BYD(SZ:002594) Minsheng Securities·2025-04-02 08:23Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Insights - The company achieved a wholesale sales volume of 377,000 new energy vehicles in March, representing a year-on-year increase of 24.8% and a month-on-month increase of 16.9% [1][2]. - Cumulative sales from January to March reached 986,000 units, up 59.3% year-on-year [2]. - The company is expanding its overseas market presence, with significant growth in exports to Turkey, Brazil, and Europe, supported by the introduction of additional roll-on/roll-off ships [2]. - The launch of the Dynasty Ocean series smart driving models is expected to accelerate the adoption of smart driving technology, with orders for these models accounting for 25%-30% of total orders [3]. - 2025 is projected to be a significant year for high-end products, with the launch of the Tengshi N9 and flagship models equipped with advanced smart driving systems [4]. Summary by Sections Sales Performance - In March, the company sold 371,000 new energy passenger vehicles, a year-on-year increase of 23.1% and a month-on-month increase of 16.7% [1][2]. - The export volume for February was 73,000 units, marking a new high, with steady growth in subsequent months [2]. Product Development - The company launched the Dynasty Ocean series smart driving models, making high-level smart driving technology more accessible [3]. - The Tengshi N9, a large SUV, was launched in March 2025, expected to enhance overall profitability [4]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 1,014.12 billion, 1,237.23 billion, and 1,477.25 billion yuan, respectively, with net profits of 58.12 billion, 67.09 billion, and 74.17 billion yuan [4][6]. - Earnings per share (EPS) are expected to be 19.12, 22.08, and 24.41 yuan for 2025, 2026, and 2027, respectively [4][6].