BYD(002594) 东吴证券·2025-04-26 06:32Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - The Q1 performance of BYD is impressive, with a revenue of 170.4 billion yuan, a year-on-year increase of 36%, and a net profit of 9.2 billion yuan, doubling year-on-year [7] - The company expects a sales growth of 25-30% for the year, with a target of 5.5 million vehicles sold [7] - BYD's single vehicle profit is projected to maintain above 9,000 yuan, despite an increase in costs due to the introduction of intelligent driving models [7] - The company is focusing on overseas expansion and high-end vehicle sales, with exports expected to double to 800,000 units [7] - The target price for BYD is set at 507 yuan, corresponding to a PE ratio of 28x for 2025 [7] Financial Summary - Total revenue forecast for 2023 is 602.315 billion yuan, with a year-on-year growth of 42.04% [1] - Net profit for 2023 is projected at 30.041 billion yuan, reflecting a year-on-year increase of 80.72% [1] - The EPS for 2023 is estimated at 9.88 yuan, with a PE ratio of 37.51 [1] - The company anticipates a steady increase in net profit, reaching 82.111 billion yuan by 2027, with a growth rate of 20.23% [1][8]