CAITONG SECURITIES·2024-05-30 08:02Investment Rating - The investment rating for BYD is maintained at "Buy" [1] Core Views - The launch of the fifth-generation DM technology and new models, including the Tai L DM-i and Seal 06 DM-i, is expected to accelerate the transition from fuel to electric vehicles in the automotive market [2] - The fifth-generation DM technology features a highly efficient engine with a thermal efficiency of 46.06%, a power density increase of 70.28% in the EHS hybrid system, and a comprehensive efficiency of 92% [2] - The new models are priced between 99,800 and 139,800 yuan, offering significant fuel efficiency improvements, with fuel consumption only one-third that of traditional fuel vehicles and a comprehensive range three times greater [2] - The projected net profits for BYD from 2024 to 2026 are estimated at 31.632 billion, 36.236 billion, and 39.615 billion yuan, respectively, with corresponding PE ratios of 20.67, 18.04, and 16.50 [2] Financial Performance Summary - Revenue for 2022 was 424.06 billion yuan, with a growth rate of 96.20%, and is projected to reach 707.13 billion yuan in 2024, reflecting a growth rate of 17.40% [3] - The net profit for 2022 was 16.622 billion yuan, with a growth rate of 445.86%, and is expected to grow to 31.632 billion yuan in 2024, with a growth rate of 5.30% [3] - The earnings per share (EPS) for 2022 was 5.71 yuan, projected to increase to 10.87 yuan in 2024 [3] - The return on equity (ROE) for 2022 was 14.97%, expected to be 19.70% in 2024 [3]