BYD(SZ:002594) CMS·2025-03-27 05:04Investment Rating - The report maintains a "Strong Buy" rating for BYD [4] Core Viewpoints - BYD's 2024 performance meets expectations, with continuous improvement in competitiveness [1] - The company is accelerating its globalization efforts, with new production facilities in Uzbekistan and Thailand, and ongoing construction in Brazil and Hungary [2] - Strategic partnerships have been established with Shell and Uber to enhance charging infrastructure and expand electric vehicle offerings in key markets [3] - Technological innovations, including the fifth-generation DM technology, are driving new vehicle cycles and enhancing the company's smart vehicle strategy [3] Financial Performance - In 2024, BYD achieved revenue of 777.1 billion, a year-on-year increase of 29.02%, and a net profit of 40.25 billion, up 34% [8] - The fourth quarter of 2024 saw significant growth, with revenue reaching 2748.51 billion, a 52.66% increase year-on-year, and net profit of 150.16 billion, up 73.12% [8] - The company’s gross profit margin for 2024 was 19.44%, slightly down by 0.77 percentage points year-on-year, while the net profit margin was 5.35%, up by 0.15 percentage points [8] Production and Sales - BYD's sales volume reached 1.5243 million vehicles in the fourth quarter of 2024, representing a year-on-year increase of 61.34% [8] - The company has launched multiple new models in 2024, including the Song PLUS DM-i and Han DM-i, with competitive pricing strategies [9][10] Future Outlook - BYD is expected to benefit from a new product cycle, with projected profits of 59.21 billion, 71.85 billion, and 102.82 billion for 2025, 2026, and 2027 respectively [14] - The company is focusing on optimizing its product structure and enhancing its competitive edge in the electric vehicle market [14]