BYD(002594) 新浪财经·2025-04-26 06:42Core Viewpoint - The company reported Q1 2025 performance in line with market expectations, showing significant growth in revenue and profit metrics, alongside a strong sales volume and an increase in export ratio [1][2]. Financial Performance - Q1 2025 revenue reached 170.4 billion yuan, with a year-on-year increase of 36% and a quarter-on-quarter decrease of 38% - Net profit attributable to shareholders was 9.2 billion yuan, up 100% year-on-year but down 39% quarter-on-quarter - Non-recurring net profit was 8.2 billion yuan, reflecting a year-on-year increase of 118% and a quarter-on-quarter decrease of 41% - Gross margin stood at 20.1%, with a quarter-on-quarter decrease of 1.8 percentage points and a year-on-year increase of 3.1 percentage points [1]. Sales and Market Share - The company sold 1 million vehicles in Q1 2025, marking a year-on-year increase of 60% and a quarter-on-quarter decrease of 34% - Domestic market share remained stable at 35%, while exports reached 210,000 vehicles, up 110% year-on-year and 72% quarter-on-quarter - High-end vehicle sales were 53,000 units, with a year-on-year increase of 37% but a quarter-on-quarter decrease of 16% [1]. Profitability and Cost Structure - The expected average selling price per vehicle in Q1 2025 is 151,000 yuan, down 6% year-on-year and 7% quarter-on-quarter - The gross profit per vehicle is projected at 32,000 yuan, down 20% year-on-year but up 12% quarter-on-quarter - Net profit per vehicle is estimated at 8,700 yuan, reflecting a year-on-year increase of 31% and a quarter-on-quarter decrease of 6% [2]. Capital Expenditure and Inventory - Capital expenditure in Q1 2025 was 37 billion yuan, a year-on-year increase of 42% and a quarter-on-quarter increase of 35% - Inventory at the end of Q1 2025 was 154.4 billion yuan, up 33% from the beginning of the year, attributed to overseas shipments and the nearing end of inventory depletion for older models [2]. Investment Outlook - The company maintains its net profit expectations for 2025-2027 at 55 billion, 68.3 billion, and 82.1 billion yuan, representing year-on-year growth of 37%, 24%, and 20% respectively - The corresponding price-to-earnings ratios are projected at 20x, 17x, and 14x, with a target price of 507 yuan for 2025, maintaining a "buy" rating [3].