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]