Investment Rating - The report maintains a "Buy" rating for BYD [1][22] Core Views - In March, BYD sold 377,000 vehicles, a month-on-month increase of 17% and a year-on-year increase of 25%, with strong export performance [8][9] - The company launched the Super e platform and introduced the 10C megawatt-level fast charging technology, significantly enhancing charging performance [8][9] - BYD's sales forecast for 2025 is between 5.3 million and 5.5 million vehicles, with a projected 60-80% share of intelligent driving features and exports expected to double to over 800,000 units [8][17] Financial Forecasts - Total revenue is projected to reach RMB 602.3 billion in 2023, with a year-on-year growth of 42.04%, and expected to grow to RMB 1,277.1 billion by 2027 [1] - Net profit attributable to shareholders is forecasted to be RMB 30.04 billion in 2023, increasing to RMB 78.14 billion by 2027, reflecting a compound annual growth rate of 20.06% [1] - The report anticipates a price-to-earnings ratio (P/E) of 36.17 in 2023, decreasing to 13.90 by 2027 [1] Sales Performance - In March, BYD's plug-in hybrid vehicle sales were 205,000 units, accounting for 55.3% of total sales, while pure electric vehicle sales reached 166,000 units, making up 44.7% [13][17] - High-end models such as the Tengshi and Yangwang continue to perform well, with sales of 12,620 and 133 units respectively in March [13][17] Battery Installation and Technology - BYD's battery installations in March reached 20.3 GWh, a month-on-month increase of 73% and a year-on-year increase of 77% [19] - The second-generation blade battery has a maximum charging rate of 10C, significantly improving performance metrics [19] Market Data - BYD's closing price is RMB 357.51, with a market capitalization of approximately RMB 1,086.5 billion [5] - The company has a price-to-book ratio of 6.11 and a total circulating A-share market value of RMB 415.57 billion [5][6]