BYD(SZ:002594) Great Wall Securities·2025-03-12 06:21Investment Rating - The report maintains an "Accumulate" rating for BYD [4] Core Views - BYD has successfully completed a $5.6 billion H-share placement, marking it as the largest equity refinancing project in the global automotive industry in the past decade and the largest ever in Hong Kong's industrial sector [1] - The funds from this placement are intended for R&D, overseas business development, working capital, and general corporate purposes, which will enhance BYD's technological capabilities and accelerate its international expansion [2][8] - BYD's overseas sales of new energy vehicles have exceeded 60,000 units per month, accounting for approximately 20% of total sales, indicating strong market expansion capabilities [2] - The company aims to strengthen its international presence by entering over 100 countries and regions by the end of 2024, positioning itself as a leader in the global new energy vehicle market [2] Financial Summary - Revenue is projected to grow from 424.1 billion CNY in 2022 to 1,103.6 billion CNY by 2026, with a CAGR of approximately 25.9% from 2023 to 2024 [1] - Net profit attributable to shareholders is expected to increase from 16.6 billion CNY in 2022 to 58.8 billion CNY in 2026, reflecting a robust growth trajectory [1] - The report forecasts a decrease in P/E ratio from 45.4 in 2022 to 12.8 in 2026, indicating improving valuation metrics as the company scales [1]