Shengang Securities·2024-02-05 16:00Investment Rating - The report maintains a "Buy" rating for BYD (002594.SZ) [2] Core Views - BYD's January 2024 sales reached 201,493 vehicles, a year-on-year increase of 33.1%, while the total installed capacity of power batteries and energy storage batteries was 11.309 GWh, up 38.8% year-on-year [2][3] - The company is experiencing a significant increase in high-end model sales, with January sales of high-end brands like Tengshi, Fangchengbao, and Yangwang contributing to 7.9% of total sales, up from 4.5% in 2023 [3] - BYD's overseas sales of new energy passenger vehicles reached 36,174 units in January, a year-on-year increase of 247.5%, with expectations for exports to double in 2024 [3] - The company is investing heavily in smart vehicle technology, with plans to invest 100 billion yuan in intelligent driving systems [3] Financial Projections - Revenue projections for 2023-2025 are 598.1 billion yuan, 770.3 billion yuan, and 931.6 billion yuan, representing year-on-year growth of 41%, 29%, and 21% respectively [4] - Net profit attributable to shareholders is projected to be 30.1 billion yuan, 40.2 billion yuan, and 50.3 billion yuan for the same period, with growth rates of 81%, 33%, and 25% respectively [4] - The report assigns a 20x PE valuation for 2024, suggesting a target price of 276.01 yuan per share [4] Sales and Production Insights - BYD's January sales of pure electric vehicles reached 105,304 units, a year-on-year increase of 47.6%, while hybrid vehicle sales were 95,715 units, up 21.4% [3] - The company is set to launch several new models in 2024, including the Yangwang U7/U9 and Fangchengbao series, which are expected to drive sales growth [3] Market Expansion - BYD's international expansion includes establishing production facilities in Thailand, Brazil, Uzbekistan, and Hungary, with significant production capacities planned [3] - The company has a presence in over 70 countries and regions across six continents, indicating a robust global market strategy [3]