BYD(SZ:002594) Haitong Securities·2025-03-26 01:15Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights a strong performance in sales, with a year-on-year increase of 164% in February sales and a robust international financing strategy [3]. - The company is positioned as a global leader in the new energy vehicle market, with expectations for growth driven by new vehicle cycles and advancements in intelligent driving technology [3]. - The report emphasizes the launch of the "Tian Shen Zhi Yan" intelligent driving system and the "Super e Platform," which are expected to enhance the company's competitive edge in the electric vehicle sector [7]. Financial Performance and Forecast - The company achieved a revenue of 777.1 billion yuan in 2024, representing a 29% year-on-year growth, and a net profit of 40.3 billion yuan, up 34% year-on-year [7]. - For the upcoming years, the revenue is projected to reach approximately 1,045.9 billion yuan in 2025, 1,282.3 billion yuan in 2026, and 1,486.9 billion yuan in 2027, with corresponding net profits of 55.4 billion yuan, 79.6 billion yuan, and 108.8 billion yuan respectively [6][7]. - The report forecasts an EPS of 18.24 yuan for 2025, 26.20 yuan for 2026, and 35.81 yuan for 2027, indicating a strong growth trajectory [6][7]. Market Performance - The company's stock price closed at 369.59 yuan, with a 52-week price fluctuation between 201.17 yuan and 403.40 yuan [2]. - The report notes a relative performance against the CSI 300 index, with absolute gains of -0.8% over one month, 32.4% over two months, and 29.3% over three months [5]. Competitive Positioning - The report indicates that the company is a leader in the new energy vehicle sector, with a total of 4.27 million vehicles delivered in 2024, marking a 41% increase year-on-year [7]. - The introduction of more affordable intelligent driving models is expected to enhance market share in the economy segment [7]. - The company is also implementing an employee stock ownership plan to support long-term growth, with performance targets set for revenue growth over the next three years [7].