Tai Ping Yang Zheng Quan·2025-04-30 12:02Investment Rating - The report maintains a "Buy" rating for BYD (002594) with a target price based on the last closing price of 355.00 [1][4]. Core Insights - BYD's Q1 2025 revenue reached 170.36 billion yuan, a year-on-year increase of 36.35%, with net profit attributable to shareholders at 9.155 billion yuan, up 100.38% year-on-year [4][5]. - The gross margin for Q1 2025 significantly improved to 20.1%, an increase of 3.1 percentage points from the previous quarter, indicating a positive trend in unit profitability [4][5]. - The company is focusing on high-end market penetration and international expansion, with Q1 2025 sales of new energy vehicles reaching 1,000,800 units, a 59.8% increase year-on-year, and overseas sales growing by 110% [5][6]. Financial Performance - The report forecasts BYD's revenue for 2025-2027 to be 932.68 billion yuan, 1,089.46 billion yuan, and 1,280.35 billion yuan, respectively, with growth rates of 20.02%, 16.81%, and 17.52% [6][8]. - The net profit for the same period is projected to be 53 billion yuan, 64 billion yuan, and 80 billion yuan, with year-on-year growth rates of 32%, 21%, and 26% [6][8]. - The report highlights a strong commitment to R&D, with Q1 2025 R&D expenses at 14.223 billion yuan, a 34% increase year-on-year, and total R&D investment exceeding 190 billion yuan [6][8]. Market Position and Strategy - BYD is enhancing its global presence with the launch of new factories in Uzbekistan and Thailand, and plans for additional facilities in Brazil and Hungary [5][6]. - The company is also expanding its high-end brand matrix, with significant sales growth in its premium brands [5][6]. - The introduction of the "BYD SHENZHEN" specialized vehicle transport ship marks a significant milestone in BYD's international logistics capabilities [5][6].