BYD(002594) 兴业证券·2025-03-07 06:41Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Insights - The report highlights that BYD is expanding its overseas market through new share placements, while continuing to advance in high-end and intelligent vehicle segments [3] Financial Metrics Summary - Revenue projections are as follows: - 2023A: 602.32 billion - 2024E: 797.59 billion - 2025E: 968.40 billion - 2026E: 1,120.26 billion - The revenue growth rates are projected at: - 2024E: 32.4% - 2025E: 21.4% - 2026E: 15.7% [4][7] - Net profit estimates are: - 2023A: 30.04 billion - 2024E: 39.83 billion - 2025E: 54.43 billion - 2026E: 64.99 billion - The net profit growth rates are projected at: - 2024E: 32.6% - 2025E: 36.7% - 2026E: 19.4% [4][7] - Return on Equity (ROE) is expected to be: - 2023A: 21.6% - 2024E: 23.9% - 2025E: 26.7% - 2026E: 26.1% [4][7] - Earnings per Share (EPS) projections are: - 2023A: 10.33 - 2024E: 13.69 - 2025E: 18.71 - 2026E: 22.34 [4][7]