BYD(01211) 群益证券·2025-04-08 08:24Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][13]. Core Insights - The company is expected to achieve a net profit of RMB 85 billion to 100 billion in Q1 2025, representing a year-on-year growth of 86.04% to 118.88% [8]. - The company sold 1 million vehicles from January to March 2025, marking a 59.8% increase year-on-year, setting a new record for the same period [8]. - The launch of new models, Han L and Tang L, is anticipated to enhance the company's competitiveness in the 200,000 RMB price range [10]. - The company is projected to have net profits of RMB 516 billion, 653 billion, and 788 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28%, 26%, and 21% [10][12]. Company Overview - The company operates primarily in the automotive industry, with 79.5% of its business coming from automotive sales and 20.5% from mobile components and assembly [5]. - As of April 7, 2025, the company's H-share price was 315.20 HKD, with a market capitalization of 95.79 billion RMB [3]. Financial Performance - The company reported a net profit of RMB 30.041 billion in 2023, with projections of RMB 40.254 billion in 2024 and RMB 51.629 billion in 2025, reflecting significant growth [12]. - The earnings per share (EPS) are expected to rise from RMB 10.319 in 2023 to RMB 17.746 in 2025, indicating a strong upward trend [12]. - The company's H-share price-to-earnings (P/E) ratio is projected to decrease from 30.54 in 2023 to 17.76 in 2025, suggesting a more attractive valuation over time [12].