BYD(SZ:002594) Xinda Securities·2025-03-28 12:07Investment Rating - The investment rating for BYD is "Buy" [1] Core Views - In 2024, BYD achieved a revenue of 777.1 billion yuan, a year-on-year increase of 29.0%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.0% year-on-year [2][4] - The company sold 4.272 million vehicles in 2024, representing a 41.1% increase year-on-year, with a fourth-quarter sales figure of 1.524 million vehicles [4] - BYD's R&D investment exceeded 50 billion yuan in 2024, with a focus on smart and electric vehicle technologies [4] Financial Performance - Total revenue for 2023 was 602.3 billion yuan, with a projected increase to 996.7 billion yuan by 2025, reflecting a growth rate of 28.3% [5] - The net profit attributable to shareholders is expected to rise from 30 billion yuan in 2023 to 54.8 billion yuan in 2025, indicating a growth rate of 36.1% [5] - The gross margin is projected to improve from 18.6% in 2023 to 19.9% in 2025 [5] R&D and Technological Advancements - BYD's R&D expenses for 2024 were 53.2 billion yuan, a 34.4% increase year-on-year, with a focus on integrating electric and smart technologies [4] - The company launched several new technologies in 2024, including the "e platform 3.0 Evo" and the fifth-generation DM technology [4] Global Expansion - BYD's electric vehicles are now present in over 100 countries and regions across six continents [4] - The company is enhancing its global logistics capabilities with the launch of two automobile transport ships in 2024 [4] Profit Forecast - The forecasted net profit for BYD is 54.8 billion yuan in 2025, 66.5 billion yuan in 2026, and 79.7 billion yuan in 2027, with corresponding P/E ratios of 21, 18, and 15 [4]