BYD(SZ:002594) Minsheng Securities·2025-04-09 07:52Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 85-100 billion yuan in Q1 2025, representing a year-on-year increase of 86.0% to 118.9% [2][4]. - The company's vehicle sales reached 1.001 million units in Q1 2025, a year-on-year increase of 59.8%, with export sales significantly contributing to profit growth [2][3]. - The company is accelerating its overseas expansion, with plans to establish factories in Brazil, Uzbekistan, Hungary, Turkey, and Indonesia, which is expected to boost profitability [3][4]. - The launch of high-end models is anticipated to enhance overall profitability, with the Tengshi N9 SUV and flagship models equipped with advanced driving systems [4]. Summary by Sections Financial Performance - The company forecasts a net profit of 92.5 billion yuan for Q1 2025, a year-on-year increase of 102.5% and a quarter-on-quarter decrease of 38.4% [2][4]. - The expected revenue for 2025-2027 is projected at 1,014.12 billion yuan, 1,237.23 billion yuan, and 1,477.25 billion yuan respectively, with net profits of 58.12 billion yuan, 67.09 billion yuan, and 74.17 billion yuan [4][6]. Sales and Market Expansion - The company achieved a total vehicle sales volume of 1.001 million units in Q1 2025, with export sales accounting for 20.6% of total sales, a year-on-year increase of 110.5% [2][3]. - The overseas market is showing strong demand, particularly in Turkey, Brazil, and Europe, contributing to the company's growth [3]. Product Development - The company launched the Dynasty Ocean series of intelligent driving models, which are expected to accelerate the adoption of smart driving technology in the market [3][4]. - The high-end product strategy is emphasized, with new models expected to drive sales and profitability upward [4].