Huachuang Securities·2025-08-05 04:44Investment Rating - The report maintains a "Strong Buy" rating for BYD, expecting it to outperform the benchmark index by over 20% in the next six months [2][15]. Core Views - The report highlights that BYD's sales in July were under pressure due to the off-season, but the company is expected to benefit from its high-end product strategy and global expansion efforts [5][6]. - The report notes a total sales volume of 344,000 units in July, with a year-on-year increase of 1% but a month-on-month decrease of 10% [5]. - The company is focusing on high-end product offerings and expanding its global footprint, with significant growth in overseas sales, which increased by 169% year-on-year [5][6]. Financial Projections - Total revenue is projected to grow from 777.1 billion CNY in 2024 to 1,218.4 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 29% [5][6]. - Net profit is expected to rise from 40.3 billion CNY in 2024 to 67.1 billion CNY in 2027, reflecting a CAGR of 34% [5][6]. - Earnings per share (EPS) are forecasted to increase from 4.42 CNY in 2024 to 7.36 CNY in 2027 [5][6]. Sales and Market Performance - The report indicates that BYD's sales volume is expected to reach 5.04 million units in 2025, representing a year-on-year growth of 19% [5][6]. - The company has seen a significant increase in overseas sales, with a total of 81,000 units sold abroad in July, contributing to a cumulative overseas sales figure of approximately 550,000 units from January to July 2025 [5][6]. - The report emphasizes the importance of BYD's high-end product launches and the establishment of manufacturing bases in various countries to support its global strategy [5][6].