BYD(002594) 国联民生证券·2025-03-25 14:42Investment Rating - The investment rating for BYD is "Buy" (maintained) [5] Core Insights - In 2024, BYD achieved sales of 4.272 million vehicles, a year-on-year increase of 41.3%, with total revenue reaching 777.1 billion yuan, up 29.0% year-on-year, and net profit attributable to shareholders of 40.25 billion yuan, a 34.0% increase year-on-year [3][11] - The significant revenue growth in Q4 2024 was primarily driven by the government's vehicle replacement subsidy policy, leading to a sales volume of 1.524 million vehicles, which is a 61.3% increase year-on-year and a 34.3% increase quarter-on-quarter [3][11] - The company's gross margin for 2024 was 19.4%, an increase of 0.9 percentage points year-on-year, attributed to ongoing scale effects [12] Summary by Sections Financial Performance - BYD's total revenue for 2024 was 777.1 billion yuan, with a year-on-year growth rate of 29.0% [11] - The net profit attributable to shareholders for 2024 was 40.25 billion yuan, reflecting a year-on-year increase of 34.0% [11] - In Q4 2024, the company reported revenue of 274.85 billion yuan, a 52.7% increase year-on-year and a 36.7% increase quarter-on-quarter [3][11] R&D and Technological Advancements - R&D expenses in Q4 2024 reached a record high of 19.87 billion yuan, marking a 35.8% year-on-year increase and a 45.1% quarter-on-quarter increase [12] - The launch of the Super e-platform 3.0 signifies a new era in electrification, with the 1000V architecture enabling rapid charging capabilities [13] Future Projections - Revenue projections for BYD from 2025 to 2027 are estimated at 1,006.35 billion yuan, 1,212.65 billion yuan, and 1,455.18 billion yuan, respectively, with corresponding growth rates of 29.5%, 20.5%, and 20.0% [14] - Net profit projections for the same period are 56.37 billion yuan, 69.27 billion yuan, and 83.70 billion yuan, with growth rates of 40.0%, 22.9%, and 20.8% [14]