核心技术立稳品牌矩阵，规模生产增强盈利能力

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 282.2, indicating a potential upside of 24.1% from the current price of HKD 227.4 [5][26][33] Core Insights - In Q1 2024, the company achieved cumulative sales of 626,263 vehicles, a year-on-year increase of 13.44%, with April sales reaching 313,245 vehicles, up 49% year-on-year [7][19] - The company reported a historical high in revenue and profit for Q1 2024, with revenue of CNY 1249.44 billion, a 3.97% increase, and a net profit of CNY 45.69 billion, up 10.62% [36][14] - The overall gross margin for Q1 2024 was 21.9%, an increase of 4% year-on-year, reflecting improved production efficiency and cost control [15][36] Sales and Market Performance - The company launched "Honor Edition" models across various price segments, with price reductions ranging from CNY 10,000 to CNY 50,000, promoting the transition of new energy vehicles to a cost-effective era [15][7] - The company’s market share in the new energy vehicle sector reached 35.3% in Q1 2024, with a monthly market share of 43.5% in April [19][7] - Export sales for passenger vehicles in Q1 2024 reached 97,900 units, a significant increase of 153% year-on-year, marking a new phase in overseas market expansion [11][23] Financial Projections - Revenue projections for 2024 to 2026 are CNY 7391.37 billion (+22.6%), CNY 8748.75 billion (+18.4%), and CNY 10065.6 billion (+15.1%), with net profit estimates of CNY 350.27 billion (+16.8%), CNY 436.5 billion (+24.6%), and CNY 539.33 billion (+23.6%) respectively [17][44] - The average net profit growth rate over the three years is projected to be 21.6% [44] Strategic Advantages - The company has established a multi-brand matrix, including "BYD," "Denza," "Yangwang," and "Fangchengbao," catering to a wide range of consumer needs from family to luxury vehicles [22][10] - The introduction of core technologies such as the "Easy Four" and "Yun Nian-P" intelligent hydraulic body control systems has strengthened the company's competitive edge in the high-end market [32][22]