Investment Rating - The investment rating for BYD is maintained at "Outperform" [2] Core Views - The report emphasizes that BYD is navigating a path filled with challenges and opportunities as it aims for high-end market positioning. The company has successfully established a strong brand but needs to enhance its storytelling and narrative capabilities to resonate with consumers [8] - The report predicts significant revenue growth for BYD, with total revenue expected to reach 980.8 billion yuan in 2025, reflecting a year-on-year growth rate of 26.2% [7] - The forecasted net profit for 2025 is 54.34 billion yuan, indicating a robust growth of 35% compared to the previous year [7] Financial Data and Profit Forecast - Total revenue projections for BYD are as follows: - 2024: 777.1 billion yuan - 2025: 980.8 billion yuan - 2026: 1,147.5 billion yuan - 2027: 1,330.5 billion yuan [7][10] - The expected net profit figures are: - 2024: 40.25 billion yuan - 2025: 54.34 billion yuan - 2026: 63.62 billion yuan - 2027: 75.48 billion yuan [7][10] - The report highlights a projected earnings per share (EPS) of 17.88 yuan for 2025, with a price-to-earnings (P/E) ratio of 18 [7] Market Data - As of August 5, 2025, BYD's closing price is 104.86 yuan, with a market capitalization of 365.67 billion yuan [2] - The stock has experienced a 52-week high of 416.98 yuan and a low of 102.57 yuan [2]