Ping An Securities·2025-03-25 08:50Investment Rating - The investment rating for BYD is "Recommended (Maintain)" [1][12][16] Core Views - BYD achieved a significant revenue increase in 2024, with total revenue reaching 777.1 billion yuan, a year-on-year growth of 29.02%, and a net profit of 40.25 billion yuan, up 34.00% year-on-year [5][11] - The company maintains a high level of R&D investment, with R&D expenses reaching 54.2 billion yuan in 2024, reflecting a year-on-year increase of 35.7% [11][12] - New technology platforms launched in 2025, such as the "Tianshen Eye" intelligent driving system and the "Super e" platform, are expected to support sales growth [12][11] Financial Summary - In 2024, BYD's total sales volume reached 4.272 million units, a year-on-year increase of 41.3%, with overseas sales of passenger cars growing by 71.9% [11] - The company's revenue projections for 2025 to 2027 are 959.58 billion yuan, 1,126.16 billion yuan, and 1,266.28 billion yuan, respectively, with corresponding net profit estimates of 51.09 billion yuan, 64.06 billion yuan, and 73.87 billion yuan [7][15] - The gross margin for 2024 was reported at 19.4%, with a net margin of 5.2% [7][15] Sales and Production Insights - BYD's high-end brand Tengshi saw a slight decline in sales, with 126,000 units sold in 2024, down 1.4% year-on-year [12] - The company launched the Tengshi N9 SUV in March 2025, targeting competition with other high-end brands [12] Future Outlook - The report anticipates that the new technology platforms and ongoing globalization strategies will further enhance BYD's profitability and market position [12][11] - Adjusted net profit forecasts for 2025 and 2026 are 51.1 billion yuan and 64.1 billion yuan, respectively, with a new forecast for 2027 at 73.9 billion yuan [12][15]