20230703-开源证券-比亚迪-002594.SZ-公司信息更新报告_6月销量再创新高_腾势N7盲订订单破2万_4页_741kb

BYD (002594SZ) Investment Summary

• Rating: Maintain "Buy", based on strong product cycle and steady volumes.
• Key Highlights:
  • June 2023: 253,000 NEV sales (+888% YoY, +53% MoM), with PHEV and BEV segments growing faster; 12.56M NEVs sold in 2023 (+958% YoY).
  • International sales: 10,536 NEVs in June; 740,000 cumulative in 2023.
  • Tesla Model Investing: Battery and storage installations ~11.8 GWh in June; cumulative ~603 GWh for 2023.
• Financial Projections:
  • Expected 2023-2025 net profits: CNY 26,033B, CNY 37,492B, CNY 48,064B; EPS: CNY 8.94, CNY 12.88, CNY 16.51/share.
  • PE ratios: 289 (2023), 201 (2024), 156 (2025).
• Product Developments:
  • New vehicles: N7 orders >20,000 blind reservations, D9 steady; luxury brands like Tangensi and Orin advancing with high-end strategies.
  • Q3 launches: Surplus Access with upcoming models adapted for global markets.
• Risks: Constraints on vehicular sales, material costs ascending, chip shortage affecting production.