Group 1 - The core viewpoint is that the company expects its revenue guidance for the first half of 2025 to reach between 13.722 billion and 14.022 billion RMB, indicating a year-on-year growth of 13.49% to 15.97% [2][3] - The company anticipates a significant increase in net profit attributable to shareholders for the first half of 2025, projected to be between 1.906 billion and 2.046 billion RMB, representing a year-on-year growth of 39.43% to 49.67% [2] - The automotive CIS business of the company is expected to experience rapid growth in 2025-2026, driven by increasing market penetration in smart driving, panoramic, and action camera markets [3] Group 2 - The company maintains a "buy" rating with a target price of 146.00 RMB, reflecting confidence in the automotive CIS and mobile CIS business contributions to potential revenue in 2026 [2][4] - The company holds a leading position in the global automotive CIS market with a market share of 32.9% in 2024, which has been consistently increasing from 2021 to 2024 [3] - The company expects downstream customer orders to drive a 30% year-on-year increase in automotive CIS revenue for 2025 and 2026 [3]

2025 年 3 月 26 日 公司研究 全年业绩稳步增长，电动化优势巩固+智能化加速转型 ——比亚迪（002594.SZ）/比亚迪股份（1211.HK）2024 年业绩点评 要点 全年业绩稳步增长：2024 年比亚迪总营业收入同比+29.0%至 7,771.0 亿元，归 母净利润同比+34.0%至 402.5 亿元，扣非后归母净利润同比+29.9%至 369.8 亿 元；其中，4Q24 营业收入同比+52.7%/环比+36.7%至 2,748.5 亿元，归母净利 润同比+73.1%/环比+29.4%至 150.2 亿元，扣非归母净利润同比+51.3%/环比 +26.8%至 137.9 亿元（我们测算扣非后单车盈利同比+10.5%/环比+0.2%至 9,396 元，2024 年全年扣非后单车盈利同比-3.1%至 8,811 元）。 电动化优势巩固+智能化转型加速：2024 年公司新能源乘用车总销量同比 +41.1%至 425.0 万辆，纯电销量同比+12.1%至 176.5 万辆，插混销量同比 +72.8%至 248.5 万辆。1）比亚迪具备极强的自主创新能力，有望凭借"超级 e 平台 3.0"（搭载全域 1 ...

Investment Rating - The report maintains a "Buy" rating for BYD, indicating a positive outlook on market share and profit realization prospects [3][5]. Core Insights - BYD's total revenue for 2024 is projected to grow by 29.0% year-on-year to CNY 777.1 billion, with net profit increasing by 34.0% to CNY 40.3 billion [1]. - The company is expected to sell 4.25 million new energy passenger vehicles in 2024, a year-on-year increase of 41.1%, with pure electric vehicle sales rising by 12.1% and plug-in hybrid sales increasing by 72.8% [2]. - BYD's export sales are anticipated to grow by 71.9% to 417,000 units in 2024, driven by new model launches and enhanced cooperation with overseas dealers [2]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024 Revenue: CNY 777.1 billion - 2024 Net Profit: CNY 40.3 billion - 2025E Net Profit: CNY 54.4 billion - 2026E Net Profit: CNY 68.5 billion - 2027E Net Profit: CNY 82.0 billion [4][10]. - **Growth Rates**: - Revenue Growth Rate (2024): 29.0% - Net Profit Growth Rate (2024): 34.0% [4][10]. - **Earnings Per Share (EPS)**: - 2024 EPS: CNY 13.84 - 2025E EPS: CNY 17.89 [4][12]. Valuation Metrics - The target price for A-shares is set at CNY 449.38, corresponding to a 25x PE for 2025E, while the target price for H-shares is HKD 491.49 [3][5]. - The report projects a P/E ratio of 27 for A-shares in 2025E [12]. Market Position and Strategy - BYD is leveraging its strong innovation capabilities with technologies like the "Super e Platform 3.0" and DM5.0 to enhance its electric vehicle offerings and accelerate its smart transformation [2]. - The company is entering a new model cycle with multiple brands, aiming to capture high-end market segments [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Recently, the company's subsidiary, Youka Technology, signed a strategic cooperation agreement with Tianyi Cloud to collaborate in areas such as intelligent networking, autonomous driving, and computing infrastructure, aiming to promote large-scale applications in the intelligent vehicle sector [4][5] - The partnership will focus on six dimensions, including autonomous driving, cloud security, edge computing, embodied intelligence, low-altitude economy, and industry standards [5] - The autonomous driving industry is accelerating, with developments from competitors like Tesla and BYD, which may enhance the company's market position [6][7] - The company is expected to benefit from supportive policies for vehicle networking and aims to expand its overseas business, targeting significant growth opportunities [10] Financial Summary - The company forecasts net profits for 2024-2026 to be 94 million, 204 million, and 303 million yuan, respectively, with corresponding EPS of 0.70, 1.52, and 2.26 yuan [11] - Revenue is projected to grow from 521 million yuan in 2023 to 1.531 billion yuan in 2026, reflecting a compound annual growth rate [13][16] - The gross margin is expected to stabilize around 40% in the coming years, with ROE increasing from 13.7% in 2023 to 29.1% in 2026 [13][17]