BYD(002594) 财通证券·2025-03-19 09:03Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has launched the groundbreaking Super e platform, which includes advancements such as ultra-fast charging batteries, a 30,000 RPM motor, and a new generation of automotive-grade silicon carbide power chips, marking a comprehensive upgrade of its core technologies [5] - The Super e platform is expected to boost sales with the pre-sale of models Han L and Tang L, priced between 270,000 to 360,000 CNY and set to officially launch in April [5] - The company is projected to achieve a net profit of 38.615 billion CNY in 2024, 48.334 billion CNY in 2025, and 57.409 billion CNY in 2026, with corresponding PE ratios of 30.27, 24.18, and 20.36 respectively, maintaining the "Accumulate" rating [5] Financial Performance Summary - Revenue is expected to grow from 424.06 billion CNY in 2022 to 905.02 billion CNY in 2025, with a growth rate of 96.20% in 2022, 42.04% in 2023, and projected 18.28% in 2025 [4][6] - Net profit is forecasted to increase significantly from 16.622 billion CNY in 2022 to 48.334 billion CNY in 2025, with a net profit growth rate of 445.86% in 2022 and 25.17% in 2025 [4][6] - The company's EPS is projected to rise from 5.71 CNY in 2022 to 15.90 CNY in 2025, indicating strong earnings growth [4][6] Market Performance - The company's stock performance over the last 12 months shows a decline of 12%, while the Shanghai Composite Index and CSI 300 Index have increased by 6% and 24% respectively [3]