BYD(SZ:002594) Minsheng Securities·2025-03-18 02:33Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The launch of the "Super e Platform" is expected to enhance EV sales by addressing the slow charging issue, with the platform featuring the world's first 1000V vehicle architecture and ultra-fast charging capabilities [2][3]. - The pre-sale of the Han L and Tang L EV models, priced between 270,000 to 350,000 yuan and 280,000 to 360,000 yuan respectively, is anticipated to elevate the company's average selling price (ASP) and accelerate its high-end market positioning [3]. - The company plans to increase its overseas market investments, targeting an export volume of 800,000 vehicles in 2025, which is expected to boost profitability [3]. Financial Projections - Revenue forecasts for 2024-2026 are projected at 833.6 billion yuan, 1,017.0 billion yuan, and 1,214.3 billion yuan respectively, with net profit estimates of 39.9 billion yuan, 55.4 billion yuan, and 65.6 billion yuan [4][5]. - The earnings per share (EPS) are expected to grow from 13.71 yuan in 2024 to 22.55 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 28, 20, and 17 [4][5].