BYD(002594) 华龙证券·2025-04-11 08:23Investment Rating - The investment rating for BYD is maintained as "Buy" [2][7]. Core Views - BYD is expected to achieve a net profit attributable to shareholders of 85.0-100.0 billion yuan in Q1 2025, representing a year-on-year increase of 86.04%-118.88%, with a midpoint estimate of 92.5 billion yuan, reflecting a growth of 102.46% year-on-year [4][6]. - The significant growth in profitability is attributed to increased overseas sales and the release of scale effects, with overseas sales reaching 206,100 units in Q1 2025, a year-on-year increase of 110.51% [6]. - The company is advancing its high-end strategy with strong performance from its premium brands, including Tengshi and Fangchengbao, which saw sales increases of 37.20% and 73.64% respectively in Q1 2025 [6]. - BYD's global expansion strategy is progressing smoothly, with new production facilities in Uzbekistan and Thailand already operational, and additional factories planned in Brazil, Hungary, Indonesia, and Turkey [6]. Financial Summary - The total market capitalization of BYD is approximately 1,022,341.75 million yuan, with a current stock price of 336.40 yuan [3]. - The projected revenue for BYD is expected to grow from 602,315 million yuan in 2023 to 1,337,186 million yuan by 2027, with a compound annual growth rate (CAGR) of 25.35% from 2025 to 2026 [8]. - The net profit attributable to shareholders is forecasted to increase from 30,041 million yuan in 2023 to 81,025 million yuan in 2027, with a CAGR of 38.94% from 2025 to 2026 [8]. - The price-to-earnings (P/E) ratio is projected to decrease from 32.6 in 2023 to 12.6 in 2027, indicating a potential valuation premium as the company continues to strengthen its market position [8][9].