BYD(002594) 长江证券·2025-03-06 05:11Investment Rating - The investment rating for BYD is "Buy" and is maintained [6]. Core Views - BYD's overall sales in February reached 323,000 units, representing a year-on-year increase of 164.0% and a month-on-month increase of 7.4% [2][4]. - Passenger car sales in February were 318,000 units, with a year-on-year growth of 161.4% and a month-on-month growth of 7.3% [2][4]. - The sales of pure electric vehicles in February were 125,000 units, up 127.5% year-on-year, while hybrid vehicle sales reached 193,000 units, showing a year-on-year increase of 189.2% [2][4]. - Export sales in February hit a record high of 67,000 units, marking a year-on-year increase of 187.8% [2][4]. Summary by Sections Sales Performance - February total sales were 323,000 units, with a year-on-year increase of 164.0% and a month-on-month increase of 7.4% [2][4]. - Passenger car sales were 318,000 units, with a year-on-year increase of 161.4% and a month-on-month increase of 7.3% [2][4]. - Pure electric vehicle sales were 125,000 units, up 127.5% year-on-year, while hybrid vehicle sales were 193,000 units, up 189.2% year-on-year [2][4]. Brand Performance - The Dynasty and Ocean series sold approximately 305,000 units in February, a year-on-year increase of 167.1% [2][4]. - The Tengshi brand sold 8,513 units, reflecting an 85.1% year-on-year increase [2][4]. - The Fangchengbao brand saw sales of 4,942 units, up 113.9% year-on-year [2][4]. Regional Performance - Export sales reached 67,000 units in February, a year-on-year increase of 187.8% and a month-on-month increase of 1.0% [2][4]. Strategic Initiatives - BYD is advancing its smart driving strategy, with plans to offer advanced driving features at competitive prices, aiming to enhance market share and profitability [2][4]. - The company is expanding its overseas presence with factories in Thailand, Uzbekistan, Brazil, and Hungary, and is entering new markets such as Vietnam and Pakistan [2][4]. - The introduction of new high-end models is expected to further boost performance and market competitiveness [2][4]. Financial Projections - Forecasted net profits for 2024-2026 are 40.3 billion, 57.0 billion, and 69.2 billion respectively, with corresponding P/E ratios of 26.1X, 18.5X, and 15.2X [2][4].