EBSCN·2025-03-26 03:50Investment Rating - The report maintains a "Buy" rating for BYD, indicating a positive outlook on market share and profit realization prospects [3][5]. Core Insights - BYD's total revenue for 2024 is projected to grow by 29.0% year-on-year to CNY 777.1 billion, with net profit increasing by 34.0% to CNY 40.3 billion [1]. - The company is expected to achieve a total sales volume of 4.25 million new energy passenger vehicles in 2024, representing a year-on-year increase of 41.1% [2]. - BYD's export sales are anticipated to rise by 71.9% to 417,000 units in 2024, driven by new model launches and enhanced cooperation with overseas dealers [2]. Summary by Sections Financial Performance - In Q4 2024, BYD's revenue increased by 52.7% year-on-year to CNY 274.9 billion, with net profit rising by 73.1% to CNY 15.0 billion [1]. - The annual net profit margin is projected to be 5.2% for 2024, with a forecasted net profit of CNY 54.4 billion for 2025 [4][12]. Sales and Market Position - BYD's pure electric vehicle sales are expected to grow by 12.1% to 1.77 million units, while plug-in hybrid sales are projected to increase by 72.8% to 2.49 million units in 2024 [2]. - The company is launching new models across multiple brands, including high-end and off-road vehicles, to capture a broader market segment [2]. Valuation and Price Targets - The target price for BYD's A-shares is set at CNY 449.38, corresponding to a 25x PE ratio for 2025E, while the H-shares target price is HKD 491.49 [3][5]. - The report forecasts a steady increase in net profit, estimating CNY 68.5 billion for 2026 and CNY 82.0 billion for 2027 [4].