BYD(SZ:002594) GOLDEN SUN SECURITIES·2025-03-18 04:50Investment Rating - The report maintains a "Buy" rating for BYD [4] Core Viewpoints - The launch of the Super e platform marks the beginning of the pure electric megawatt era, featuring the highest global production charging parameters of 1000V voltage, 1000A current, and 1MW charging power [1] - The employee stock ownership plan, with a total amount not exceeding 4.1 billion yuan, aims to effectively incentivize management and core employees [2] - The domestic market remains strong, with the company expected to maintain a high market share due to continuous new vehicle launches and the implementation of trade-in policies [2] Financial Summary - Revenue is projected to grow from 602.3 billion yuan in 2023 to 1,117.4 billion yuan in 2026, with a compound annual growth rate (CAGR) of 28.1% from 2024 to 2026 [3] - Net profit attributable to shareholders is expected to increase from 30.0 billion yuan in 2023 to 62.4 billion yuan in 2026, reflecting a CAGR of 30.9% from 2024 to 2026 [3] - The earnings per share (EPS) is forecasted to rise from 9.88 yuan in 2023 to 20.55 yuan in 2026 [3] Market Position and Growth Potential - The company is expected to enhance its global presence with new model introductions and the establishment of overseas factories, contributing significantly to growth [2] - The report highlights the company's technological advancements, particularly in intelligent driving capabilities, which are anticipated to drive further sales growth [2]