BYD(SZ:002594) Soochow Securities·2025-04-09 02:35Investment Rating - The report maintains a "Buy" rating for BYD [1] Core Views - The Q1 profit forecast for 2025 is expected to be between 8.5 billion to 10 billion yuan, representing a year-on-year increase of 86% to 119%, exceeding market expectations [8] - BYD's Q1 sales reached 1 million vehicles, with an annual sales growth forecast of over 25% [8] - The company anticipates a significant increase in export sales, with a target of over 800,000 vehicles, doubling from the previous year [8] - The report revises the net profit forecasts for 2025-2027 to 55 billion, 68 billion, and 82 billion yuan respectively, reflecting a year-on-year growth of 37%, 24%, and 20% [8] Financial Projections - Total revenue is projected to reach 983.28 billion yuan in 2025, with a year-on-year growth of 26.53% [1] - The net profit attributable to shareholders is expected to be 55.02 billion yuan in 2025, with a year-on-year growth of 36.68% [1] - The earnings per share (EPS) is forecasted to be 18.10 yuan in 2025, with a P/E ratio of 18.09 [1]