Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [3][11]. Core Insights - The company is expected to achieve a revenue of RMB 777.1 billion in 2024, representing a year-over-year growth of 29%, with a net profit of RMB 40.25 billion, reflecting a 34% increase [5][10]. - The company has maintained strong sales growth, with a total of 623,000 vehicles sold in January and February 2024, marking a year-over-year increase of 92.5% [8]. - The company plans to enhance its market presence in the mid-to-low price range by upgrading its intelligent driving capabilities and introducing competitive products in the RMB 200,000 to 300,000 price segment [6][8]. Financial Performance - The company reported a gross margin of 19.4% for 2024, an increase of 0.9 percentage points year-over-year, with the automotive segment achieving a gross margin of 22.3% [5][6]. - The earnings per share (EPS) for 2024 is projected to be RMB 13.8, with future EPS estimates of RMB 17.8, RMB 22.4, and RMB 27.1 for 2025, 2026, and 2027 respectively [6][10]. - The company’s net profit is forecasted to grow to RMB 51.63 billion in 2025, RMB 65.27 billion in 2026, and RMB 78.79 billion in 2027, with year-over-year growth rates of 28%, 26%, and 21% respectively [6][10]. Market Position - The company has achieved a market share of 17.8% in the passenger car segment as of February 2024, an increase of 3.7 percentage points from January [8]. - The company is expected to double its export volume in 2025, with 133,000 vehicles exported in the first two months of 2024, a year-over-year increase of 124% [8].

截至3月17日收盘，比亚迪股价上涨1.15%，报380.25元，市值达到1.16万亿元。同期，宁德时代股价下跌2.29%，报256元，市值为1.13万亿 元。 在A股上市公司的市值排行榜中，比亚迪排名第九，宁德时代排名第十一位。以收盘的股价计算，比亚迪已较宁德时代的市值高出约300亿元。 根据Choice数据的统计，这是比亚迪自2018年6月15日以来，市值首次超过宁德时代。 宁德时代为全球锂电池龙头，已连续八年位居全球动力电池装车量榜首，四年蝉联储能电池出货量冠军。动力和储能电池为宁德时代最主要的两 大业务板块，合计占去年营收的85%。 比亚迪是宁德时代在动力和储能电池领域的主要竞争对手。去年，比亚迪全球动力电池出货量仅次于宁德时代，双方的市占率相差约20个百分 点。在储能电池领域，比亚迪位居全球第三，市场份额同样落后宁德时代20余个百分点。 除电池业务外，比亚迪的产品还包括新能源汽车，手机部件及组装和光伏业务，该公司未单独披露电池业务的营收数据。比亚迪去年卖出了427 万辆新能源汽车，同比增幅达到41%，为全球新能源汽车的销售冠军。 宁德时代2018年6月11日在创业板挂牌上市。2017年，比亚迪营收10 ...