BYD(002594) 国联民生证券·2025-03-18 09:15Investment Rating - The investment rating for BYD is "Buy" (maintained) [6] Core Views - The 2025 employee stock ownership plan (draft) involves a maximum of 25,000 participants and a total funding of up to 4.1 billion yuan, marking a historical high. The performance assessment years are 2025, 2026, and 2027, with revenue growth targets of no less than 10% for the years 2024, 2025, and 2026 [4][13] - BYD's technological leadership is further solidified with the launch of the Super e-platform 3.0, which introduces 1000V high-voltage architecture enabling 400 kilometers of range in just 5 minutes of charging. The new models Han L and Tang L feature high-performance electric motors, enhancing BYD's competitive edge in the electric vehicle market [14] - In February 2025, BYD's overseas sales reached 67,000 units, a year-on-year increase of 187.8%, continuing the trend of high growth in overseas sales. The share of passenger car overseas sales was 21.1%, reflecting a strong global expansion strategy [15] Summary by Sections Employee Stock Ownership Plan - The 2025 employee stock ownership plan is the largest in BYD's history, with a total funding of up to 4.1 billion yuan and a maximum of 25,000 participants. The plan aims for a revenue growth rate of at least 10% over the next three years [4][13] Technological Advancements - The introduction of the Super e-platform 3.0 and 1000V technology is expected to drive industry trends, enhancing BYD's position in the electric vehicle sector. The new models demonstrate exceptional performance, which is anticipated to accelerate the adoption of high-voltage technology [14] Sales Performance - BYD's overseas sales in February 2025 showed a significant increase, with 67,000 units sold, marking a 187.8% year-on-year growth. This growth is attributed to the company's expanding global presence and competitive product offerings [15] Financial Projections - Revenue projections for BYD from 2024 to 2026 are 813.1 billion yuan, 952.9 billion yuan, and 1,162.6 billion yuan, respectively, with year-on-year growth rates of 35.0%, 17.2%, and 22.0%. Net profit is expected to reach 40.5 billion yuan, 51.4 billion yuan, and 63.9 billion yuan in the same period [16][17]