Group 1: Hong Kong Stock Issuance - The scale of the Hong Kong stock issuance is approximately 5 billion USD, with 50% allocated to cornerstone investors, primarily targeting sovereign and long-term investors. The current PE ratio is 15-16 times, offering high cost-performance for overseas investors. Hong Kong stocks are priced by foreign capital, and with a small circulation, the valuation is expected to recover post-listing [1]. - The institutional subscription multiple exceeds 10 times, with an expected discount of less than 5% [2]. - The timeline includes setting the upper limit the day after tomorrow, confirming cornerstone investors tomorrow, and public offering from next Monday to Wednesday [2]. Group 2: Demand and Shipment - The total shipment volume for the year is expected to exceed 580 GWh, with a growth rate of over 20%, and a long-term compound annual growth rate of over 20%. Even after excluding the U.S. business in 2025, profits are still expected to reach over 60 billion [2]. Group 3: Power and Energy Storage - In Q1, domestic new energy vehicle sales grew by 47%, with commercial vehicles increasing by 60%. The market share remains stable, and the battery swap business is expanding into markets below 150,000 [3]. - In overseas markets, Europe saw a growth rate of over 20% in Q1, with a market share exceeding 40%. Non-U.S. markets in Europe and Southeast Asia also experienced growth rates above 20% [3]. - In energy storage, large-scale projects in the Middle East, Europe, and Australia are growing at rates of 40%-50%, with Australia holding a market share exceeding 70%. The U.S. market is stagnating due to tariffs, but other markets are filling the gap [3]. Group 4: Battery Swap Business - The company plans to build 1,000 battery swap stations by 2025, leveraging Sinopec's 30,000 gas stations and NIO's 3,000 swap stations, with a long-term goal of 10,000 stations by 2030 [4]. - Eight car manufacturers have over 20 battery swap models, promoting standardized batteries for vehicles priced below 150,000, which is expected to increase market share by 10-15 percentage points [4]. - The battery swap model reduces the initial purchase cost of vehicles priced below 150,000 by over 30% and saves insurance costs by 1,000-2,000 yuan per year [5]. Group 5: New Products and Markets - The company has a research team of over 1,000 focused on solid-state batteries, particularly in the aviation sector where high energy density batteries are in demand [6]. - Sodium batteries are prioritized for heavy trucks and energy storage applications, with expectations to achieve an energy density of 175 Wh/kg and 10,000 cycles within the year [6]. - The company has established a robotics and low-altitude economy division to develop batteries for 8-hour endurance robots, with potential applications in inland shipping [8].

Core Insights - The company reported a total revenue of 48.615 billion yuan for 2024, a slight decrease of 0.35% year-on-year, while the net profit attributable to shareholders was 4.076 billion yuan, an increase of 0.63% year-on-year [1] - The fourth quarter of 2024 saw a revenue of 14.565 billion yuan, representing a year-on-year increase of 9.89% and a quarter-on-quarter increase of 17.56% [1] - The growth in Q4 2024 was primarily driven by the increase in sales of power batteries, leading to improved profitability [1] Revenue Breakdown - Energy storage batteries generated 19 billion yuan in revenue for 2024, a year-on-year increase of 16%, with a shipment of 50.45 GWh, up 91.90% [2] - Power batteries had a revenue of 19.2 billion yuan in 2024, a decrease of 20%, with shipments of 30.29 GWh, an increase of 8% [2] - Consumer batteries achieved a revenue of 10.3 billion yuan in 2024, a year-on-year increase of 23% [2] Profitability Metrics - The gross margin for energy storage batteries was 14.96% in the second half of 2024, showing a slight increase [2] - The gross margin for power batteries improved significantly to 16.6%, up 5.2 percentage points quarter-on-quarter [2] - The gross margin for consumer batteries was 26.93% in the second half of 2024, a slight decrease of 1.4 percentage points [2] New Market Developments - The company is actively expanding into new markets such as BBU data center backup, eVTOL, drones, and humanoid robots [3] - The development of all-solid-state batteries is progressing, with a pilot line expected to be operational in 2025 [3] - The company plans to launch high-power all-solid-state batteries for hybrid power applications in 2026 [3] Financial Forecasts - The company has adjusted its net profit forecasts for 2025 and 2026 to 5.317 billion yuan and 6.769 billion yuan, respectively, reflecting a downward adjustment of 12% and 6% [3] - The current stock price corresponds to a price-to-earnings ratio of 15, 12, and 10 for the years 2025, 2026, and 2027, respectively [3] - The company maintains a "buy" rating due to strong competitiveness in energy storage products and the potential for profit growth from power battery sales [3]

比亚迪在整车和电池领域均呈现出正向发展的原因在于技术钻研，起点锂电发现近三日比亚迪 密集披露电池相关专利信息。 国家知识产权局信息显示，1月15日比亚迪取得以下专利：第一项名为"锂离子电池正极添加 剂、正极极片及锂离子电池"的专利，授权公告号CN 116417611 B，申请日期为2021年12月。 第二项名为"一种正极材料、锂离子电池正极片及锂离子电池正极片的制备方法和锂离子电 池"，专利申请号为CN202111145055.8，授权日为2025年1月14日。 第三项名为"一种正极材料、锂离子电池正极片及锂离子电池正极片的制备方法和锂离子电 池"的专利，授权公告号 CN 115881957 B，申请日期为2021年9月。 第四项名为"负极极片及金属锂电池"的专利，授权公告号 CN 114512674 B，申请日期为 2020 年11月。 第五项名为"固态锂电池电芯及其制备方法、电池"的专利，授权公告号 CN 114267883 B，申 请日期为 2020年9月。 1月16日比亚迪取得以下专利：一项名为"负极极片、二次电池、电池组件及用电装置"的专 利，公开号CN 119297196 A，申请日期为2024年 ...