BYD(SZ:002594) SINOLINK SECURITIES·2025-04-09 03:05Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company is expected to achieve a net profit of 85-100 billion RMB in Q1 2025, representing a year-on-year growth of 86.04%-118.88%, surpassing market expectations [1]. - The Q1 passenger car sales reached 986,000 units, a year-on-year increase of 58.2%, with overseas sales contributing significantly [1][2]. - The company has a strong cost advantage and profit release potential, which is expected to balance out operational profit losses in Q1 [2][3]. - New vehicle momentum is strong, with aggressive pricing strategies and improved product configurations addressing previous shortcomings [3]. - The company is entering a mid-term phase of volume and price increases, supported by scale effects and depreciation profit release [4]. Summary by Sections Q1 Performance - The company forecasts a Q1 net profit of 92.5 billion RMB, with a single vehicle net profit of 8,671 RMB, slightly down from the previous quarter [1]. - The overseas sales volume increased by 110.2% year-on-year, accounting for 20.9% of total sales [1]. Growth Drivers - The increase in export volume and the strong performance of high-end brands are key growth drivers [2]. - The company has implemented aggressive subsidy policies, enhancing its competitive position [3]. Financial Projections - The projected net profits for 2025-2027 are 52.2 billion, 62.7 billion, and 82.4 billion RMB, respectively, with corresponding PE ratios of 20.9, 17.4, and 13.3 [4][8].