BYD(002594) 国投证券·2025-04-27 04:06Investment Rating - The investment rating for BYD is "Buy-A" with a 6-month target price of 454.25 CNY per share [6]. Core Views - BYD's Q1 2025 performance is strong, with revenue reaching 170.36 billion CNY, a year-on-year increase of 36% [1]. - The company is expected to continue benefiting from its scale and cost advantages, with a focus on high-end models and international expansion [5]. - The forecasted net profits for 2025-2027 are 55.21 billion, 64.39 billion, and 81.24 billion CNY, respectively, indicating a strong growth trajectory [10]. Revenue Summary - In Q1 2025, BYD sold 986,000 passenger vehicles, a year-on-year increase of 57.9% [2]. - The ASP (Average Selling Price) for vehicles in Q1 2025 was 135,400 CNY, slightly down from the previous year due to price reductions on non-intelligent driving models [2]. Profit Summary - The gross margin for BYD's automotive business in Q1 2025 was 23.9%, a decrease of 2.5 percentage points year-on-year, primarily due to price cuts on non-intelligent driving models [3]. - The net profit for Q1 2025 was 9.15 billion CNY, a year-on-year increase of 100% [1]. Cash Flow Summary - As of the end of Q1 2025, BYD had cash and cash equivalents of 116.2 billion CNY, up from 102.3 billion CNY at the end of Q4 2024 [4]. - The net cash flow from financing activities in Q1 2025 was 38 billion CNY, significantly increased due to the issuance of H shares [4]. Strategic Insights - BYD is enhancing its product competitiveness through the introduction of intelligent driving features in lower-priced models [5]. - The company is expected to see continued growth in exports, driven by a rich matrix of overseas models and improved production capacity [5].