CAITONG SECURITIES·2025-09-01 11:31Investment Rating - The investment rating for BYD is maintained at "Buy" [2] Core Views - BYD has demonstrated steady revenue growth, with total revenue reaching 371.3 billion yuan in the first half of 2025, representing a year-on-year increase of 23.3%. The net profit attributable to shareholders was 15.51 billion yuan, up 13.8% year-on-year [7] - The company is accelerating the adoption of intelligent driving technologies across its entire vehicle lineup, with over 1 million units of its "Heavenly Eye" intelligent driving models sold by July 6, 2025 [7] - The company is expanding its presence in international markets, with its electric vehicles now available in over 110 countries and regions across six continents, significantly increasing penetration rates in Europe, Latin America, and Asia-Pacific [7] - The forecasted net profit for 2025-2027 is 45.1 billion, 56.3 billion, and 74 billion yuan, corresponding to price-to-earnings ratios of 22.2, 17.8, and 13.5 times, respectively [7] Financial Performance Summary - Revenue projections for BYD are as follows: 602.3 billion yuan in 2023, 777.1 billion yuan in 2024, 947.4 billion yuan in 2025, 1066.4 billion yuan in 2026, and 1210.5 billion yuan in 2027, with growth rates of 42.0%, 29.0%, 21.9%, 12.6%, and 13.5% respectively [6][8] - The gross profit margin for the first half of 2025 was 18.01%, a decrease of 0.77 percentage points year-on-year, while the R&D expense ratio increased to 8.0%, up 1.45 percentage points year-on-year [7] - The company's return on equity (ROE) is projected to be 21.6% in 2023, 21.7% in 2024, 16.0% in 2025, 17.5% in 2026, and 19.8% in 2027 [6][8]