BYD(SZ:002594) Changjiang Securities·2025-03-19 05:11Investment Rating - The investment rating for BYD is "Buy" and is maintained [7] Core Views - On March 17, 2024, BYD announced its 2025 employee stock ownership plan, which aims to bind core employees and reflects the company's confidence in growth by setting a revenue growth target of over 10% for the years 2025, 2026, and 2027 [4][6][10] - The employee stock ownership plan allows for a maximum of 4.1 billion shares to be issued, with a total funding not exceeding 4.1 billion yuan [2][4] - The company is focusing on smart driving technology and expanding its high-end market presence, with expectations of improved profitability as it scales up its operations and enhances its product offerings [6][10] Summary by Sections Employee Stock Ownership Plan - The plan includes participation from up to 25,000 employees, including management and key personnel, with a subscription price of 1 yuan per share [2][4] - The plan's unlock periods are set at 12, 24, and 36 months, with 30%, 30%, and 40% of shares being released respectively [10] Market Strategy and Product Development - BYD is advancing its smart driving strategy, aiming to make advanced driving features available at lower price points, thus enhancing market competitiveness [6][10] - The introduction of the "Tian Shen Zhi Yan" smart driving system across various models is expected to drive sales and improve profit margins [10] Financial Projections - The projected net profit for BYD from 2024 to 2026 is estimated at 40.3 billion, 57 billion, and 69.2 billion yuan respectively, with corresponding price-to-earnings ratios of 28.7X, 20.3X, and 16.7X [6][10]