BYD(SZ:002594) Xinda Securities·2025-03-28 12:23Investment Rating - The investment rating for BYD (002594.SZ) is "Buy" [1] Core Views - In 2024, BYD achieved a revenue of 777.1 billion yuan, representing 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, marking a 41.1% increase compared to the previous 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, projected to grow to 996.7 billion yuan by 2025, with a year-on-year 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, reflecting a growth rate of 36.1% [5] - The gross margin is expected to improve from 18.6% in 2023 to 19.9% in 2025 [5] Strategic Developments - BYD's global expansion includes entering over 100 countries and regions, with local production facilities established in Uzbekistan and Thailand [4] - The company is advancing its smart vehicle strategy, integrating high-level autonomous driving systems into its models [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 times respectively [4]