BYD(002594) 国金证券·2025-04-26 07:16Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [8][10]. Core Insights - The company's Q1 performance aligns with expectations, driven by strong overseas sales, which increased by 110.2% year-on-year, contributing to a stable profit matrix despite domestic challenges [2][3]. - The company is entering a mid-term phase of volume and price growth, supported by cost advantages and scale effects, with projected net profits of 52.2 billion, 62.7 billion, and 82.4 billion RMB for 2025-2027 [3][7]. Summary by Sections Financial Performance - Q1 automotive sales reached 1,001,000 units, with revenue of 170.36 billion RMB, reflecting a year-on-year increase of 36.3% [1]. - The gross margin for Q1 was 20.1%, with a net profit attributable to shareholders of 9.15 billion RMB, marking a year-on-year increase of 100.4% [1][2]. Cost and Expenses - The company maintained high expense ratios, with R&D expenses reaching 14.2 billion RMB in Q1, indicating potential for future profit release [2]. - The sales, management, and R&D expense ratios were 3.6%, 2.9%, and 8.3%, respectively, showing slight fluctuations compared to the previous quarter [1]. Future Outlook - For Q2, the company is expected to maintain stable operations, with single-vehicle profits projected to slightly increase despite ongoing promotional activities [2]. - The company is well-positioned to leverage its cost advantages and aggressive pricing strategies to enhance market share in the domestic market [2][3].