BYD(SZ:002594) 汽车琰究·2025-03-02 14:04Core Viewpoint - The company reported significant growth in February sales of new energy vehicles, with wholesale sales reaching 323,000 units, a year-on-year increase of 164.0% and a month-on-month increase of 7.4% [1] Group 1: Sales Performance - In February, the company achieved wholesale sales of 318,000 new energy passenger vehicles, reflecting a year-on-year increase of 161.4% and a month-on-month increase of 7.3% [1] - Cumulative sales for January and February reached 615,000 units, representing a year-on-year growth of 90.4% [1] - Export sales in February reached a record high of 67,000 units, with steady growth in overseas demand, particularly in Turkey, Brazil, and Europe [1] Group 2: Strategic Developments - The company launched the Ocean series smart driving models, making advanced smart driving technology more accessible, with orders for smart driving models accounting for 25%-30% of total orders [2] - The company plans to enhance its overseas market presence by establishing factories in Brazil, Uzbekistan, Hungary, Turkey, and Indonesia, aiming for rapid growth in Europe, Southeast Asia, and Australia/New Zealand [1] Group 3: Product and Profitability Outlook - The year 2025 is projected to be a significant year for high-end products, with flagship models like Han L and Tang L set to launch in March, featuring advanced smart driving systems [3] - The Tengshi N9, a large six-seat SUV, is expected to launch in Q1 2025, enhancing the company's product lineup and profitability [3] Group 4: Financial Projections - The company forecasts revenues of 833.6 billion, 1,017.0 billion, and 1,214.3 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 39.884 billion, 55.435 billion, and 65.610 billion yuan [4] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 13.71, 19.05, and 22.55 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 26, 19, and 16 [4]