BYD(002594) 国联民生证券·2025-03-12 05:11Investment Rating - The investment rating for BYD is "Buy" (maintained) [6] Core Views - BYD's passenger car sales in February 2025 reached 318,000 units, representing a year-on-year increase of 161.4% and a month-on-month increase of 7.3% [4][12] - The cumulative sales for January and February 2025 amounted to 615,000 units, with a year-on-year growth of 90.4% [4][12] - The high growth rate is attributed to three main factors: the "全民智驾" (全民智驾) intelligent strategy enhancing competitiveness across all price ranges, accelerated clearance of older non-intelligent models with increased discounts, and a low sales base from the previous year due to the absence of a vehicle trade-in policy in February 2024 [4][12] Sales Performance - In February 2025, the sales breakdown by brand showed strong performance: Dynasty + Ocean Network sold 304,673 units, Tengshi 8,513 units, Fangchengbao 4,942 units, and Yangwang 105 units, with year-on-year growth rates of 167.1%, 85.1%, 113.9%, and -86.5% respectively [13] - The high-end brands, represented by Fangchengbao 8 and Tengshi N9, are expected to have strong growth potential due to the intelligent strategy and the "532" strategy [13] Overseas Sales - BYD's overseas sales in February 2025 reached 67,000 units, a year-on-year increase of 187.8% and a month-on-month increase of 1% [14] - Overseas sales accounted for 21.1% of total sales, with a year-on-year increase of 1.9 percentage points [14] Financial Projections - Revenue projections for BYD from 2024 to 2026 are as follows: 813.06 billion, 952.98 billion, and 1,162.64 billion yuan, with year-on-year growth rates of 35.0%, 17.2%, and 22.0% respectively [15][16] - Net profit projections for the same period are 40.51 billion, 51.38 billion, and 63.92 billion yuan, with year-on-year growth rates of 34.8%, 26.8%, and 24.4% respectively [15][16] - Earnings per share (EPS) are expected to be 13.92, 17.66, and 21.97 yuan, with a three-year compound annual growth rate (CAGR) of 28.6% [15][16]