Changjiang Securities·2025-05-04 23:30Investment Rating - The investment rating for BYD is "Buy" and is maintained [7][6]. Core Views - BYD's Q1 2025 performance shows strong growth, with revenue reaching 170.36 billion yuan, a year-on-year increase of 36.3%. The net profit attributable to shareholders was 9.15 billion yuan, up 100.4% year-on-year, and the net profit excluding non-recurring items was 8.17 billion yuan, reflecting a 117.8% increase [2][4][6]. Summary by Sections Financial Performance - In Q1 2025, BYD achieved a revenue of 170.36 billion yuan, a 36.3% increase year-on-year. The net profit attributable to shareholders was 9.15 billion yuan, marking a 100.4% year-on-year growth. The net profit excluding non-recurring items was 8.17 billion yuan, up 117.8% year-on-year [2][4][6]. Strategic Developments - BYD is focusing on technological advancements and scale to enhance its competitive edge. The company is implementing a comprehensive strategy for smart driving, with new models expected to replicate the success of the 2024 DM5.0 cycle. The launch of the Super e platform signifies a major breakthrough in electric technology, further solidifying its advantages in electrification [6][11]. Market Expansion - The company is actively expanding its overseas presence, with a focus on enhancing its channel and model matrix abroad. The overseas sales volume reached 206,000 units in Q1 2025, a year-on-year increase of 110.2%. The export ratio stood at 20.6% [11][6]. Profitability Outlook - With the ongoing expansion into international markets and the high-end segment, BYD's profitability is expected to continue improving. The projected net profit for 2025-2027 is 57 billion, 69.3 billion, and 79.1 billion yuan, corresponding to PE ratios of 18.9X, 15.6X, and 13.6X respectively [6][11].