BYD(SZ:002594) Shenwan Hongyuan Securities·2025-03-26 11:41Investment Rating - The report maintains an "Outperform" rating for BYD, indicating a positive outlook for the company's stock performance relative to the market [2][10]. Core Insights - BYD's total revenue for 2024 is projected to be 777.1 billion yuan, reflecting a year-on-year growth of 29.02%, with a net profit of 40.25 billion yuan, up 34% year-on-year, aligning with expectations [10]. - The company is focusing on three main growth drivers: overseas expansion, high-end product offerings, and smart technology, which are expected to enhance its market position and valuation [10]. - The report anticipates a slight adjustment in revenue forecasts for 2025-2026 due to a slowdown in average selling price (ASP) growth, but an increase in net profit estimates for the same period [10]. Financial Data and Profit Forecast - Total revenue projections for BYD are as follows: 980.8 billion yuan in 2025, 1,147.5 billion yuan in 2026, and 1,330.5 billion yuan in 2027, with respective growth rates of 26.2%, 17.0%, and 15.9% [9][11]. - The net profit forecast for 2025 is 54.34 billion yuan, with a projected earnings per share of 17.88 yuan [9][11]. - The gross margin is expected to stabilize around 20.2% in 2025, with a return on equity (ROE) of 25.1% [9][11].