Core Insights - BYD's Q3 report shows significant growth with revenue of 194.99 billion yuan and net profit of 7.82 billion yuan, marking a 23% quarter-on-quarter increase and a 1.6 percentage point rise in gross margin [1] - For the first three quarters of the year, BYD achieved revenue of 566.27 billion yuan, a 13% year-on-year increase, and R&D expenses surged by 31% to 43.75 billion yuan, exceeding the net profit of 23.33 billion yuan during the same period [1] - BYD's cumulative R&D investment has surpassed 220 billion yuan, leading to the launch of several groundbreaking technologies, which have driven steady sales growth [1] Sales Performance - In the first nine months of the year, BYD's global sales reached 3.26 million units, an 18.64% year-on-year increase, achieving 70.87% of the annual target of 4.6 million units [1] - Intelligent models have become the main sales drivers, with over 1.7 million units equipped with the "Tian Shen Zhi Yan" driver assistance system sold since its launch in early 2025 [1] International Expansion - BYD's overseas sales reached 701,600 units in the first nine months, a staggering 132% year-on-year increase, significantly exceeding the total overseas sales for 2024 [2] - The company has expanded its product offerings to 117 countries and regions globally, with the recent launch of the K-EV BYD RACCO tailored for the Japanese market [2] Financial Health and Market Outlook - BYD's financial report indicates a notable decrease in accounts payable and a reduction in the average payment cycle to upstream suppliers, reflecting a commitment to supporting the healthy development of small and medium-sized enterprises [5] - International investment banks are optimistic about BYD's growth prospects, with Citigroup projecting sales of 4.67 million and 5.39 million units for the next two years, driven by high-end brand growth and strong overseas sales [5] - The continuous introduction of disruptive technologies and an expanding product matrix are expected to position BYD as a leader in the global electric vehicle industry [5]

Core Insights - UBS reported that BYD's third-quarter performance shows encouraging signs, with net profit rebounding by 23% from the low levels of the second quarter [1] - UBS maintains a "Buy" rating on BYD, setting a target price of HKD 160 [1] Company Performance - BYD's net profit margin has recovered from the low levels seen in the second quarter [1] - The company has achieved record sales of 11,000 electric vehicles in the UK in September [1] - The Brazilian factory has commenced production, contributing to market expansion [1] Market Challenges - Domestic competition remains intense, and the industry outlook for next year is challenging due to a 5% purchase tax on electric vehicles starting in 2026 [1] - Despite these challenges, BYD is gaining market share from Australia to Turkey [1] Product Development - Recent high-end product initiatives have shown results, with the newly launched FCBTai7 approaching monthly sales of 10,000 units [1] - The Tengshi N8 has been introduced at a competitive price of approximately RMB 300,000 [1]

Industry Insights - The lithium carbonate futures market experienced a sudden drop on October 29, influenced by production reductions, but actual demand remains strong with a continued increase in production for both lithium iron phosphate and ternary batteries in November [1] - The electrolyte market showed a significant two-digit growth in November, indicating robust downstream demand [1] Company Performance - Hunan Youneng reported a substantial increase in Q3 net profit, with a 61% rise to 340 million yuan and a 26% increase in revenue to 8.868 billion yuan, driven by high demand for high-voltage lithium iron phosphate in energy storage and power sectors [2] Market Trends - In September, new car sales in Europe rose by 10.7%, with BYD's sales skyrocketing by 398%, increasing its market share from 0.4% to 2.0% [3] - The domestic lithium carbonate market saw prices approaching 84,000 yuan per ton, with strong demand and tight supply conditions expected to sustain price increases in the short term [5] - The ternary material market continued to rise, with no signs of production cuts, supported by increasing prices of cobalt and lithium [6] Pricing Updates - As of October 30, the prices for battery-grade lithium carbonate ranged from 79,800 to 81,800 yuan per ton, while industrial-grade prices were between 78,300 and 79,300 yuan per ton [6] - The price for lithium iron phosphate (power type) was reported at 35,000 to 36,500 yuan per ton [8] - The price for high-end natural graphite anode materials ranged from 50,000 to 65,000 yuan per ton [10] Production and Demand - The domestic lithium battery market maintained a high operating rate, with production schedules expected to remain stable through November and December [13] - The energy storage cell market continued to show strong demand, with production expected to reach new highs in October and November [16]

记者丨杨坪编辑丨朱益民 在海外市场的强势加持下，比亚迪的营收再创新高。 10月30日晚，比亚迪（002594.SZ）三季报正式出炉。今年前三季度来看，比亚迪营收达5662.7亿元，同比增长13%，再创同期新高；净利润 233.3亿元，同比下降7.55%。 不过，分季度来看，第三季度公司实现净利润78.2亿元，环比增长了23%。同时，比亚迪的毛利率也持续改善，环比上升1.6个百分点。 今年1-9月，比亚迪全球累计销量达326万辆，同比增长18.64%，已完成全年460万辆目标的70.87%。智能化车型是比亚迪销量的主力，自2025 年初推出天神之眼辅助驾驶系统，截至9月累计搭载车型销量已突破170万辆。 海外市场成重要引擎 比亚迪相关人士还向记者介绍，目前公司还在加速拓展日本市场车型布局。在近日开幕的东京车展上，比亚迪全球首发为日本市场量身定制的 K-EV BYD RACCO，并同步推出"纯电+混动"双线策略，正式引入其在日本市场的首款插电式混动车型海狮06DM-i。 研发投入超越特斯拉 今年以来，比亚迪的研发投入也创出了新高。 海外市场成为比亚迪业绩增长的重要引擎。 今年1-9月，比亚迪海外销量达70.16万 ...

Core Viewpoint - BYD Electronics reported a decline in stock price, with a drop of nearly 3% and a current price of HKD 36.45, alongside a trading volume of HKD 835 million [1] Financial Performance - For the first three quarters of 2025, BYD Electronics achieved a revenue of CNY 123.285 billion, reflecting a year-on-year growth of 0.95% [1] - The profit attributable to equity holders of the parent company was approximately CNY 3.137 billion, marking a year-on-year increase of 2.4% [1] Market Expectations - Bank of America Securities noted that BYD Electronics' Q3 performance fell short of expectations, with a net profit of CNY 1.4 billion, which represents a quarter-on-quarter increase of 27% but a year-on-year decrease of 9% [1] - The reported net profit only reached 29% and 27% of the bank's and market's full-year estimates, respectively, and was below the historical range of 32-38% for the past three years [1] Earnings Forecast Adjustment - Bank of America Securities has revised its earnings forecasts for BYD Electronics for 2025 to 2027 downwards by 4% to 8%, reflecting the slowdown in Q3 growth and a lackluster outlook [1]

瑞银发布研报称，比亚迪（002594）股份(01211)第三季业绩显示一些鼓舞迹象，净利润较第二季低位 反弹23%。随着比亚迪净利率由第二季低位复苏，该行重申对其"买入"评级，目标价160港元。 瑞银表示，虽然国内竞争仍激烈，且鉴于2026年起中国内地对电动车将征收5%购置税，明年行业前景 仍具挑战性，但比亚迪在海外市场取得一些突破，包括9月于英国单月售出创纪录的1.1万辆电动车、巴 西工厂开始投产，以及由澳洲到土耳其持续获取市场份额增长。近期一些高端化努力亦见成效，新推出 的FCBTai7每月销量迫近万辆，及腾势N8以约30万元人民币的竞争价格推出。 ...

消息面上，比亚迪电子公布2025年前三季度业绩，营业额为1232.85亿元，同比增长0.95%；母公司权益 拥有人应占溢利约31.37亿元，同比增长2.4%。美银证券发布研报称，比亚迪电子第三季业绩逊预期， 净利14亿元人民币(下同)，按季增27%，按年减9%，仅达该行和市场全年预估的29%和27%，低于过去 三年同期32-38%的水平。美银证券将比亚迪电子2025至2027年盈利预测下调4至8%，以反映第三季度增 长放缓及前景平淡。 比亚迪（002594）电子(00285)跌近3%，截至发稿，跌2.51%，报36.45港元，成交额8.35亿港元。 ...

（二）海外扩张：从 "量增" 到 "份额提升"，成增长新引擎 销量表现：2025 年前三季度海外销量突破 70 万辆，接近全年 80 万辆目标（同比 + 91.8%），在西班牙、法国、泰国、马来西亚等国的单月销量已超过特斯 拉，实现 "从进入市场到抢占份额" 的跨越。 支撑逻辑： ①本地化生产（泰国基地辐射东盟、乌兹别克斯坦基地覆盖中亚）降低关税成本； ②产品矩阵适配（从 10 万元级海豚到 30 万元级腾势，覆盖不同价位）； ③服务网络完善（海外充电设施同步推进），全球化战略从 "单点突破" 进入 "系统作战" 阶段。 （三）技术落地：研发投入转化为 "产品力"，对冲价格战压力 （一）全球销量：连续四季度压制特斯拉，纯电龙头地位稳固 2025Q3 纯电销量 58.25 万辆，远超特斯拉的 49.71 万辆，领先 8.54 万辆，实现 "2024Q4-2025Q3 连续四季度领先"，全球纯电市场份额进一步提升（估算超 18%）。 前三季度新能源汽车（NEV）总销量 326 万辆，其中纯电 160.6 万辆（占比 49.26%），插混 165.4 万辆，产品结构均衡；对照 2025 年 550 万辆的全年目 标 ...

Core Viewpoint - BYD's revenue reached a record high in the third quarter of 2023, driven by strong overseas market performance, despite a decline in net profit year-on-year [2][4]. Group 1: Financial Performance - In the first three quarters of 2023, BYD's revenue was 566.27 billion yuan, a year-on-year increase of 13%, while net profit was 23.33 billion yuan, a decrease of 7.55% [2]. - In Q3 2023, BYD achieved a net profit of 7.82 billion yuan, a quarter-on-quarter increase of 23% [2]. - BYD's gross margin improved, increasing by 1.6 percentage points quarter-on-quarter [2]. Group 2: Sales and Market Expansion - BYD's global sales reached 3.26 million units in the first nine months of 2023, a year-on-year increase of 18.64%, achieving 70.87% of its annual target of 4.6 million units [2]. - Overseas sales for BYD reached 701,600 units, a staggering year-on-year increase of 132%, covering 117 countries and regions [4]. - BYD plans to establish over 2,000 stores in Europe by the end of 2026, with 120 stores in Germany by the end of this year [5]. Group 3: Research and Development - BYD's R&D expenditure reached 43.75 billion yuan in the first three quarters of 2023, a year-on-year increase of 31%, surpassing Tesla's R&D spending by 10.9 billion yuan [6]. - The cumulative R&D investment by BYD has exceeded 220 billion yuan, leading to the launch of several innovative technologies [6]. - BYD's accounts payable decreased significantly, with a reduction of 8% compared to the beginning of the year, indicating improved cash flow management [6].

| | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比 | | --- | --- | --- | --- | --- | | | | 增减 | | 上年同期增减 | | 营业收入(元) | 194.984.598.000.00 | -3. 05% | 566, 265, 546, 000. 00 | 12.75% | | 归属于上市公司股东的净 | 7,822,640,000.00 | -32. 60% | 23, 333, 173, 000. 00 | -7. 55% | | 利润(元) | | | | | | 归属于上市公司股东的扣 除非经常性损益的净利润 | 6,890, 751, 000. 00 | -36. 65% | | | | | | | 20, 490, 492, 000, 00 | -11. 65% | | (元) | | | | | | 经营活动产生的现金流量 | | 1 | 40,845, 498, 000, 00 | -27. 42% | | 净额(元) | | | | | | 基本每股收益(元/股) | 0.85 | -36. 09% | 2.56 | ...