BYD(SZ:002594) Changjiang Securities·2025-03-26 03:20Investment Rating - The investment rating for BYD is "Buy" and is maintained [7] Core Insights - BYD's 2024 annual report shows 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. The net profit excluding non-recurring items reached 36.98 billion yuan, reflecting a 29.9% year-on-year growth [2][4] - The company is leveraging its technological and scale advantages to enhance its competitive edge in the industry, focusing on smart technology, international expansion, and high-end product development. The launch of the Super e platform marks a significant innovation in pure electric technology, further solidifying its leadership in electrification [2][11] - The fourth quarter of 2024 saw a revenue of 274.85 billion yuan, representing a 52.7% year-on-year increase, and a net profit of 15.02 billion yuan, up 73.1% year-on-year. The overall sales volume reached 1.524 million units, a 61.3% increase year-on-year, with a market share in the new energy vehicle sector of 34.9% [11] Financial Performance - The projected net profit for BYD is expected to reach 57 billion yuan in 2025 and 69.3 billion yuan in 2026, corresponding to price-to-earnings ratios of 20.0X and 16.5X respectively [11] - The company reported a gross margin of 19% for 2024, with a net profit margin of 5.2% [14] - Operating cash flow for Q4 2024 was 77.2 billion yuan, significantly up from 42.1 billion yuan in Q3 [11] Market Expansion and Strategy - BYD is actively expanding its overseas market presence, with local production facilities established in Thailand, Uzbekistan, Brazil, and Hungary, and new entries into Vietnam, Pakistan, and Tunisia. This expansion is expected to enhance export volumes [11] - The company is also focusing on high-end market segments with the launch of new models such as Z9GT, Z9, and Leopard 8, which are anticipated to drive further revenue growth [11]