BYD(002594) 申万宏源·2025-02-17 01:20Investment Rating - The investment rating for BYD is maintained at "Outperform" [1] Core Insights - BYD's "Tian Shen Zhi Yan" high-level intelligent driving technology aims to achieve full-speed driving with zero takeover, making intelligent driving accessible for vehicles priced below 200,000 yuan [5] - The year 2025 is anticipated to be a pivotal year for intelligent driving, with global and Chinese automobile sales projected to reach 91 million and 31.43 million units respectively [5] - The market response to BYD's intelligent strategy announcement has been significant, with expectations for further developments in the E4.0 release [5] Financial Data and Profit Forecast - Total revenue for BYD is projected to grow from 602.315 billion yuan in 2023 to 1,194.555 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 16.2% [5][6] - Net profit is expected to increase from 30.041 billion yuan in 2023 to 58.130 billion yuan in 2026, with a CAGR of about 8.8% [5][6] - Earnings per share (EPS) is forecasted to rise from 10.32 yuan in 2023 to 19.98 yuan in 2026 [5][6] Market Position and Strategic Outlook - BYD's intelligent driving technology is expected to drive significant market demand, with projections indicating that L3-L5 high-level intelligent driving vehicles could contribute to a market demand of approximately 64 million units globally and 29 million units in China by 2030 [5] - The report emphasizes the importance of AI technology in the automotive sector, suggesting that companies capable of maintaining or increasing market share during this transformation will likely succeed [5]