Core Insights - BYD's high-end brand Tengshi officially launched the N8L model, priced at 299,800 yuan and 329,800 yuan for the two variants, which is a reduction of 20,000 yuan from the pre-sale price announced in late September, targeting the 300,000 yuan segment of the new energy large six-seat SUV market [2][3] Group 1: Product Positioning and Features - The N8L is a strategic model for Tengshi, complementing the N9 to form a flagship dual-star matrix, with the N8L focusing on the mainstream family market while the N9 targets the high-end business segment [3] - The N8L features a "Yisanfang" three-motor system, weighs 3 tons, and boasts performance enhancements such as a turning radius of only 4.58 meters due to its dual-chamber air suspension and intelligent road preview system [3] - The vehicle is equipped with the DiPilot300 advanced driver-assistance system and has a pure electric range of 230 km with a dedicated blade battery for plug-in hybrids [3] Group 2: Sales Performance and Market Challenges - Tengshi's sales heavily rely on the D9 model, which has contributed over 68% of the total sales of 108,800 units in 2023, indicating a lack of performance from other models [4][5] - The N7 model launched in 2023 has seen a drastic decline in sales, with only 98 units sold in September 2025, a 95% drop from its initial peak [7] - The N9 model also experienced a decline in sales after an initial strong performance, indicating a potential issue with sustaining momentum in the market [7] Group 3: Future Outlook and Production Plans - The launch of the N8L is part of Tengshi's strategy to strengthen its market position and diversify its product lineup, with plans for new models and a facelift for the D9 in the coming year [8][9] - The company has reported strong initial order interest for the N8L, leading to increased production efforts to meet demand [8][9]

10月28日，比亚迪旗下高端品牌腾势新车N8L正式上市，新车有尊荣型与旗舰型两款，官方指导价分别 为29.98万元和32.98万元。这一价格较9月底公布的预售起步价降低2万元，直接切入30万级新能源大六 座SUV市场。 作为腾势今年最重要的战略车型，N8L将和N9一起构成旗舰双子星矩阵。不同于N9覆盖39万元至45万 元的高端商务市场，N8L则补位主流家庭刚需市场，形成全价格带覆盖体系。腾势汽车总经理李慧在上 市中明确产品定位："腾势N9是科技安全旗舰SUV，而腾势N8L则是聚焦家庭的安全豪华SUV。" N8L全系标配"易三方"三电机系统，受三电机布局影响，新车整备重量达3吨，但换取了多项性能突 破：配合云辇-A双腔空气悬架与智能路面预瞄2.0系统，转弯半径仅为4.58米。 辅助驾驶方面，腾势N8L搭载天神之眼B—辅助驾驶激光版（DiPilot300），天神之眼B辅助驾驶系统则 是采用了一段式端到端大模型。续航方面，腾势N8L搭载插混专用刀片电池，CLTC纯电续航里程 230km。 安全性上，腾势N8L的笼式车身，关键区域采用2000MPa材质，强度是高铁轨道钢的2倍，单边车顶最 大承压达到14.3吨。配合全 ...

Investment Rating - The investment rating for BYD is "Buy-A" with a 6-month target price of 135.70 CNY per share [5][8]. Core Views - The report indicates that BYD's Q3 2025 performance shows a slight decline in revenue but an improvement in profitability, with expectations for continued recovery in sales volume and profit margins [1][5]. - The company is expected to benefit from a traditional sales peak in Q4, new model launches, and an improved sales structure, which should enhance profitability [5][8]. Revenue Summary - In Q3 2025, BYD achieved automotive revenue of 152.3 billion CNY, down 3% year-on-year and quarter-on-quarter, primarily due to a decline in sales volume and changes in sales structure [2]. - The total vehicle sales for Q3 2025 were 1.106 million units, reflecting a decrease of 2.1% year-on-year and 1.9% quarter-on-quarter [2]. Profit Summary - The automotive gross margin for Q3 2025 was 20.6%, a decrease of 2.7 percentage points year-on-year but an increase of 1.9 percentage points quarter-on-quarter, attributed to the recovery of terminal discounts and decreasing costs [3]. - The net profit for Q3 2025 was 7.8 billion CNY, down 33% year-on-year but up 23% quarter-on-quarter [1][3]. Cash Position - As of the end of Q3 2025, BYD had cash and cash equivalents totaling 117.5 billion CNY, significantly up from 65.8 billion CNY at the end of Q3 2024, indicating a strong cash reserve [4]. Outlook Summary - The company anticipates a recovery in both sales volume and profit margins, driven by new model launches and adjustments in pricing strategies [5]. - The high-end product line and international expansion are expected to contribute positively to sales and profitability in the coming years [5].

Core Insights - BYD reported strong financial performance in Q3 2025, with revenue of 194.99 billion yuan and a net profit of 7.82 billion yuan, reflecting a quarter-on-quarter growth of 23.08% and an increase in gross margin by 1.34 percentage points [1] - For the first three quarters of 2025, BYD achieved a revenue of 566.27 billion yuan, marking a year-on-year growth of 12.75%, setting a new record for the same period [1] - BYD maintained its leading position in the domestic automotive market, with a retail sales share of 14.9% and 28.7% in the new energy vehicle sector, selling 3.26 million new energy vehicles, a year-on-year increase of 18.64% [1][2] Financial Performance - In Q3 2025, BYD's revenue reached 194.99 billion yuan, with a net profit of 7.82 billion yuan, indicating a quarter-on-quarter growth of 23.08% [1] - The total revenue for the first three quarters was 566.27 billion yuan, showing a year-on-year increase of 12.75% [1] - The gross margin improved by 1.34 percentage points compared to the previous quarter [1] Sales and Market Position - BYD sold 3.26 million new energy vehicles in the first three quarters, with pure electric vehicle sales at 1.61 million units (up 37.31%) and plug-in hybrid vehicle sales at 1.61 million units (up 2.94%) [1] - BYD ranked first among domestic automakers with a retail sales share of 14.9% and held a dominant position in the new energy vehicle market with a 28.7% share [1][2] International Expansion - BYD's overseas sales of new energy vehicles reached 464,300 units in the first half of the year, a significant year-on-year increase of 128.25% [2] - In Q3, BYD exported a total of 232,800 new energy vehicles [2] - The launch of the K-EV BYD RACCO at the Tokyo Motor Show and the introduction of the Sea Lion 06DM-i in Japan are part of BYD's strategy to expand its international market presence [2] Research and Development - BYD's R&D expenses for the first three quarters amounted to 43.75 billion yuan, a year-on-year increase of 31.30%, significantly exceeding its net profit of 23.33 billion yuan [2] - Cumulatively, BYD has invested over 220 billion yuan in R&D, leading to the development of innovative technologies such as the Tian Shen Eye driver assistance system and the Super e-platform [2][3] Product Innovation and Strategy - Smart models have become the main sales drivers for BYD, with over 1.7 million units equipped with the Tian Shen Eye system sold since its launch [3] - BYD has committed to ensuring safety and loss coverage for smart parking scenarios, reflecting its confidence in technology [3] - Analysts predict that BYD's sales will reach 4.67 million and 5.39 million units in the next two years, driven by high-end brand growth and strong overseas sales [3]

研发投入方面，公司持续加码技术创新。2025年1-9月，研发费用达437.48亿元，较上年同期增长31.3%，主要用于职工薪酬及物料消耗增加；截至9月 末，开发支出达31.48亿元，较上年末激增519.65%，体现公司在核心技术领域的高强度投入，为产品竞争力提升奠定基础。 | | 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 | | --- | --- | --- | --- | --- | | | | 増減 | | 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) | | | | | | ...

Core Viewpoint - BYD Electronics (00285) is expected to face performance challenges in Q3 and Q4 of 2025 due to changes in metal casing materials from US clients and a slowdown in BYD automotive shipments. However, strong growth is anticipated in the metal casing business by 2026, driven by foldable titanium alloy phone casings, along with breakthroughs in AI server business from liquid cooling systems and high-voltage direct current modules. The company is expected to achieve sustainable growth through multiple driving factors [1] Financial Projections - The target price for BYD Electronics has been revised down from HKD 52.9 to HKD 48 [1] - Earnings forecasts for 2025, 2026, and 2027 have been reduced by 8%, 9%, and 10% respectively [1] Market Position - The company maintains a "Outperform" rating despite the downward adjustments in earnings forecasts [1]

Core Viewpoint - The report from Credit Lyonnais indicates that BYD Electronics (00285) will face challenges in Q3 and Q4 of 2025 due to changes in metal casing materials for U.S. clients and a slowdown in BYD's automotive shipments. However, a strong growth in the metal casing business is expected in 2026, driven by foldable titanium alloy phone casings, along with breakthroughs in AI server business from liquid cooling systems and high-voltage DC modules. The company is anticipated to achieve sustainable growth through multiple driving factors. The rating remains "Outperform," but profit forecasts for 2025 to 2027 have been lowered by 8%, 9%, and 10%, respectively, with the target price adjusted from HKD 52.9 to HKD 48 [1]. Group 1 - BYD Electronics' performance in Q3 and Q4 of 2025 will be impacted by changes in metal casing materials and a slowdown in automotive shipments [1] - Strong growth in the metal casing business is anticipated in 2026, primarily driven by foldable titanium alloy phone casings [1] - Breakthroughs in AI server business are expected from liquid cooling systems and high-voltage DC modules [1] Group 2 - BYD Electronics is projected to achieve sustainable growth through multiple driving factors [1] - The rating for BYD Electronics remains "Outperform" despite the adjustments in profit forecasts [1] - Profit forecasts for 2025 to 2027 have been reduced by 8%, 9%, and 10%, with the target price revised to HKD 48 [1]

Core Insights - Morgan Stanley's report indicates that BYD's (1211.HK) third-quarter profit fell by 33% year-on-year, which was below market expectations, but showed a recovery of 23% compared to the second quarter [1] - The automotive business unit profit reached approximately 6,100 RMB, an improvement from 4,800 RMB in the second quarter, yet still below market expectations [1] - The gross margin increased by 1.3 percentage points to 17.6% quarter-on-quarter, attributed to reduced discounts in the Chinese market and lower costs for the autonomous driving system, offsetting the impact of decreased overseas sales [1] - The third-quarter performance did not surprise investors but aligned with previously lowered market expectations, with ongoing focus on overseas business progress, next year's new product cycle, and potential sales policies in response to the 2026 increase in new energy vehicle purchase tax [1] - Morgan Stanley maintains an "Overweight" rating with a target price of 130 HKD [1]

周四，比亚迪发布三季度业绩公告，以下是报告要点： 第三季度营收1950亿元，同比下降3.05%，为近期首次单季度收入负增长；归母净利润78.2亿元，同比暴跌32.6% 前三季度营收5663亿元，同比增长12.75%；归母净利润233亿元，同比下降7.55% 扣非净利润205亿元，同比下降11.65%；经营性现金流408亿元，同比大降27.42% | | 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, ...

里昂予比亚迪的港股目标价140港元，基于2026年19倍预估每股盈利，此估值高于历史均值，评级"高度 确信跑赢大市"。里昂认为此溢价合理，因比亚迪具备明确的产品管线成长能见度、供应链优势，以及 在智能驾驶领域的显著进步，这些要素将推动其转型为汽车+智能综合巨擘。 里昂发表研报指，比亚迪上季业绩符合预期，第三季每辆车GAAP(公认会计原则)利润为6200元，较第 二季有所上升，符合市场预期，此改善主要得益于25.82万辆汽车(滞后三个月)的强劲出口量。里昂测 算，比亚迪第三季折扣系数为86%，高于第二季的78%，显示价格策略更趋纪律化。边际方面，比亚迪 第三季毛利率为17.6%，优于第二季度的16.3%。 ...