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【Brokerage Focus】Zhaoyin International maintains a "Buy" rating for BYD (01211), stating that its high-quality earnings in Q4 2024 lay the foundation for profit growth in 2025.
Jinwu Financial News | CMB International Research Reports indicate that BYD (01211) 4Q24 revenue is 6% higher than the bank's previous forecast. Despite being affected by the Industry price war, the company saw an increase in average selling price for two consecutive quarters after excluding BYD's electronics business. The 4Q24 gross margin dropped to 17.0%, mainly due to changes in accounting standards (where warranty provisions were adjusted from selling expenses to cost of goods sold). On a comparable basis, the 4Q24 gross margin should be 21.5%, which is 0.9 percentage points higher than the bank's expectation. The R&D expenses for 4Q24 are approximately 16% higher than the bank's forecast (with R&D investment in 2024 at 54 billion yuan.
