BYD(SZ:002594) HTSC·2025-03-19 03:07Investment Rating - The investment rating for BYD is maintained as "Buy" with a target price of RMB 520.37 [7][11]. Core Views - BYD has launched the "Super e Platform" featuring advanced technologies such as a 1000V high-voltage architecture and 10C ultra-fast charging, which are expected to enhance user experience and alleviate range anxiety [1][2]. - The company has introduced a large-scale employee stock ownership plan worth up to RMB 4.1 billion, which is anticipated to strengthen employee confidence and cohesion [1][4]. - BYD's new electric platform aims to achieve "oil-electric synchronization," potentially capturing a larger market share and enhancing brand image [1][2]. Summary by Sections Product Development - BYD has achieved a significant milestone by mass-producing passenger vehicles with a 1000V high-voltage architecture, allowing for charging power of up to 1MW, enabling "5 minutes of charging for 443 km" [2]. - The introduction of the 10C ultra-fast charging technology is seen as a unique competitive advantage, especially with plans to build over 4,000 ultra-fast charging stations [2]. Performance Metrics - The performance of the new electric motor surpasses that of traditional V12 engines, with a peak power exceeding 1100 horsepower and a 0-100 km/h acceleration time of just 2.7 seconds for the Han L model [3][4]. - The pricing for the Han L and Tang L models is set at RMB 270,000 to 350,000 and RMB 280,000 to 360,000 respectively, with strong performance metrics [4]. Financial Forecasts - The projected net profits for BYD from 2024 to 2026 are RMB 39.47 billion, RMB 55.96 billion, and RMB 68.91 billion respectively, reflecting significant growth [5][6]. - The estimated revenue for the same period is expected to reach RMB 712.15 billion in 2024, RMB 910.05 billion in 2025, and RMB 1,075.40 billion in 2026, indicating a robust growth trajectory [6]. Valuation - The valuation method used is a segmented valuation approach, with a target market capitalization of RMB 15,814 billion and a price-to-earnings ratio of 28 times for the automotive business [11][12]. - The target price has been adjusted upwards from RMB 482.35 to RMB 520.37, reflecting the company's strong market position and growth potential [11].