BYD(002594) 浦银国际证券·2025-03-28 10:23Investment Rating - The report maintains a "Buy" rating for BYD [6] Core Views - BYD is expected to significantly increase its smart driving penetration rate, which will drive substantial growth in both sales and profits for new energy vehicles [2][6] - The target price for BYD shares is set at HKD 481.0, representing a potential upside of 18% for the Hong Kong stock and CNY 469.0 for the A-share, indicating a potential upside of 21% [4][5] Financial Forecasts - Revenue is projected to grow from RMB 602,315 million in 2023 to RMB 966,125 million in 2025, reflecting a compound annual growth rate (CAGR) of approximately 24% [3][9] - Net profit is expected to increase from RMB 30,041 million in 2023 to RMB 50,211 million in 2025, with a net profit growth rate of 25% in 2025 [3][9] - The gross margin is forecasted to decline slightly from 20.2% in 2023 to 18.7% in 2025 [3][9] Segment Valuation - The valuation for BYD's new energy vehicle segment is estimated at a price-to-earnings (P/E) ratio of 29.0x, while the mobile and electronic business is valued at 21.0x, and other businesses at 10.0x, leading to a combined target price of HKD 481.0 and CNY 469.0 [10]