Core Insights - BYD is projected to achieve a revenue of 777.1 billion yuan in 2024, representing a year-on-year growth of 29% and a net profit of 40.25 billion yuan, up 34% [1] - The company plans to distribute a cash dividend of 12.1 billion yuan, which accounts for approximately 30% of the net profit attributable to shareholders [1] - In Q4 2024, BYD's revenue reached 274.85 billion yuan, showing a quarter-on-quarter increase of 36.7% and a year-on-year increase of 52.7% [1] Sales Performance - For the full year, BYD sold 4.27 million vehicles, marking a 41% increase year-on-year, with monthly sales exceeding 500,000 units for over three consecutive months [2] - The high-end brands, including Fangchengbao, Tengshi, and Yangwang, achieved total sales of 190,000 units, up 40% year-on-year [2] - Overseas sales reached 420,000 units, a 72% increase year-on-year, with Q4 sales of 120,000 units, reflecting a quarter-on-quarter growth of 26% [2] International Expansion - BYD's electric vehicles are now present in over 100 countries and regions across six continents [2] - The company has signed a land purchase agreement for a passenger car factory in Szeged, Hungary, and has launched production in Uzbekistan and Thailand, with the latter having an annual capacity of approximately 150,000 vehicles [2] Technological Advancements - Since 2025, BYD has introduced significant technological upgrades, including advanced intelligent driving and enhanced battery technology [3] - The company has established a comprehensive smart vehicle strategy, leading in the field of intelligent driving with over 4 million vehicles equipped with L2 level and above intelligent driving capabilities [3] - The launch of the Super e-platform and new generation vehicle-grade silicon carbide power chips marks a significant milestone in BYD's technological evolution [3] Financial Projections - BYD's projected revenues for 2025, 2026, and 2027 are 955.84 billion yuan, 1,144.14 billion yuan, and 1,338.64 billion yuan, respectively, with year-on-year growth rates of 23%, 19.7%, and 17% [4] - The expected net profit attributable to shareholders for the same years is 55.41 billion yuan, 69.76 billion yuan, and 83.74 billion yuan, with corresponding year-on-year growth rates of 37.7%, 25.9%, and 20% [4] - Earnings per share (EPS) are projected to be 18.2 yuan, 23.0 yuan, and 27.6 yuan, with price-to-earnings (PE) ratios of 20.6, 16.4, and 13.7, respectively [4]

Core Viewpoint - BYD has achieved significant growth in revenue and net profit, driven by strong sales in the electric vehicle market and advancements in technology [1][4]. Group 1: Financial Performance - In 2024, BYD reported a revenue of 777.1 billion yuan, a year-on-year increase of 29%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34% year-on-year [1]. - For Q4 2024, the company recorded a single-quarter revenue of 274.85 billion yuan, representing a year-on-year growth of 52.66% and a quarter-on-quarter increase of 36.66%. The net profit for the same quarter was 15.016 billion yuan, up 73.12% year-on-year and 29.37% quarter-on-quarter [1]. - The gross margin stood at 19.4%, an increase of 0.9 percentage points year-on-year, with a net operating cash flow of 133.5 billion yuan [1]. Group 2: Sales and Market Position - BYD's sales of new energy vehicles reached 4.27 million units in 2024, a 41% increase year-on-year, maintaining its position as the top-selling automaker in China and globally in the new energy vehicle market [2]. - The company achieved a milestone of producing over 10 million new energy vehicles, becoming the first automaker to reach this figure [2]. - BYD's market share in the domestic passenger car market rose to 65.2%, an increase of 9.2 percentage points year-on-year [2]. Group 3: Technological Advancements - The launch of the e-platform 3.0 Evo and the fifth-generation DM has led to industry-leading engine thermal efficiency of 46.06% and ultra-low fuel consumption of 2.9L per 100 km [2]. - BYD introduced the megawatt fast-charging technology, allowing for a 400 km charge in just 5 minutes, and the "Heavenly Eye" advanced driving assistance system has been rolled out nationwide [2]. - The company is focusing on integrating electrification and intelligence through its "Xuanji" architecture, which supports its "whole vehicle intelligence" strategy [2]. Group 4: Export and Global Expansion - In 2024, China's total automobile exports reached 5.859 million units, a year-on-year increase of 19.3%, with new energy vehicle exports hitting a record high of 1.284 million units, up 6.7% [3]. - BYD's overseas passenger car sales reached 417,000 units, a significant increase of 71.9% year-on-year, marking a historical high [3]. - The company is expanding its global presence through partnerships with quality dealers and local production facilities in Uzbekistan and Thailand [3].

证券代码：002594 证券简称：比亚迪 公告编号：2025-007 比亚迪股份有限公司 董事会欣然宣布，本公司和配售代理于2025年3月3日（收市时间后）订立了配 售协议，配售协议之主要条款载列如下： 1、配售协议 关于根据一般授权配售新H股的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 释义 除非文义另有所指外，下列词汇具有以下涵义： | | | 本公司股本中每股面值人民币1.00元的普通内资股，于深圳 | | --- | --- | --- | | 股 A | 指 | 证券交易所上市及以人民币买卖 | | 年度股东大会 | 指 | 本公司于2024年6月6日举行之年度股东大会 | | 联系人 | 指 | 具有上市规则所赋予的含义 | | 董事会 | 指 | 董事会 | | 营业日 | 指 | 持牌银行于香港一般开放营业及联交所于香港一般开放买 卖证券的任何日子（周六、周日、香港公众假期及八号或 | | | | 以上台风警告讯号或「黑色」暴雨警告于上午九时至下午 | | | | 五时期间生效的日期除外） | | 中国 | | 中华人民共和国（仅就本 ...