BYD(002594) 国金证券·2025-04-27 02:05Investment Rating - The report maintains a "Buy" rating for BYD, indicating an expected price increase of over 15% in the next 6-12 months [8][10]. Core Insights - BYD's Q1 2025 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, 2026, and 2027 respectively [3][7]. - The report highlights that while domestic single-vehicle profitability has been impacted, the increase in export volume has helped maintain overall stability [2][3]. Financial Summary - Q1 2025 revenue reached 170.36 billion RMB, with automotive sales of 1.001 million units, reflecting a year-on-year increase of 60.3% [1]. - The gross profit margin for Q1 was 20.1%, with automotive gross margin at 23.9%, showing slight declines compared to previous periods [1][2]. - The report forecasts revenue growth rates of 42.04%, 29.02%, and 21.78% for 2023, 2024, and 2025 respectively, with net profit growth rates of 80.72%, 34.00%, and 29.69% for the same years [7][9].