Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - BYD's May sales reached 382,000 units, a year-on-year increase of 15%, with strong export performance [7] - The company initiated a price reduction campaign for 22 models, with discounts ranging from 12,000 to 53,000 yuan, effective from May 23 to June 30 [7] - The forecast for 2025 sales is 5.5 million units, representing a year-on-year growth of 25-30%, with exports expected to double to 800,000 units [7] - The share of plug-in hybrid vehicles slightly decreased to 46%, while pure electric vehicle sales increased by 39.6% [7] - BYD's battery installation in May increased by 101%, with a total of 28.5 GWh installed [7] - The projected net profit for 2025 is 55.021 billion yuan, with a year-on-year growth of 36.68% [1][7] Financial Projections - Total revenue is projected to reach 602.315 billion yuan in 2023, increasing to 1,316.14 billion yuan by 2027, with a compound annual growth rate (CAGR) of 13.74% [1] - The net profit attributable to shareholders is expected to grow from 30.041 billion yuan in 2023 to 82.321 billion yuan in 2027, reflecting a CAGR of 20.45% [1] - The earnings per share (EPS) is forecasted to rise from 9.88 yuan in 2023 to 27.09 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 36.42 in 2023 to 13.29 in 2027 [1]

Investment Rating - The report maintains a "Buy" rating for BYD [1] Core Views - The Q1 performance of BYD is impressive, with revenue reaching 170.4 billion yuan, a year-on-year increase of 36% [7] - The company expects a sales growth of 25-30% for the year, with a target of 5.5 million vehicles sold [7] - BYD's net profit for Q1 is reported at 9.2 billion yuan, showing a year-on-year increase of 100% [7] - The report anticipates a target price of 507 yuan for 2025, corresponding to a PE ratio of 28x [7] Financial Forecasts - Total revenue projections for BYD are as follows: - 2023: 602.3 billion yuan - 2024: 777.1 billion yuan - 2025: 983.3 billion yuan - 2026: 1,157.1 billion yuan - 2027: 1,316.1 billion yuan - Net profit forecasts are: - 2023: 30.0 billion yuan - 2024: 40.3 billion yuan - 2025: 55.0 billion yuan - 2026: 68.3 billion yuan - 2027: 82.1 billion yuan - The report indicates an EPS of 9.88 yuan for 2023, increasing to 27.02 yuan by 2027 [1][8] Sales and Market Share - BYD's Q1 sales reached 1 million vehicles, with a domestic market share of 35% [7] - The export volume for Q1 was 210,000 vehicles, a year-on-year increase of 110% [7] - The report highlights that high-end vehicle sales reached 53,000 units in Q1, a year-on-year increase of 37% [7] Cost and Profitability - The average selling price per vehicle in Q1 was 151,000 yuan, with a gross profit of 32,000 yuan per vehicle [7] - The report projects that single vehicle profit will maintain above 9,000 yuan despite an expected increase in costs due to the introduction of smart driving models [7] Capital Expenditure and Inventory - BYD's capital expenditure in Q1 was 37 billion yuan, a year-on-year increase of 42% [7] - The inventory at the end of Q1 was reported at 154.4 billion yuan, reflecting a 33% increase from the beginning of the year [7]