BYD(002594) 民生证券·2025-04-27 05:23Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 370.83 CNY per share [5]. Core Views - The company achieved a revenue of 170.36 billion CNY in Q1 2025, representing a year-on-year increase of 36.3% but a quarter-on-quarter decrease of 38.0%. The net profit attributable to shareholders was 9.15 billion CNY, up 100.3% year-on-year but down 39.1% quarter-on-quarter [1]. - The company is expected to benefit from increased export sales and improved economies of scale, with projected revenues for 2025-2027 at 1,014.12 billion CNY, 1,237.23 billion CNY, and 1,477.25 billion CNY respectively [3][4]. Revenue and Profitability - In Q1 2025, the company sold 1.001 million vehicles, a year-on-year increase of 59.8% but a quarter-on-quarter decrease of 34.3%. The average selling price (ASP) per vehicle was 133,400 CNY, down 7900 CNY year-on-year [1]. - The overall gross margin for Q1 2025 was 20.1%, a decrease of 1.8 percentage points year-on-year, while the automotive and battery gross margin was 23.9%, down 4.2 percentage points year-on-year [2]. International Expansion and Technological Advancements - The company is accelerating its overseas factory construction and aims to enhance its presence in markets such as Brazil, Uzbekistan, Hungary, Turkey, and Indonesia. In Q1 2025, export sales reached 206,000 vehicles, a year-on-year increase of 110.5% [3]. - The company is leveraging its data advantages to promote "intelligent driving equality," which is expected to drive industry-wide collaboration and development [3]. Financial Forecasts - The report forecasts the company's net profit attributable to shareholders for 2025, 2026, and 2027 to be 58.12 billion CNY, 67.09 billion CNY, and 74.17 billion CNY respectively, with corresponding earnings per share (EPS) of 19.12 CNY, 22.08 CNY, and 24.41 CNY [4][8].