On June 5th, Geely Securities research reports pointed out that BYD Company Limited (002594.SZ) officially released its fifth-generation DM plug-in hybrid technology, which is about to enter mass production and lead the global plug-in hybrid technology, creating a new era of leading fuel consumption. With the release of the fifth-generation DM technology and the launch of new models, the batch sales rhythm has been restored and exports continued to grow rapidly. In 2024, the company will usher in a big year for new technology and new products. With the support of the DM5.0 and e 4.0 platforms, Wangchao Marine Network will undergo a facelift and upgrade its products to firmly establish a position in the mainstream market. The Tengshi, Yangwang, and Fangcheng Leopard models have abundant reserves and accelerate the layout of the high-end market. With continuous efforts to expand internationally, overseas channels and model matrices will be further improved. With the scale effect, as the company expands into high-end markets, it is expected to maintain high profitability and remain unaffected by competitive pressures. It is expected that the company's net income attributable to its parent will be 38.6 billion, 47.9 billion, and 55.7 billion yuan from 2024 to 2026, corresponding to PE ratios of 17X, 14X, and 12X. The recommendation is Buy.