BYD(SZ:002594) Guolian Minsheng Securities·2025-03-06 03:10Investment Rating - The investment rating for BYD is "Buy" (maintained) [7] Core Views - BYD announced a placement agreement to issue nearly 130 million new H shares, expected to raise approximately HKD 43.5 billion, which will be used for R&D, overseas business development, working capital, and general corporate purposes [4][14] - The placement attracted significant interest from global long-term investors, indicating strong confidence in BYD's growth prospects [4][14] - The funds raised will support BYD's accelerated globalization efforts, enhancing its international presence in the electric vehicle market [15][16] Summary by Sections Financial Data and Valuation - BYD's projected revenues for 2024-2026 are estimated at CNY 813.06 billion, CNY 952.98 billion, and CNY 1,162.64 billion, with year-on-year growth rates of 35.0%, 17.2%, and 22.0% respectively [17] - The net profit attributable to shareholders is expected to reach CNY 40.51 billion, CNY 51.38 billion, and CNY 63.92 billion for the same period, with growth rates of 34.8%, 26.8%, and 24.4% respectively [17] - Earnings per share (EPS) are projected to be CNY 13.92, CNY 17.66, and CNY 21.97 for 2024-2026 [17] Business Strategy - BYD's "Smart Driving for All" strategy aims to enhance its technological capabilities and product offerings, catering to diverse consumer needs [16] - The company is focusing on international expansion, with its electric vehicles already present in over 100 countries and regions [15][16] - The recent financing is expected to significantly strengthen BYD's capital position, enhancing operational stability [16]