BYD(SZ:002594) CHINA DRAGON SECURITIES·2025-03-26 12:23Investment Rating - The investment rating for BYD is "Buy" (maintained) [2] Core Views - BYD's 2024 annual report shows significant growth, with revenue reaching 777.10 billion yuan, a year-on-year increase of 29.02%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.00% year-on-year [4][6] - The company achieved a sales volume of 4.27 million vehicles in 2024, reflecting a year-on-year growth of 41.26% [6] - The report highlights the successful implementation of high-end models and global expansion strategies, with the launch of new technologies enhancing product competitiveness [6][7] Summary by Sections Financial Performance - In Q4 2024, BYD's revenue was 274.85 billion yuan, a year-on-year increase of 52.66%, with a net profit of 15.02 billion yuan, up 73.12% year-on-year [4] - The gross margin for 2024 was 19.44%, an increase of 0.86 percentage points year-on-year [6] - R&D expenses for 2024 reached 53.20 billion yuan, a year-on-year increase of 34.42% [6] Sales and Pricing - The average selling price per vehicle in 2024 was 140,400 yuan, down 10.00% year-on-year, while the net profit per vehicle was 8,800 yuan, down 3.18% year-on-year [6] - In Q4 2024, the average selling price per vehicle was 144,100 yuan, showing a quarter-on-quarter increase of 3.34% [6] Strategic Developments - BYD is advancing its global strategy with new factories in Uzbekistan and Thailand, and ongoing construction in Brazil and Hungary [6] - The company has launched the "Tian Shen Zhi Yan" intelligent driving system and upgraded its battery technology, enhancing its product offerings [6][7] Profit Forecast - The profit forecast for BYD indicates net profits of 55.93 billion yuan, 68.29 billion yuan, and 81.03 billion yuan for 2025, 2026, and 2027 respectively [8] - The current stock price corresponds to a PE ratio of 20.1 for 2025, reflecting a premium valuation due to BYD's leadership in the global electric vehicle market [7]