BYD(SZ:002594) Soochow Securities·2025-03-19 05:53Investment Rating - The report maintains a "Buy" rating for BYD [1] Core Views - BYD has launched the Super e platform, enabling ultra-fast charging capabilities that allow for a 400 km range with just 5 minutes of charging [8] - The company has introduced a second-generation blade battery with a maximum charging rate of 10C, significantly improving battery performance and safety [8] - BYD plans to deploy over 4,000 ultra-fast charging stations, enhancing its charging infrastructure [8] - The Han L and Tang L models will debut with the Super e platform, featuring advanced performance metrics and smart driving capabilities [8] - Profit forecasts for 2024-2026 are set at 40 billion, 53 billion, and 65 billion RMB respectively, with corresponding P/E ratios of 29, 22, and 18 [8] Financial Projections - Total revenue is projected to grow from 602.3 billion RMB in 2023 to 1,057.7 billion RMB by 2026, reflecting a compound annual growth rate (CAGR) of approximately 26.37% [9] - Net profit attributable to shareholders is expected to increase from 30.04 billion RMB in 2024 to 65.08 billion RMB in 2026, with a growth rate of 32.37% in 2025 [9] - The latest diluted EPS is forecasted to rise from 9.88 RMB in 2024 to 21.41 RMB in 2026 [9] Market Data - The closing price of BYD shares is 384.57 RMB, with a market capitalization of approximately 1,168.73 billion RMB [5] - The stock has a price-to-book ratio of 7.20 and a price-to-earnings ratio of 38.90 based on the latest diluted EPS [5][9]