Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The G7 model is expected to lead sales growth in Q2 2025, while brand enhancement will be crucial in H2 2025. The company has adjusted its revenue forecasts for 2025 and 2026, with 2025 revenue revised down to 82.01 billion yuan from 95.56 billion yuan, and 2026 revenue increased to 127.24 billion yuan from 122.06 billion yuan. A new revenue forecast for 2027 is set at 141.85 billion yuan. The Non-GAAP net profit estimates for 2025 and 2026 have been adjusted to -1.94 billion yuan and 533 million yuan, respectively, with a new forecast for 2027 at 2.23 billion yuan. The adjusted EPS for 2025-2027 is projected at -1.0, 0.3, and 1.1 yuan, respectively, corresponding to a price-to-sales ratio of 2.0, 1.3, and 1.2 times [5][6]. Financial Summary and Valuation Metrics - For 2023, the company reported a revenue of 30.68 billion yuan, with a year-over-year growth of 14.2%. The projected revenues for 2024, 2025, 2026, and 2027 are 40.87 billion yuan, 82.01 billion yuan, 127.24 billion yuan, and 141.85 billion yuan, respectively, with corresponding year-over-year growth rates of 33.2%, 100.7%, 55.2%, and 11.5%. The net profit for 2023 was -9.44 billion yuan, with projections of -5.55 billion yuan for 2024, -1.94 billion yuan for 2025, 533 million yuan for 2026, and 2.23 billion yuan for 2027. The gross margin is expected to be 14.5% in 2025, while the net margin is projected to improve to 1.6% by 2027 [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The G7 model is expected to lead sales growth in Q2 2025, while brand enhancement will be crucial in H2 2025 [5][6] - Revenue forecasts for 2025 have been adjusted down from 95.56 billion to 82.01 billion, while 2026 revenue is revised up from 122.06 billion to 127.24 billion, with a new forecast for 2027 at 141.85 billion [5] - Non-GAAP net profit estimates for 2025-2026 have been improved, with 2025 projected at -1.94 billion and 2026 at 533 million, leading to adjusted EPS of -1.0 and 0.3 respectively [5] - The company is expected to maintain a double-digit automotive gross margin, driven by platformization and supply chain cost reductions [5] Financial Summary and Valuation Metrics - 2023A revenue was 30.68 billion, with a year-over-year growth of 14.2% - 2024A revenue is projected at 40.87 billion, with a year-over-year growth of 33.2% - 2025E revenue is expected to reach 82.01 billion, reflecting a significant year-over-year growth of 100.7% - The company is projected to achieve a gross margin of 14.5% in 2025, with a net profit margin of -2.4% [7]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 123.83 [6][7]. Core Views - The company is expected to achieve a revenue of RMB 40.9 billion and a net loss of RMB 5.8 billion in 2024, with a significant recovery projected in 2025, where revenue is anticipated to reach RMB 85.6 billion and a reduced net loss of RMB 2.0 billion [1][5]. - The company is optimistic about its new vehicle performance in 2025, with a strong new car cycle expected to drive sales growth and scale effects [1][14]. Summary by Sections Financial Performance - In Q4 2024, the company achieved record revenue of RMB 161 billion, a year-on-year increase of 23% and a quarter-on-quarter increase of 59% [2]. - The automotive gross margin improved to 10% in Q4 2024, marking six consecutive quarters of improvement [2]. - The company expects to deliver between 91,000 to 93,000 vehicles in Q1 2025, representing a year-on-year increase of 317% to 326% [1][2]. Product Development - The company launched the updated G6 and G9 models, with significant pre-order numbers indicating strong market interest [3]. - Multiple new models are set to be released throughout 2025, including the G7 and MONA M03, which are expected to contribute to doubling annual sales [3]. Global Expansion - The company plans to accelerate its global expansion, targeting entry into 60 countries and regions by the end of 2025, with over 300 overseas sales outlets [4]. - The company is also exploring new growth avenues through flying cars and robotics, with plans for production in 2026 [4]. Valuation and Estimates - Revenue projections for 2025-2027 are set at RMB 85.6 billion, RMB 97.7 billion, and RMB 124.7 billion respectively, with a focus on maintaining strong sales growth [5][11]. - The target price has been adjusted to HKD 123.83 based on improved operational performance and new product cycles [5][14].

证券研究报告 | 公司点评 gszqdatemark 2025 03 18 年 月 日 比亚迪（002594.SZ） 超级 e 平台开启纯电兆瓦时代，员工持股夯实发展基础 事件：1）公司召开超级 e 平台技术发布暨汉 L、唐 L 预售发布会；2）公 布 2025 年员工持股计划（草案）。 推出超级 e 平台，开启纯电兆瓦时代。1）全球量产最高充电参数：1000V 电压、1000A 电流、10C 充电倍率、1MW（1000 千瓦）充电功率。2）"兆 瓦闪充"超充技术，5 分钟续航+400 公里，规划 2025 年建成超 4000 座 兆瓦闪充站，兼容公共充电桩，支持双枪充电提升效率。3）新一代驱动电 机与碳化硅功率芯片，其中驱动电机转速 30511rpm、最大功率 580kW、 功率密度 16.4kW/kg，碳化硅功率芯片实现 1500V 电压等级。4）首批车 型搭载于汉 L、唐 L、仰望 U7、腾势 N9 等车型，其中汉 L/唐 L EV 版预售 价分别为 27-35 万元/28-36 万元。 员工持续计划资金规模大、涉及范围广，有望实现有效激励。1）持股金 额不超过 41 亿元，通过集中竞价、大宗等二级市场 ...

Investment Rating - The report maintains a "Buy" rating for BYD [4] Core Viewpoints - The launch of the Super e platform marks the beginning of the pure electric megawatt era, featuring the highest global production charging parameters of 1000V voltage, 1000A current, and 1MW charging power [1] - The employee stock ownership plan, with a total amount not exceeding 4.1 billion yuan, aims to effectively incentivize management and core employees [2] - The domestic market remains strong, with the company expected to maintain a high market share due to continuous new vehicle launches and the implementation of trade-in policies [2] Financial Summary - Revenue is projected to grow from 602.3 billion yuan in 2023 to 1,117.4 billion yuan in 2026, with a compound annual growth rate (CAGR) of 28.1% from 2024 to 2026 [3] - Net profit attributable to shareholders is expected to increase from 30.0 billion yuan in 2023 to 62.4 billion yuan in 2026, reflecting a CAGR of 30.9% from 2024 to 2026 [3] - The earnings per share (EPS) is forecasted to rise from 9.88 yuan in 2023 to 20.55 yuan in 2026 [3] Market Position and Growth Potential - The company is expected to enhance its global presence with new model introductions and the establishment of overseas factories, contributing significantly to growth [2] - The report highlights the company's technological advancements, particularly in intelligent driving capabilities, which are anticipated to drive further sales growth [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to release two new electric vehicle models in the second half of 2025, which may create surprises. Continuous investment in AI is anticipated to enhance the competitiveness of its Advanced Driver Assistance Systems (ADAS) [4][5] - Revenue forecasts for 2025-2026 have been adjusted downwards from 169.2 billion to 166.2 billion CNY and from 216.2 billion to 215.6 billion CNY, with a new forecast for 2027 at 244 billion CNY, representing year-on-year growth of 15.1%, 29.7%, and 13.2% respectively [4] - Non-GAAP net profit forecasts for 2025-2026 have been revised down from 13.2 billion to 11.2 billion CNY and from 17.8 billion to 16.9 billion CNY, with a new forecast for 2027 at 22.8 billion CNY, corresponding to EPS of 5.2, 7.8, and 10.4 CNY [4] Financial Summary and Valuation Metrics - Revenue for 2023 is reported at 123.85 billion CNY, with a year-on-year growth of 173.5%. For 2024, revenue is expected to be 144.46 billion CNY, growing by 16.6%, and for 2025, it is projected at 166.2 billion CNY, with a growth of 15.1% [6] - The net profit for 2023 is 12.198 billion CNY, with a staggering year-on-year growth of 58,494.3%. For 2024, it is expected to be 10.671 billion CNY, a decrease of 12.5%, and for 2025, it is projected at 11.153 billion CNY, with a growth of 4.5% [6] - The gross margin is expected to be 22% in 2023, decreasing to 21% in 2024, and further to 20% in 2025, before recovering to 21% in 2026 and 22% in 2027 [6] - The projected P/E ratios for 2025-2027 are 19.9, 13.3, and 9.9 respectively, indicating a potential undervaluation in the coming years [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to release two new electric vehicle models in the second half of 2025, which may create surprises. Continuous investment in AI is anticipated to enhance the competitiveness of its Advanced Driver Assistance Systems (ADAS) [1] - Revenue forecasts for 2025-2026 have been adjusted downwards from 169.2 billion to 166.2 billion CNY and from 216.2 billion to 215.6 billion CNY, with a new forecast for 2027 set at 244 billion CNY, representing year-on-year growth of 15.1%, 29.7%, and 13.2% respectively [1] - Non-GAAP net profit forecasts for 2025-2026 have been revised down from 13.2 billion to 11.2 billion CNY and from 17.8 billion to 16.9 billion CNY, with a new forecast for 2027 at 22.8 billion CNY, corresponding to EPS of 5.2, 7.8, and 10.4 CNY [1] Financial Summary and Valuation Metrics - For 2023, the company reported revenue of 123.85 billion CNY, with a year-on-year growth of 173.5%. The projected revenue for 2024 is 144.46 billion CNY, with a growth rate of 16.6% [5] - The net profit for 2023 was 12.198 billion CNY, showing a staggering year-on-year increase of 58,494.3%. The projected net profit for 2024 is 10.671 billion CNY, reflecting a decrease of 12.5% [5] - The gross margin for 2023 was 22%, with projections of 21% for 2024, 20% for 2025, and a return to 21% in 2026 and 22% in 2027 [5] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 19.9, 13.3, and 9.9 respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 146.11 [8][16]. Core Insights - The company achieved record revenue in Q4 2024, with a revenue of RMB 443 billion, a year-on-year increase of 6%, driven by a record delivery volume of 158,000 vehicles [2][5]. - The company is expected to launch new models, including the i8 and i6, in the second half of 2025, which are anticipated to enhance sales performance [3][4]. - The report adjusts the sales forecast for 2025-2027 down to 690,000, 920,000, and 990,000 units respectively, reflecting increased competition in the mid-to-large SUV segment [13][14]. Financial Performance - For 2024, the company is projected to generate revenue of RMB 1,445 billion and a net profit of RMB 80 billion, with a gross margin of 20.5% [1]. - The Q4 2024 gross margin was reported at 20%, a decrease of 3 percentage points year-on-year, attributed to product mix and policy changes [2]. - The company plans to increase R&D spending to RMB 131 billion in 2025, a year-on-year increase of 19% [2][14]. Valuation and Comparables - The report uses comparable companies such as Geely and BYD to derive a valuation, applying a 22x PE ratio for 2025, reflecting a premium due to the company's advanced driving capabilities and new electric vehicle launches [5][16]. - The target price of HKD 146.11 represents a 29% premium over the average PE of comparable companies [16][17]. Market Position and Strategy - The company is enhancing its dual-energy matrix with the launch of the i8, a mid-to-large six-seat SUV, which is expected to improve market share and customer conversion rates [3][4]. - The company’s self-developed AD Max system has shown significantly lower takeover rates compared to Tesla's FSD, indicating strong competitive positioning in smart driving technology [4].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Insights - The company achieved a significant turnaround in Q4 2024, reporting a net profit of 0.8 billion yuan for the first time in a single quarter since its establishment, with a full-year revenue of 32.164 billion yuan, representing a 92.06% increase year-on-year [4][8] - The launch of the new model B10 has commenced pre-sales, showcasing competitive pricing and advanced features, particularly in the lidar-equipped versions [6][27] - The company has upgraded its technology with the release of the LEAP 3.5 architecture, enhancing smart driving capabilities and overall vehicle performance [20][23] Financial Performance - In 2024, the company reported a total revenue of 32.164 billion yuan, with a year-on-year growth of 92.06% [4][8] - The gross profit margin for 2024 was 8.38%, with Q4 achieving a record high of 13.3% [11][33] - The company sold over 293,300 vehicles in 2024, with a quarterly average of over 40,000 units sold [14][17] Sales and Revenue Projections - The company expects to achieve revenues of 58.3 billion yuan, 84.0 billion yuan, and 116.3 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding growth rates of 81.3%, 44.1%, and 38.5% [35] - The projected net profit for 2025 is estimated at -0.72 billion yuan, transitioning to 24.88 billion yuan in 2026 and 50.81 billion yuan in 2027 [35] Product Development and Market Strategy - The B10 model is positioned to compete strongly in the market with a starting price of 10.98 million yuan for the base model and up to 13.98 million yuan for the lidar version, emphasizing high cost-performance [6][28] - The company plans to expand its product lines with the introduction of multiple models in the B and C series, aiming for annual sales exceeding 500,000 units by 2025 [31][33] Valuation and Market Position - The reasonable valuation for the company is set between 56.16 and 60.84 Hong Kong dollars, reflecting a potential upside of 12.1% to 21.4% from the current stock price [35] - The company is expected to maintain a gross margin of over 10% with monthly sales of 40,000 units or more, supported by cost control and product structure optimization [33]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company achieved a significant turnaround in Q4 2024, reporting a net profit of 0.8 billion yuan for the first time in a single quarter since its establishment, with a full-year revenue of 32.164 billion yuan, representing a 92.06% increase year-on-year [4][8] - The launch of the new model B10 has commenced pre-sales, showcasing competitive pricing and advanced features, particularly in the lidar-equipped versions [6][27] - The company is expected to maintain high growth in revenue and sales, with projections of 50,000 units sold in 2025 and potential to reach 1 million units in the medium to long term [31][35] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 32.164 billion yuan, with a year-on-year growth of 92.06%. The net profit attributable to shareholders was -2.821 billion yuan, a significant reduction from previous losses [4][8] - The gross margin for the year was 8.38%, with Q4 achieving a record high of 13.3% [11][33] - The average revenue per vehicle in 2024 was 109,500 yuan, while the average cost per vehicle was 100,300 yuan, indicating a notable cost reduction due to scale effects [17] Product Development - The company introduced the Leap 3.5 architecture, enhancing the integration and intelligence of its vehicles, with the B10 model being the first to feature this new system [20][23] - The B10 model is positioned competitively in the market, with pre-sale prices ranging from 109,800 to 139,800 yuan, depending on the features [6][28] Future Projections - Revenue forecasts for 2025-2027 have been adjusted upwards, with expected revenues of 58.302 billion yuan, 84.036 billion yuan, and 116.348 billion yuan respectively, reflecting a growth rate of 81.3%, 44.1%, and 38.5% [35] - The net profit projections for the same period are -0.72 billion yuan, 2.488 billion yuan, and 5.081 billion yuan, indicating a path towards profitability [35] Market Positioning - The company is positioned to benefit from the growing demand for high-performance electric vehicles, with a focus on cost control and product innovation [34][35] - The competitive landscape includes established players like NIO, Li Auto, and BYD, with the company expected to outperform these peers due to its unique product offerings and strategic partnerships [34]