塔瓦雷斯无疑是在给特斯拉和马斯克敲响警钟，只是特斯拉及马斯克是否领情，又将如何回应这一言论，GPLP犀牛财经将继续关注。 近日，据外媒报道，斯特兰蒂斯集团（Stellantis）前首席执行官卡洛斯·塔瓦雷斯在接受法国回声报专访时，对特斯拉及其掌门人埃隆·马 斯克提出了尖锐批评。他直言，马斯克将过多精力分散至其他领域，在特斯拉投入时间过少，这无疑是战略上的重大失误。他特别指 出，中国领先的电动汽车制造商，如比亚迪，已在效率和成本控制方面展现出明显优势，正逐步超越特斯拉。在他看来，特斯拉目前估 值过高，若不能及时调整战略、提升竞争力，未来前景堪忧。 塔瓦雷斯大胆预测，马斯克可能会在未来某个阶段彻底离开汽车行业，转而专注于人形机器人、太空探索技术公司（SpaceX）或人工智 能等更具吸引力的领域。他强调，这一可能性不容忽视，一旦马斯克离场，那么特斯拉的发展方向和市场表现都将面临巨大不确定性。 "我不确定特斯拉10年后是否还会存在。"塔瓦雷斯警告称，"尽管特斯拉是一家极具创新力的企业，但中国车企凭借更高的运营效率和更 强的成本优势，正在全球电动车市场中占据主导地位。"他进一步指出，中国汽车制造商在供应链管理、规模化生 ...

Core Viewpoint - BYD Co., Ltd. has announced a new patent for a method of repairing battery packs in vehicles and charging stations, which aims to extend the service life of battery packs and reduce vehicle operating costs [1] Group 1: Patent Details - The patent titled "Repair Method for Battery Packs in Vehicles and Charging Stations" was published on October 31 [1] - The method involves the vehicle sending a repair plan for the battery pack to the charging station or receiving a repair plan from it [1] - This innovation allows for in-situ repairs of battery packs, effectively addressing capacity degradation issues and enhancing user experience [1] Group 2: Benefits - The repair method is designed to prolong the service life of battery packs, which is crucial for electric vehicles [1] - By enabling timely repairs, the method can significantly lower the overall operating costs for vehicle users [1] - The approach improves the overall user experience by ensuring better battery performance and longevity [1]

Group 1 - The core viewpoint highlights that Changzhou High-tech Zone (Xinbei District) has achieved a total import and export volume of 111.62 billion yuan from January to August, representing a year-on-year growth of 27.4%, accounting for 45.6% of the city's total, indicating simultaneous growth in scale, speed, and market share [1] - BYD's new energy vehicles, particularly the "new three samples," have seen an export value of 29.42 billion yuan, a significant increase of 168.5%, becoming the main driver of growth [1] - The BYD Changzhou base has experienced a "double explosion" in production and sales from January to September, with cumulative production and sales exceeding 36 billion yuan, and the production of new energy vehicles reaching 298,400 units, a year-on-year increase of 57.1%, surpassing last year's total production [1] Group 2 - The Changzhou base's export volume and value have both exceeded 50%, doubling compared to the same period last year, with key models like Sea Lion, Sea Leopard, Sea Gull, and Yuan PLUS becoming bestsellers in overseas markets [1] - BYD's second-phase project in Changzhou is progressing rapidly, with a total planned investment of 10 billion yuan, aiming to produce 300,000 sets of core components such as smart powertrains and intelligent cockpits annually, enhancing the regional new energy vehicle industry chain [3] - The project is expected to strengthen the leading effect of BYD, injecting strong momentum into the high-quality development of the new energy industry in Changzhou High-tech Zone and the entire city [3]

Core Viewpoint - Bank of America Securities reports that BYD Electronics (00285) underperformed expectations in Q3, with a net profit of 1.4 billion RMB, reflecting a 27% quarter-on-quarter increase but a 9% year-on-year decrease, only achieving 29% and 27% of the bank's and market's annual forecasts respectively, which is below the 32-38% range of the past three years [1] Financial Performance - Q3 net profit was 1.4 billion RMB, a 27% increase from the previous quarter but a 9% decrease year-on-year [1] - The quarterly gross margin declined by 0.5 percentage points quarter-on-quarter and 1.6 percentage points year-on-year to 6.9% [1] Forecast Adjustments - Bank of America Securities has lowered its earnings forecasts for BYD Electronics for 2025 to 2027 by 4% to 8% to reflect the slowdown in Q3 growth and a lackluster outlook [1] - The target price has been reduced from 45.5 HKD to 40 HKD, while maintaining the 2026 forecast P/E ratio at 14 times [1] Valuation Comparison - The stock is currently trading at a 2026 expected P/E ratio of 13 times, which is significantly lower than the average P/E ratio of 26 times for peers in the Apple supply chain, indicating it is undervalued based on reasonable valuation [1] - The rating has been reaffirmed as "Neutral" based on the valuation assessment [1]

美银证券发布研报称，比亚迪（002594）电子(00285)第三季业绩逊预期，净利14亿元人民币(下同)，按 季增27%，同比减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。季度 毛利率按季下降0.5个百分点，同比下滑1.6个百分点至6.9%。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。将目标价由45.5港元下调至40港元，维持2026 年预测市盈率14倍不变。该股当前交易于2026年预期市盈率13倍，相较苹果供应链同业平均26倍市盈率 仍属低估。基于合理估值，重申"中性"评级。 ...

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]

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。 ...