Core Viewpoint - BYD's mid-term performance for the first half of 2025 shows significant growth in revenue and profit, highlighting its leadership in the global electric vehicle market and strong market presence in China [1][2][8] Financial Performance - BYD reported a revenue of RMB 371.28 billion for the six months ending June 30, 2025, representing a year-on-year increase of 23.30% [1] - The net profit attributable to shareholders was RMB 15.51 billion, up 13.79% year-on-year, with earnings per share at RMB 1.71 [1] Automotive and Battery Business - In the first half of 2025, BYD's sales of new energy vehicles increased by over 33.0%, solidifying its leading position in the market [2] - The overall market share for BYD's automotive business rose by 2.2 percentage points to 13.7%, making it the second-largest exporter of complete vehicles in the first half of the year [2] Technological Innovation - BYD launched the world's first mass-produced passenger vehicle with a full-domain kilovolt high-voltage architecture, enhancing its core electric systems [3] - The company introduced a 10C charging battery and the world's first mass-produced 30,000 RPM motor, leading advancements in pure electric technology [3] Brand Strategy - BYD's multi-brand strategy includes brands like "BYD," "Equation Leopard," "Tengshi," and "Yangwang," catering to various market segments from family to luxury vehicles [4] - The "Tengshi" brand is advancing in the high-end market, while "Yangwang" focuses on high-end products with advanced technology [4] Global Expansion - BYD's products are now available in over 110 countries and regions across six continents, with significant sales growth in markets like the UK, Brazil, and Singapore [5] - The company is establishing local manufacturing and operational processes, including a new passenger vehicle factory in Cambodia and a European headquarters in Hungary [5] Collaboration and Future Outlook - BYD is deepening partnerships with global players to enhance its green vision and accelerate the development of charging infrastructure [6] - The company is also focusing on AI and smart products, with significant growth in its AI data center business [7] - BYD aims to strengthen its competitive edge and continue its global expansion in the new energy vehicle sector [8]

Financial Performance - In the first half of 2025, the company's revenue reached 371.28 billion yuan, representing a year-on-year increase of 23.3% [2][3] - The net profit attributable to shareholders was 15.51 billion yuan, up 13.79% year-on-year, while the net profit excluding non-recurring items was 13.6 billion yuan, reflecting a growth of 10.43% [2][3] - The company's total assets amounted to 846.34 billion yuan, an increase of 8.04% compared to the previous year, and the net assets attributable to shareholders rose by 25.33% to 232.17 billion yuan [2][3] Business Segments - Revenue from automotive and related products was approximately 302.51 billion yuan, showing a significant growth of 32.49%, while revenue from mobile components and assembly decreased by 5.54% to about 687.44 billion yuan [2][3] - The automotive segment accounted for 81.48% of total revenue, while mobile components and assembly represented 18.51% [2] Research and Development - The company invested approximately 30.88 billion yuan in R&D, marking a substantial increase of 53.05% year-on-year [2] Strategic Initiatives - In February, the company launched its "Smart Vehicle" strategy, introducing the "Tian Shen Eye" technology matrix and the "Universal Smart Driving" strategy, aiming to integrate advanced driving technologies across its vehicle lineup [2] - By May 2025, the cumulative sales of smart driving models exceeded 710,000 units, generating over 44 million kilometers of driving data daily [2] Technological Advancements - In March, the company unveiled the world's first mass-produced passenger vehicle with a full-domain kilovolt high-voltage architecture, enhancing its electric vehicle technology platform [4] - The "Flash Charging Battery" was introduced, capable of achieving a peak charging speed of 1 megawatt (1,000 kW), allowing for a charging experience of "2 kilometers in 1 second" and "400 kilometers in 5 minutes" [5] Capital Market Activities - The company completed a significant H-share placement of 5.6 billion USD in March, marking the largest placement in automotive history, attracting numerous top-tier long-term investors [5] - In April, the company initiated a 2025 employee stock ownership plan involving approximately 25,000 employees, with a total funding of about 4.1 billion yuan [5] Shareholder Returns - In June, the company approved a profit distribution plan, offering a cash dividend of 39.74 yuan per 10 shares and a stock bonus of 8 shares for every 10 shares held, along with a capital reserve conversion of 12 shares for every 10 shares [6]

Investment Rating - The investment rating for BYD (002594.SZ) is "Buy" [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 8.5 billion to 10 billion yuan in the first quarter of 2025, representing a year-on-year increase of 86.0% to 118.9% [2] - BYD's vehicle sales reached 1 million units in the first quarter of 2025, a year-on-year increase of 59.8%, with a single vehicle net profit of 8500 to 10,000 yuan, reflecting a year-on-year increase of 16.4% to 40.0% [2] - The company's overseas sales grew significantly, with 206,000 units sold in the first quarter of 2025, a year-on-year increase of 110% [2] - BYD's R&D investment exceeded 54.2 billion yuan in 2024, a year-on-year increase of 35.7%, focusing on smart and electric vehicle technologies [2] - The company forecasts net profits of 54.8 billion, 66.5 billion, and 79.7 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 20x, 16x, and 14x, maintaining a "Buy" rating [2] Financial Summary - Total revenue for 2023 was 60.23 billion yuan, with projected revenues of 77.71 billion yuan in 2024 and 99.67 billion yuan in 2025, reflecting growth rates of 42.0%, 29.0%, and 28.3% respectively [3] - The net profit attributable to shareholders for 2023 was 30 billion yuan, with projections of 40.3 billion yuan in 2024 and 54.8 billion yuan in 2025, indicating year-on-year growth rates of 80.7%, 34.0%, and 36.1% respectively [3] - The gross profit margin is expected to improve from 18.6% in 2023 to 20.8% by 2027 [3] - The return on equity (ROE) is projected to remain stable around 24.5% from 2025 to 2027 [3]

Investment Rating - The investment rating for BYD (002594.SZ) is "Buy" [1] Core Views - In 2024, BYD achieved a revenue of 777.1 billion yuan, representing a year-on-year increase of 29.0%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.0% year-on-year [2][4] - The company sold 4.272 million vehicles in 2024, marking a 41.1% increase compared to the previous year, with a fourth-quarter sales figure of 1.524 million vehicles [4] - BYD's R&D investment exceeded 50 billion yuan in 2024, with a focus on smart and electric vehicle technologies [4] Financial Performance - Total revenue for 2023 was 602.3 billion yuan, projected to grow to 996.7 billion yuan by 2025, with a year-on-year growth rate of 28.3% [5] - The net profit attributable to shareholders is expected to rise from 30 billion yuan in 2023 to 54.8 billion yuan in 2025, reflecting a growth rate of 36.1% [5] - The gross margin is expected to improve from 18.6% in 2023 to 19.9% in 2025 [5] Strategic Developments - BYD's global expansion includes entering over 100 countries and regions, with local production facilities established in Uzbekistan and Thailand [4] - The company is advancing its smart vehicle strategy, integrating high-level autonomous driving systems into its models [4] Profit Forecast - The forecasted net profit for BYD is 54.8 billion yuan in 2025, 66.5 billion yuan in 2026, and 79.7 billion yuan in 2027, with corresponding P/E ratios of 21, 18, and 15 times respectively [4]

[Table_ReportType] 公司点评报告 军比亚迪(002594.SZ) 证券研究报告 公司研究 投资评级 买入 上次评级 买入 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindasc.com 武浩 电力设备与新能源行业首席分析 师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 徐国铨 汽车行业研究助理 邮 箱：xuguoquan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 比亚迪(002594.SZ)：24 年业绩同比高增， 智能化、高端化、全球化全面提速 [Table_ReportDate] 2025 年 3 月 28 日 | [Table_Profit 重要财务指标 | ] 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | ...

智能化：行业首创整车智能，持续引领智能化下半场。基于"整车智能"战略，比亚迪在智驾领域持 续加大投入，自研车载计算平台，成立感知实验室、端到端大模型团队、AI 超算中心，团队规模、研 发能力均稳居全球第一梯队。截至年底，比亚迪L2 级及以上智能驾驶搭载量超400 万辆，以庞大数据 驱动大模型训练，实现"越开越好开"。 核心三电全维升级：2025 年3 月17 日，比亚迪召开超级e 平台技术发布暨汉L、唐L 预售发布会， 发布划时代超级e 平台，推出闪充电池、3 万转电机和全新一代车规级碳化硅功率芯片。 公司现金储备（包括但不限于货币资金+交易性金融资产）1549 亿元，为业务高速发展提供有力支 撑。公司24 年拟现金分红121 亿元，占比归母净利约30%，股息率1.4%。 其中Q4 实现营收2748.5 亿元，环比+36.7%/同比+52.7%；实现归母净利润150.2亿元，环比+29.4%/ 同比+73.1%。 销量维度，公司24Q4 实现车辆销售151.8 万辆，环比提升34.22%。比亚迪四季度推出了A+级纯电 轿车海豹 06GT、中大型插混 MPV 夏、C 级插混 SUV 豹 8、腾势Z9 系列，同时 ...

出口向上，高端突破。2024 年中国汽车出口量升至 585.9 万辆，同比增长达 19.3%，成功蝉联全球 汽车出口第一大国，其中，中国新能源汽车出口再创新高，达 128.4 万辆，同比增长 6.7%。2024 年比 亚迪海外乘用车销量达到41.7 万辆，同比增长71.9%，创下历史新高。覆盖欧洲、东南亚、南美、中东 等主要市场，比亚迪携手众多全球优质经销商，加速海外渠道布局，乌兹别克斯坦和泰国工厂陆续投 产，推进本地化生产进程；搭建出海船队，"EXPLORER NO.1"、"BYD CHANGZHOU"先后投入使 用，助力海外业务行稳致远。方程豹、腾势、仰望总销量19 万，同比增长40%。 全能旗舰腾势N9 上市，高端上量突破。 投资建议：天神之眼驱动爆款车型转向全面智能。超级e 平台，兆瓦闪充开启油电同速。2025 年比 亚迪"天"计划全面出击，科技催化持续全年。我们预计公司2025-2027 年营收分别为9326.78 亿元、 10894.62 亿元、12804.50 亿元，同比增长20.02%、16.81%、17.52%；归母净利润分别为530 亿元、640 亿元、804 亿元，同比增长32%、21% ...

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 ...