BYD(002594) 方正证券·2025-03-19 00:28Investment Rating - The report gives a "Strong Buy" rating for BYD, indicating a predicted increase of over 20% relative to the benchmark index in the next 12 months [13]. Core Insights - BYD launched the Super e platform, which supports 1000V high-voltage technology, and announced a 2025 employee stock ownership plan with performance targets of at least 10% annual revenue growth from 2025 to 2027 [3][5]. - The Super e platform features a 1000V voltage and 1000A current, with a maximum charging power of 1000kW, and BYD has the highest production capacity for drive motors globally, reaching 580kW [3]. - The company introduced a cooling system based on refrigerant direct cooling technology, improving heat exchange efficiency by over 90% and addressing range anxiety with a self-developed megawatt fast-charging system [4]. - The Han L and Tang L models, priced between 270,000 to 360,000 RMB, are equipped with the Super e platform and feature advanced performance metrics [4]. Financial Forecast - Revenue projections for BYD are 783.06 billion RMB in 2024, 1,001.83 billion RMB in 2025, and 1,208.55 billion RMB in 2026, with net profits expected to be 41.02 billion RMB, 60.74 billion RMB, and 72.01 billion RMB respectively [7][9]. - The earnings per share (EPS) is forecasted to increase from 10.32 RMB in 2023 to 23.69 RMB in 2026, reflecting strong growth potential [7][9]. - The return on equity (ROE) is projected to be 22.87% in 2024 and peak at 25.30% in 2025, indicating robust profitability [7].