BYD(01211) Zhao Yin Guo Ji·2025-06-10 09:40Investment Rating - The report maintains a "Buy" investment rating for BYD Company Limited (01211) with a target price of 470 HKD [1] Core Views - The report forecasts BYD's sales at 5.25 million units for the year and an annual increase of 4% in the average selling price (ASP) of new energy vehicles [1] - The estimated profit for the year remains unchanged at 57.5 billion RMB [1] - BYD's management emphasizes that all business operations are under the listed company [1] Financial Overview - BYD's accounts payable and notes payable for 2024 are projected to total 244 billion RMB, with approximately 98% of other payables (around 143 billion RMB) related to supplier debts, totaling about 387 billion RMB [1] - The report suggests that this level of accounts payable is manageable compared to BYD's projected annual revenue of 777 billion RMB and net cash of 74 billion RMB [1] Sales Projections - Management anticipates overseas sales to exceed 900,000 units this year, with total sales expected to maintain over 20% growth [1] - BYD's long-term overseas sales target is set between 4 to 6 million units, while domestic sales targets range from 6 to 7 million units, based on an 80-90% market share in the domestic new energy vehicle sector, where BYD holds approximately 30% [1] - BYD's Chairman Wang Chuanfu stated that the goal of selling 10 million units annually will be achieved "not too long" from now [1]