Soochow Securities·2025-09-03 23:41Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - In August 2025, BYD's sales reached 374,000 units, showing a month-on-month increase, with a focus on high-end products and exports [8] - The company is expected to achieve annual sales of over 5 million units, with a year-on-year growth of over 17%, including 900,000 to 1 million units in exports, representing a 128% increase [8] - The report anticipates a continuous increase in the share of pure electric vehicles and ongoing efforts in high-end product development and international expansion [8] - BYD's battery installations in August increased by 23%, with significant growth in external battery supply, projecting a total installation of 290-300 GWh for the year, a 50% year-on-year increase [8] - The forecast for net profit attributable to shareholders for 2025-2027 is 45 billion, 59 billion, and 71 billion yuan respectively, with corresponding P/E ratios of 22, 17, and 14 times [8] Financial Projections - Total revenue is projected to reach 777.1 billion yuan in 2024, 924.5 billion yuan in 2025, and 1,047.7 billion yuan in 2026, with year-on-year growth rates of 29.02%, 18.97%, and 13.33% respectively [1][9] - The net profit attributable to shareholders is expected to grow from 40.3 billion yuan in 2024 to 71 billion yuan in 2027, with growth rates of 34% in 2024 and 11.83% in 2025 [1][9] - The earnings per share (EPS) is forecasted to be 4.42 yuan in 2024, increasing to 7.79 yuan by 2027 [1][9]