BYD(SZ:002594) Minsheng Securities·2025-03-25 14:22Investment Rating - The report maintains a "Recommended" rating for BYD, with a closing price of 369.59 CNY as of March 25, 2025 [5]. Core Insights - BYD's revenue for 2024 reached 777.1 billion CNY, a year-on-year increase of 29.0%, while net profit attributable to shareholders was 40.25 billion CNY, up 34.0% year-on-year [1][4]. - The company is expected to see significant growth in revenue and profit over the next few years, with projections of 1,014.1 billion CNY in 2025, 1,237.2 billion CNY in 2026, and 1,477.2 billion CNY in 2027 [4][8]. - The report highlights the launch of high-end smart driving models and an increased focus on overseas markets, anticipating exports to reach 800,000 units in 2025 [3]. Summary by Sections Financial Performance - In Q4 2024, BYD's revenue was 274.85 billion CNY, reflecting a 52.7% year-on-year increase, with a net profit of 15.02 billion CNY, up 73.1% year-on-year [1][2]. - The overall gross margin for Q4 2024 was reported at 17.0%, with automotive and battery gross margins at 19.8% [2]. Sales and Production - BYD sold 1.524 million vehicles in Q4 2024, a 61.7% increase year-on-year, with a single vehicle average selling price (ASP) of 144,100 CNY [1][2]. - The report notes a slight decrease in the proportion of high-end models sold, which accounted for 4.1% of total sales [1]. Strategic Initiatives - The introduction of the Dynasty Ocean series smart driving models aims to democratize advanced driving technology, making it accessible at a price point of 70,000 CNY [3]. - The company plans to enhance its high-end product offerings in 2025, with the launch of the Tengshi N9, a six-seat large SUV [3]. Earnings Forecast - The earnings forecast for 2025 estimates a net profit of 58.12 billion CNY, with an EPS of 19.12 CNY, and a PE ratio of 19 [4][8].