BYD(SZ:002594) Minsheng Securities·2025-03-25 14:23Investment 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]. - The company is expected to see significant growth in revenue and profit from 2025 to 2027, with projected revenues of 1,014.1 billion CNY, 1,237.2 billion CNY, and 1,477.2 billion CNY, respectively [4]. - The report highlights the launch of high-end smart driving models and an increased focus on overseas markets, projecting exports to reach 800,000 units in 2025 [3]. Revenue and Profit Forecast - For 2024, the total revenue is forecasted at 777,102 million CNY, with a growth rate of 29.0%. The net profit attributable to shareholders is expected to be 40,254 million CNY, reflecting a growth rate of 34.0% [4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 19.12 CNY, 22.08 CNY, and 24.41 CNY, respectively [4]. Financial Metrics - The report indicates a gross margin of 17.0% for Q4 2024, with an adjusted gross margin of 21.5% after accounting for policy changes [2]. - The average selling price (ASP) per vehicle in Q4 2024 was 144,100 CNY, showing a quarter-on-quarter increase [1][2]. - The company’s R&D expenses increased significantly in Q4 2024, reflecting a strategic investment in technology [2].