Investment Rating - The investment rating for BYD is maintained as "Buy" [1] Core Views - The report highlights that BYD achieved a revenue of 777.1 billion yuan in 2024, representing a year-on-year increase of 29.0%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.0% year-on-year, driven by a 41.3% increase in annual sales [6] - The launch of the Super e platform is expected to significantly boost the pure electric vehicle business, enhancing charging capabilities and overall product performance [6][7] - The report anticipates continued growth in 2025, supported by high-level intelligent driving features across all models, international sales growth, and the introduction of new high-end models [7] Financial Summary - Revenue projections for BYD are as follows: 2025E at 989.1 billion yuan, 2026E at 1,134.8 billion yuan, and 2027E at 1,275.6 billion yuan, with respective year-on-year growth rates of 27.3%, 14.7%, and 12.4% [8] - Net profit attributable to shareholders is projected to reach 53.43 billion yuan in 2025E, 66.56 billion yuan in 2026E, and 79.09 billion yuan in 2027E, with year-on-year growth rates of 32.7%, 24.6%, and 18.8% respectively [8] - The report indicates a projected P/E ratio of 21.3 for 2025, 17.1 for 2026, and 14.4 for 2027, reflecting a positive long-term outlook [8]

Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - The report highlights that BYD's recent H-share placement of 1.3 billion shares at a price of 335.2 HKD per share is the largest equity refinancing project in the global automotive industry in the past decade, attracting significant long-term capital support, indicating strong investor confidence in the company's growth prospects [4] - The report maintains and raises the earnings forecasts for BYD for 2024 and 2025-2026, projecting net profits attributable to shareholders of 40.02 billion, 53.18 billion (+8.1%), and 64.67 billion (+8.1) for the years 2024-2026, respectively [4] - The current price corresponds to a PE ratio of 24.0, 18.1, and 14.9 for the years 2024, 2025, and 2026, respectively, reflecting a positive long-term outlook for the company [4] Summary by Sections Financial Performance - Revenue for 2022 was 424.06 billion, with projections of 602.32 billion for 2023, 740.11 billion for 2024, 900.71 billion for 2025, and 1,016.88 billion for 2026, showing a year-on-year growth of 96.2%, 42.0%, 22.9%, 21.7%, and 12.9% respectively [6] - Net profit attributable to shareholders was 16.62 billion in 2022, expected to rise to 30.04 billion in 2023, 40.02 billion in 2024, 53.18 billion in 2025, and 64.67 billion in 2026, with year-on-year growth rates of 445.9%, 80.7%, 33.2%, 32.9%, and 21.6% respectively [6] - Gross margin is projected to improve from 17.0% in 2022 to 21.8% in 2026, while net margin is expected to increase from 3.9% to 6.4% over the same period [6] Market Expansion and Product Development - BYD has entered over 100 countries and regions across six continents, with overseas sales increasing by 83% and 188% year-on-year in January and February 2025, respectively [5] - The company is focusing on high-level intelligent driving technology, with the "Tian Shen Zhi Yan C" program enabling advanced features like highway navigation and valet parking, set to enhance product competitiveness [5] - The introduction of new models at competitive price points, including high-level intelligent driving features, is expected to solidify BYD's market position [5] Future Outlook - The report emphasizes the acceleration of BYD's internationalization and intelligent business development, with significant capacity expansion in Hungary and Brazil, and agreements signed for factories in Indonesia and Turkey [5] - The company plans to fully switch to DM5.0 technology and launch a new generation of blade batteries, with energy density expected to increase by over 35%, enhancing vehicle range and safety [5]