BYD(002594) 国盛证券·2025-03-25 10:22Investment Rating - The report maintains a "Buy" rating for BYD [5] Core Views - In 2024, BYD achieved a revenue of 777.1 billion yuan, a year-on-year increase of 29.0%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.0% year-on-year [1] - Despite intense price competition in the industry, BYD's profitability continues to improve due to the scale effect driven by popular models from the DM5.0 platform [1][2] - The company's gross margin for 2024 was 19.44%, a decrease of 0.77 percentage points year-on-year, primarily due to cost reclassification and price wars [2] Financial Performance - Revenue from automotive and electronics segments in 2024 reached 617.4 billion yuan and 159.6 billion yuan, respectively, with year-on-year growth of 28% and 35% [1] - The average selling price (ASP) of vehicles in 2024 was 145,000 yuan, down 9% year-on-year [1] - The net profit for Q4 2024 was 15 billion yuan, with a single vehicle net profit of 0.94 thousand yuan, reflecting a slight increase of 0.1% quarter-on-quarter [1] Market Position and Strategy - BYD's domestic market remains strong, supported by policies promoting vehicle trade-ins and the simultaneous iteration of hybrid and pure electric platforms [2] - The company is expected to enhance its model introduction in overseas markets, with new factories contributing to significant growth in the long term [2] Profit Forecast and Valuation - The forecasted net profits for BYD from 2025 to 2027 are 55.5 billion yuan, 67.6 billion yuan, and 80.1 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21, 17, and 14 times [2]