Q1毛利率保持高位，Q2销量有望延续高增

Investment Rating - The investment rating for BYD Company (01211.HK) is "Buy" [2]. Core Views - The report indicates that BYD maintains a high gross margin of approximately 21.9% in Q1 2024, consistent with the previous quarters, and expects strong sales growth in Q2 2024 due to a complete vehicle lineup and strong brand influence [1][2]. - The company achieved a revenue of 124.94 billion RMB in Q1 2024, a year-on-year increase of 3.97%, and a net profit attributable to shareholders of 4.57 billion RMB, up 10.6% year-on-year [1]. - BYD's sales of new energy vehicles reached 626,000 units in Q1 2024, reflecting a year-on-year growth of 13.4% [1]. Financial Performance - In Q1 2024, BYD's sales expenses were approximately 6.8 billion RMB, up 46.4% year-on-year, while management expenses increased by 12% to 3.77 billion RMB, and R&D expenses surged by 70% to 10.6 billion RMB [1]. - The report forecasts that BYD's total revenue for 2024 will exceed 710 billion RMB, driven primarily by continued growth in new energy vehicle sales [1][2]. - The projected net profit for 2024 is expected to rise to over 36 billion RMB, supported by rapid sales growth and cost reduction efforts [1]. Sales Growth - BYD's vehicle sales rebounded significantly in March and April 2024, with sales of 302,000 and 313,000 units respectively, marking year-on-year growth rates of 46.1% and 49% [1]. - Cumulative vehicle sales from January to April 2024 reached approximately 940,000 units, a year-on-year increase of 23.2% [1]. - The report anticipates that BYD's total vehicle sales will continue to grow rapidly in Q2 2024, driven by a complete vehicle lineup, strong brand influence, and rapid expansion in overseas markets [1][2]. Market Position - BYD is noted for its significant technological advantages in automotive manufacturing, battery production, and energy storage systems, supported by a vertically integrated supply chain that provides a cost advantage [2]. - The company is expected to maintain its leading position in the market and further expand its market share despite intense competition [2].