BYD(SZ:002594) Minsheng Securities·2025-05-05 06:23Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a wholesale sales volume of 380,000 new energy vehicles in April, representing a year-on-year increase of 21.3% and a month-on-month increase of 0.7% [1][2]. - The cumulative sales from January to April reached 1.359 million units, up 45.1% year-on-year [2]. - The company’s export sales in April reached 79,000 units, setting a new record, with steady growth in overseas demand, particularly in Turkey, Brazil, and Europe [2][3]. - The launch of the intelligent driving version of the Dynasty Ocean series is expected to accelerate the democratization of intelligent driving technology [3]. - 2025 is projected to be a significant year for high-end products, with the launch of the Tengshi N9 and flagship models featuring advanced intelligent driving systems [3]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 1,014.12 billion, 1,237.23 billion, and 1,477.25 billion yuan respectively, with net profit estimates of 58.15 billion, 67.12 billion, and 74.19 billion yuan [4][5]. - Earnings per share (EPS) are expected to be 19.13, 22.09, and 24.41 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 [4][5].