BYD(002594) 证券之星·2025-04-29 04:52Core Viewpoint - Recent research by浦银国际证券有限公司 on BYD (002594) indicates a downward adjustment of the target price to RMB 444.0, maintaining a "buy" rating based on strong sales forecasts and performance in the electric vehicle sector [1][2]. Group 1: Financial Performance - BYD's Q1 2025 net profit exceeded market expectations, reaching RMB 91.6 billion, a 100% year-on-year increase, significantly influenced by approximately RMB 1.9 billion in financial income [3]. - The company's revenue for Q1 2025 was RMB 1,704 billion, a 36% year-on-year growth, despite a 38% quarter-on-quarter decline [3]. - The automotive sales volume grew by 60% year-on-year, while electronic revenue growth was moderate, and the average selling price of vehicles decreased, impacting overall revenue growth [3]. Group 2: Sales and Market Outlook - The company maintains a sales forecast of 5.5 million vehicles for the year, driven by significant advancements in smart driving technology [2]. - BYD's overseas sales are expected to double this year, contributing to overall growth [2]. - The company showcased its technological capabilities at the recent Shanghai Auto Show, promoting various brands and models to enhance sales [2]. Group 3: Valuation and Estimates - The valuation for BYD is based on a segmented approach, assigning price-to-earnings ratios of 28.0x for the new energy vehicle segment, 17.0x for mobile and electronic businesses, and 10.0x for other businesses, leading to target prices of HKD 458.8 and RMB 444.0 [3]. - Current P/E ratios for BYD's Hong Kong and A-shares are 18.5x and 18.2x, respectively, indicating attractive valuation levels [2][3]. Group 4: Analyst Ratings - In the last 90 days, 39 institutions have provided ratings for BYD, with 34 "buy" ratings and 5 "hold" ratings, reflecting strong market confidence [5].