BYD(SZ:002594) Yin He Zheng Quan·2025-03-27 05:26Investment Rating - The report maintains a "Recommended" rating for BYD (stock code: 002594.SZ) [1][6]. Core Views - BYD's performance in 2024 was strong, with a revenue of 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 [3][5]. - The company is expected to see simultaneous growth in volume, price, and profit in 2025, driven by advancements in technology, new high-end product launches, and continued expansion in overseas markets [4][6]. Financial Performance Summary - In 2024, BYD achieved a total vehicle sales volume of 4.27 million units, a year-on-year increase of 41.26%, with a single vehicle average price of 144,500 yuan, down 9.6% year-on-year [3][4]. - The gross margin for the automotive business improved to 22.31%, a year-on-year increase of 1.29 percentage points, primarily due to the growth in export sales and the increase in high-end brand sales [3][4]. - R&D expenses rose by 34.42% to 53.20 billion yuan in 2024, reflecting the company's commitment to enhancing its technological capabilities [3][4]. Financial Forecast Summary - For 2025, BYD is projected to achieve revenues of 991.21 billion yuan and a net profit of 54.56 billion yuan, with an EPS of 17.95 yuan [5][6]. - The revenue growth rate is expected to be 27.55%, with a net profit growth rate of 35.54% [5][8]. - The gross margin is forecasted to improve to 20.15% in 2025, indicating a positive trend in profitability [5][8].