BYD(002594) 国联证券·2024-11-11 07:16Investment Rating - Investment Rating: Buy (Maintain) [4] Core Views - In October 2024, the company achieved a new energy passenger vehicle sales volume of 501,000 units, representing a year-on-year increase of 66.2% and a month-on-month increase of 19.9% [2][6] - The sales of pure electric vehicles reached 190,000 units, a year-on-year increase of 14.6% and a month-on-month increase of 14.9%, while plug-in hybrid sales were 311,000 units, showing a year-on-year increase of 129.3% and a month-on-month increase of 23.1% [2][6] - The DM5.0 technology has significantly enhanced the product strength of new models, leading to a quarter-on-quarter increase in single-vehicle profitability [6] - The company is expected to see revenue growth driven by high-end models and overseas sales, with projected revenues for 2024-2026 of 813.06 billion, 952.98 billion, and 1,162.64 billion yuan, respectively [6][7] Summary by Sections Sales Performance - October 2024 saw a record monthly sales of 501,000 units, with significant growth in both pure electric and plug-in hybrid vehicles [2][6] - Overseas sales reached 31,000 units, a year-on-year increase of 2.2% but a month-on-month decline of 5.5% [2][6] Financial Projections - Revenue for 2024 is projected at 813.06 billion yuan, with a year-on-year growth rate of 35.0% [7] - Net profit attributable to the parent company is expected to be 39.72 billion yuan in 2024, reflecting a year-on-year growth of 32.2% [7] Profitability Metrics - The gross margin for the third quarter was 21.9%, an increase of 3.2 percentage points quarter-on-quarter [6] - The net profit per vehicle reached 9,332 yuan, a quarter-on-quarter increase of 752 yuan [6] Market Position - The company is positioned as a global leader in the new energy sector, with strong growth potential driven by technological advancements and market expansion [6][7]