets [5] Financial Summary and Valuation Indicators - Revenue is projected to grow from CNY 602.3 billion in 2023 to CNY 1,016.9 billion in 2026, with a year-on-year growth rate of 12.9% [6] - The net profit attributable to the parent company is expected to increase from CNY 30.0 billion in 2023 to CNY 64.7 billion in 2026, reflecting a growth rate of 21.6% [6] - The gross margin is forecasted to improve from 20.2% in 2023 to 21.8% in 2026, while the net margin is expected to rise from 5.0% to 6.4% over the same period [6]