Investment Rating - The report maintains a "Recommended" rating for BYD (002594.SZ) with a current price of 87.05 CNY per share [4]. Core Insights - The company is expected to see revenue growth driven by high-end product offerings and international expansion, with projected revenues of 777.1 billion CNY in 2024, increasing to 1,104.5 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.6% [3][20]. - Net profit attributable to shareholders is forecasted to grow from 40.3 billion CNY in 2024 to 58.6 billion CNY in 2027, with a notable increase of 34.0% in 2024, followed by a decrease of 7.5% in 2025, and then a recovery with growth rates of 27.4% and 23.4% in 2026 and 2027 respectively [3][20]. - The report highlights a significant decline in January's sales figures, with wholesale sales of new energy vehicles dropping by 30.1% year-on-year and 50.0% month-on-month, indicating a challenging market environment [8]. Financial Forecasts - Revenue projections for the years 2024 to 2027 are as follows: - 2024: 777.1 billion CNY - 2025: 866.5 billion CNY - 2026: 981.3 billion CNY - 2027: 1,104.5 billion CNY - The expected growth rates for these years are 29.0%, 11.5%, 13.3%, and 12.6% respectively [3][20]. - Net profit attributable to shareholders is forecasted as follows: - 2024: 40.3 billion CNY - 2025: 37.2 billion CNY - 2026: 47.5 billion CNY - 2027: 58.6 billion CNY - Earnings per share (EPS) is projected to increase from 4.42 CNY in 2024 to 6.43 CNY in 2027 [3][20]. Sales Performance - In January, BYD's wholesale sales of new energy vehicles totaled 210,000 units, a year-on-year decrease of 30.1% and a month-on-month decrease of 50.0% [8]. - The report notes that the sales of plug-in hybrid vehicles and pure electric vehicles also saw significant declines, with respective year-on-year decreases of 28.5% and 33.6% [8]. - The high-end brand, Fangchengbao, has shown strong sales momentum, with cumulative sales surpassing 300,000 units, indicating a successful high-end strategy [8]. International Expansion - BYD's international sales have shown a positive trend, with January exports reaching 100,000 units, a year-on-year increase of 51.5% [8]. - The company is expanding its overseas manufacturing capabilities, with new factories in Brazil and plans for additional facilities in Uzbekistan, Hungary, Turkey, and Indonesia, which are expected to enhance profitability [8].

Core Viewpoint - The company has successfully achieved mass production of temperature-pressure integrated sensors for the electric vehicle sector, breaking foreign technological barriers with its core invention patents [1] Group 1: Company Developments - The company has commenced large-scale supply of its temperature-pressure integrated sensors to automotive clients, including BYD and a well-known North American electric vehicle customer [1]

Investment Rating - The report maintains a "Recommended" rating for BYD (002594.SZ) with a current price of 87.05 CNY per share [4]. Core Insights - The company is expected to see revenue growth driven by high-end product offerings and international expansion, with projected revenues of 777.1 billion CNY in 2024, increasing to 1,104.5 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.6% [3][20]. - Net profit attributable to shareholders is forecasted to grow from 40.3 billion CNY in 2024 to 58.6 billion CNY in 2027, with a notable increase of 34.0% in 2024, followed by a decrease of 7.5% in 2025, and then a recovery with growth rates of 27.4% and 23.4% in 2026 and 2027 respectively [3][20]. - The report highlights a significant decline in January's sales figures, with wholesale sales of new energy vehicles dropping by 30.1% year-on-year and 50.0% month-on-month, indicating a challenging market environment [8]. Financial Forecasts - Revenue projections for the years 2024 to 2027 are as follows: - 2024: 777.1 billion CNY - 2025: 866.5 billion CNY - 2026: 981.3 billion CNY - 2027: 1,104.5 billion CNY - The expected growth rates for these years are 29.0%, 11.5%, 13.3%, and 12.6% respectively [3][20]. - Net profit attributable to shareholders is forecasted as follows: - 2024: 40.3 billion CNY - 2025: 37.2 billion CNY - 2026: 47.5 billion CNY - 2027: 58.6 billion CNY - Earnings per share (EPS) is projected to increase from 4.42 CNY in 2024 to 6.43 CNY in 2027 [3][20]. Market Performance - The report notes that BYD's high-end brand, Fangchengbao, has seen significant sales growth, with the Ti 7 model alone achieving sales of 100,000 units, marking it as a key growth driver for the company's high-end strategy [8]. - International sales are also on the rise, with January exports of new energy vehicles reaching 100,000 units, a year-on-year increase of 51.5%, despite a month-on-month decline of 24.5% [8]. Strategic Developments - The company is focusing on enhancing its high-end brand positioning and expanding its international footprint, with new factories being established in Brazil and plans for further expansion in Uzbekistan, Hungary, Turkey, and Indonesia [8]. - The report emphasizes the importance of technological advancement and brand loyalty in solidifying BYD's position in the high-end market [8].

Group 1 - A total of 78 stocks reached a 52-week high as of February 3, with notable performers including Asia Pacific Financial Investments (08193) at 57.14%, Chao Wei Holdings (08059) at 36.00%, and Asia Backup (08290) at 33.33% [1] - The closing prices for the top three stocks that reached new highs were 0.550, 0.052, and 0.024 respectively, with their highest prices being 0.550, 0.068, and 0.036 [1] - Other significant stocks that reached new highs include Huameilele (08429) with a high rate of 20.37% and Haode Holdings (08149) at 17.65% [1] Group 2 - The report also lists stocks that reached 52-week lows, with the worst performer being Gaodi Holdings (01676) at -10.00%, followed by Huajian Medical (01931) at -9.29% and Electronic Trading Group (08036) at -9.09% [3] - The closing prices for the stocks that reached new lows include 0.340, 1.280, and 0.021 respectively, with their lowest prices being 0.315, 1.270, and 0.020 [3] - Other notable stocks that reached new lows include Controllon (01912) at -8.93% and Cool Link (08491) at -8.11% [3]

华泰证券研报指出，比亚迪1月乘用车总销量21万辆，同比-30%、环比-50%；其中出口销量突破10万 辆，同比+51%、环比-25%。该行认为公司受需求前置和主动去库影响，1月销量同环比大幅下滑，系 淡季主动调结构，为春节后新车和新技术发布蓄力。看好公司26年出口销量超130万辆，期待公司超 充、智驾等领域的新技术进展，考虑到汽车行业竞争加剧，以及存储抬升公司成本，微调25-27年收入 为8200/9553/11100亿元（相比上次：不变/-3%/-1%）归母净利润预测为350/466/567亿元（相比上次：不 变/-3%/-1%）。可比公司26年平均PE 33x，给予公司26年33xPE（前值26E 31x），对应总市值11910亿 元，调整目标价为130.63元（前值136.93元），维持"买入"评级。 ...

证券研究报告 | 公司点评报告 2026 年 02 月 03 日 比亚迪（002594.SZ） 2026M1 国内外销量显著分化，关注新品周期 中游制造/汽车 2026 年 1 月，由于春节前终端去库存、购置税补贴退坡后的需求透支等行业因 素，国内新能源汽车市场呈现"同比分化、环比普降"的格局。公司作为全球新 能源龙头，当月销量呈现明显的结构性特征，整体受国内市场拖累出现同比下 滑，但海外市场延续高增。 ❑ 风险提示：1、新品需求不及预期；2、海外布局不及预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 602315 | 777102 | 854813 | 923198 | 969358 | | 同比增长 | 42% | 29% | 10% | 8% | 5% | | 营业利润(百万元) | 38103 | 50486 | 43564 | 45799 | 48764 | | 同比增长 | 77% | 32% | -14% | 5% | 6 ...

| 华泰研究 | | | 动态点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 2 月 | 03 日│中国内地 | 乘用车 | 目标价(人民币): | 130.63 | 2 月 1 日，比亚迪发布产销快报，1 月乘用车总销量 21 万辆，同比-30%、 环比-50%；其中出口销量突破 10 万辆，同比+51%、环比-25%。我们认为 公司受需求前置和主动去库影响，1 月销量同环比大幅下滑，系淡季主动调 结构，为春节后新车和新技术发布蓄力。我们看好公司 26 年出口销量超 130 万辆，期待公司超充、智驾等领域的新技术进展，维持"买入"评级。 国内：受需求前置和主动去库影响，1 月销量同环比大幅下滑 分品牌看，1 月王朝+海洋系列/方程豹/腾势/仰望销量 17.8/2.2/0.6/0.04 万 辆，同比-36%/+247%/-49%/+44%。1 月内销同环比大幅下滑，源于供需两 端压力。1）需求端，26 年新能源购置税增加 5%，导致需求于 25 年底提 前释放，叠加地方置换补贴申请窗口 1 月底才全面铺开，消费者持币 ...

Group 1 - The main stocks with significant capital outflows include Zhongji Xuchuang (-1.91 billion), BlueFocus (-1.13 billion), and Xinye Sheng (-1.10 billion) [1] - Zhongji Xuchuang experienced a slight decline of 0.22%, while BlueFocus saw an increase of 3.23% despite the capital outflow [2] - Other notable stocks with capital outflows include Industrial Fulian (-1.04 billion), Western Materials (-0.73 billion), and Tongling Nonferrous Metals (-0.65 billion) [1][3] Group 2 - The sectors affected by capital outflows include communication equipment, cultural media, and precious metals [2][3] - Stocks like Western Materials and Tongling Nonferrous Metals showed positive price movements of 8.63% and 5.38% respectively, despite significant capital outflows [2][3] - The overall trend indicates a mixed performance among the top stocks, with some experiencing price increases while others faced declines [1][2]

Group 1 - The core point of the news is that BYD has completed the application for multiple products under its new sub-brand Linghui, including Linghui e5, e7, e9, and M9, as announced by the Ministry of Industry and Information Technology in the 403rd batch of the "Announcement of Production Enterprises and Products of Road Motor Vehicles" [2] Group 2 - Linghui Automobile is a newly launched independent sub-brand by BYD Auto Industry Co., Ltd., specifically targeting the B-end market (business sales) [4] - The brand aims to cater to large-scale procurement needs such as government official vehicle purchases, taxis, and ride-hailing services, and has established an independent channel system [4] - The establishment of the Linghui brand is intended to differentiate between models aimed at the B-end and C-end markets, promoting a high-end brand strategy [4]

近日，截至2026年1月的福布斯中国富豪榜正式揭晓。榜单中，科技、新能源、消费等领域的头部企业 家持续领跑。值得注意的是，众多上榜富豪正密集布局保险业这一传统却极具潜力的领域。 从榜单来看，张一鸣、马化腾、雷军、马云等多位富豪已深度布局保险业，从互联网流量巨头到新能源 制造龙头，这些富豪们的商业版图早已不再局限于主业，而是向金融，尤其是保险领域延伸，纷纷将保 险作为多元化战略的核心板块，他们中绝大多数已通过直接投资、控股或参股方式深度参与保险行业， 形成了"科技+金融""实业+保险"的多元化战略布局。 根据公开信息整理的富豪保险布局图，榜单前50名富豪中，有超过三分之一已涉足保险业务。据不完全 统计，已有17位富豪布局保险，旗下有一家甚至多家保险公司牌照或保险经纪公司牌照。他们的进入方 式多样，包括设立保险公司、收购保险经纪牌照、投资互联网保险平台等。 | 福布斯中国 | 姓名 | 财富来源 | 膜上保险公司/保险经纪公司 | | --- | --- | --- | --- | | 富豪榜排名 | | (依据福布斯榜单) | | | 2 | 张一鸣 | 字节跳动 | 北京华夏保险经纪 | | 3 | 马化腾 ...