Investment Rating - The report maintains a "Strong Buy" rating for BYD, expecting it to outperform the benchmark index by over 20% in the next six months [6][16]. Core Views - April sales for BYD were robust, with a total of 380,000 vehicles sold, representing a year-on-year increase of 21% and a month-on-month increase of 1%. Cumulative sales from January to April reached 1.38 million units, up 47% year-on-year [6][6]. - The company is focusing on stabilizing its domestic market while expanding its overseas sales, with a target of 800,000 units for 2025, primarily in Southeast Asia, Central and South America, and Europe [6][6]. - The report highlights the strong performance of BYD's battery electric vehicles (BEVs), which sold 196,000 units in April, a year-on-year increase of 46% and a month-on-month increase of 18% [6][6]. Financial Summary - Total revenue is projected to grow from 777.1 billion CNY in 2024 to 1,527.3 billion CNY by 2027, with a compound annual growth rate (CAGR) of 29.0% [2][7]. - Net profit attributable to shareholders is expected to increase from 40.3 billion CNY in 2024 to 81.4 billion CNY in 2027, reflecting a CAGR of 34.0% [2][7]. - Earnings per share (EPS) is forecasted to rise from 13.25 CNY in 2024 to 26.78 CNY in 2027, indicating strong profitability growth [2][7]. Market Performance - BYD's stock price closed at 359.96 CNY on May 6, 2025, with a target price set at 477.0 CNY, suggesting significant upside potential [2][6]. - The company has a total market capitalization of approximately 1,093.9 billion CNY, with a circulating market value of about 418.4 billion CNY [3][6]. Strategic Initiatives - BYD is enhancing its product offerings with a focus on smart technology and fast charging capabilities, which are expected to drive sales growth in the electric vehicle segment [6][6]. - The company is implementing promotional activities to stabilize its market share, including trade-in incentives and financing options to attract customers [6][6].