海外市场进入收获期，高端化继续突围 推荐（维持） 股价：327.51 元 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.by dglobal.com | | 大股东/持股 | HKSCC NOMINEES | | | LIMITED/36.11% | | 实际控制人 | 王传福 | | 总股本(百万股) | 3,039 | | 流通 A 股(百万股) | 1,162 | | 流通 B/H 股(百万股) | 1,228 | | 总市值（亿元） | 9,294 | | 流通 A 股市值(亿元) | 3,807 | | 每股净资产(元) | 56.06 | | 资产负债率(%) | 74.6 | 行情走势图 汽车 2025 年 04 月 09 日 比亚迪(002594.SZ) 公 司 报 告 公 司 事 项 点 评 证 券 研 究 报 告 证券分析师 | 王德安 | 投资咨询资格编号 | | --- | --- | | | S1060511010006 | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格 ...

Investment Rating - The investment rating for BYD is "Buy" and is maintained [6]. Core Views - BYD announced its 2025 employee stock ownership plan, which includes a revenue growth target of over 10% per year, reflecting the company's confidence in its growth prospects [5][6]. - The employee stock ownership plan will involve up to 25,000 participants, with a total of 4.1 billion shares available for purchase at a price of 1 yuan per share, totaling a maximum investment of 4.1 billion yuan [3][5]. - The company is expected to see significant profit growth, with projected net profits of 40.3 billion, 57 billion, and 69.2 billion yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 28.7X, 20.3X, and 16.7X [5]. Summary by Sections Employee Stock Ownership Plan - The plan aims to bind core employees and includes a three-phase unlocking schedule for shares, with performance targets set for revenue growth [5][6]. Market Strategy and Product Development - BYD is focusing on smart driving technology and expanding its high-end market presence, with new models expected to drive sales and profitability [5]. - The company is enhancing its overseas market strategy and product matrix, which is anticipated to improve profitability through scale effects [5]. Financial Projections - The total revenue for BYD is projected to reach 602.3 billion yuan in 2023, increasing to 1,210.9 billion yuan by 2026, with a consistent gross margin around 21% [13]. - The net profit attributable to shareholders is expected to grow from 30.04 billion yuan in 2023 to 69.19 billion yuan in 2026, indicating a strong upward trend in profitability [13].

Investment Rating - The investment rating for BYD is "Buy" and is maintained [7] Core Views - On March 17, 2024, BYD announced its 2025 employee stock ownership plan, which aims to bind core employees and reflects the company's confidence in growth by setting a revenue growth target of over 10% for the years 2025, 2026, and 2027 [4][6][10] - The employee stock ownership plan allows for a maximum of 4.1 billion shares to be issued, with a total funding not exceeding 4.1 billion yuan [2][4] - The company is focusing on smart driving technology and expanding its high-end market presence, with expectations of improved profitability as it scales up its operations and enhances its product offerings [6][10] Summary by Sections Employee Stock Ownership Plan - The plan includes participation from up to 25,000 employees, including management and key personnel, with a subscription price of 1 yuan per share [2][4] - The plan's unlock periods are set at 12, 24, and 36 months, with 30%, 30%, and 40% of shares being released respectively [10] Market Strategy and Product Development - BYD is advancing its smart driving strategy, aiming to make advanced driving features available at lower price points, thus enhancing market competitiveness [6][10] - The introduction of the "Tian Shen Zhi Yan" smart driving system across various models is expected to drive sales and improve profit margins [10] Financial Projections - The projected net profit for BYD from 2024 to 2026 is estimated at 40.3 billion, 57 billion, and 69.2 billion yuan respectively, with corresponding price-to-earnings ratios of 28.7X, 20.3X, and 16.7X [6][10]

丨证券研究报告丨 公司研究丨点评报告丨比亚迪（002594.SZ） [Table_Title] 比亚迪 H 股配售点评：56 亿美元 H 股闪电配 售，持续助力海外市场和智能化发展 报告要点 [Table_Summary] 比亚迪股份在港交所公告，2025 年 3 月 3 日盘后，已与配售代理订立配售协议，根据协议， 比亚迪将按配售价发行配售股份。假设配售股份全数配售，配售所得款项总额预计约为 435.09 亿港元，扣除佣金和估计费用后，配售所得款项净额预计约为 433.83 亿港元。比亚迪配售 129,800,000 股 H 股新股，每股配售股份的配售价 335.2 港元。比亚迪配售股份相当于现有已 发行 10.98 亿股 H 股的约 11.82%，及截至公告日期已发行股份总数的约 4.46%。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 比亚迪（002594.SZ） cjzqdt11111 [Tab ...