BYD(SZ:002594) Minsheng Securities·2025-04-09 08:10Investment 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 1,001,000 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 enhance profitability [3][4]. - The launch of high-end models is anticipated to drive sales and profitability, with the Tengshi N9 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 projected revenue for 2025-2027 is 1,014.12 billion yuan, 1,237.23 billion yuan, and 1,477.25 billion yuan respectively, with net profits of 581.2 billion yuan, 670.9 billion yuan, and 741.7 billion yuan [4][6]. Sales and Market Expansion - The company’s export volume reached 206,000 units in Q1 2025, a year-on-year increase of 110.5%, contributing to a 20.6% share of total sales [2][3]. - The introduction of smart driving models is expected to enhance market competitiveness, with orders for these models accounting for 25%-30% of total orders [3][4]. Product Development - 2025 is identified as a significant year for high-end product launches, with models like the Tengshi N9 and flagship vehicles featuring advanced technology [4]. - The company is leveraging its data advantages to promote smart driving accessibility, potentially transforming the automotive landscape in China [3][4].