枝江希望打造更加完整的新能源产业生态。 近日，比亚迪弗迪电池新能源产业项目正式签约湖北枝江，这是比亚迪在湖北投建的第三个电池项目。湖北因此也成为比亚迪在国内布局最多电池项目的 省份之一。 第一财经记者注意到，比亚迪在湖北选择布局的三个城市——武汉、襄阳、宜昌（枝江）是湖北新能源产业重要聚集地，三大城市基于自身资源和产业基 础形成差异化分工，构建起湖北新能源产业"研发-生产-应用"全链条生态。 50万人小城缘何引来比亚迪？ 据"枝江发布"消息，12月1日上午，比亚迪集团弗迪电池有限公司新能源产业项目签约仪式在枝江举行。 枝江市委书记余峰在签约仪式上表示，比亚迪的到来如同"头雁振翅"，将带动整个新能源产业链在枝江集聚发展。 比亚迪襄阳产业园规划50GWh动储电池产能，一期建成30GWh动力电池及零部件项目，可满足60万辆整车装配，产品供应东风、比亚迪整车厂并出口东 南亚，今年产值有望达到160亿元。武汉基地主攻固态电池、长循环寿命电池等前沿技术。 比亚迪在武汉设立的动力电池研发及中试基地，与武汉理工大学围绕人才培养与技术合作签订校地、校企战略合作协议，可衔接襄阳、枝江生产基地，实 现"研发-中试-量产"快速转化。 ...

Core Viewpoint - BYD's sales in November 2025 reached 480,200 units, a year-on-year decrease of 5.3%, while cumulative sales from January to November totaled 4,182,000 units, reflecting an increase of 11.3% [1] Sales Performance - The sales performance of BYD's brands showed a mixed trend, with the Dynasty and Ocean series, Fangchengbao, Tengshi, and Yangwang achieving sales of 423,600, 37,400, 13,300, and 700 units respectively in November 2025, with year-on-year changes of -12.7%, +339.0%, +32.5%, and +132.8% [1] - Despite overall sales pressure, high-end brands performed exceptionally well, with Fangchengbao, Tengshi, and Yangwang accounting for 10.8% of total sales in November, an increase of 1.2 percentage points year-on-year and 5.8 percentage points month-on-month [1] Export Growth - November's export sales increased by 57.2% month-on-month, indicating that international markets are becoming a new growth engine for sales [1] Product Launches - In Q4 2025, BYD is set to launch several new models, including the Han EV/DM-i long-range version, Leopard 5 long-range version, Leopard 8 five-seater version, Tengshi N8L, and the 2026 model of Xia, with price ranges covering 150,000 to 400,000 yuan, which is expected to further optimize the product structure [1] Globalization and Profitability - The company's globalization efforts are progressing smoothly, with overseas sales expected to continue increasing, thereby enhancing profitability [1] - Due to intense competition in the domestic market, BYD's domestic sales and market share are under pressure, leading to a downward revision of profit forecasts for 2025-2027 to 36.814 billion, 50.726 billion, and 61.462 billion yuan respectively, compared to previous estimates of 55.931 billion, 68.292 billion, and 81.025 billion yuan [1] Valuation - The current stock price corresponds to a price-to-earnings ratio of 23.9, 17.4, and 14.3 times for 2025, 2026, and 2027 respectively, with a maintained "buy" rating [1]

Core Insights - BYD's Tang family of vehicles achieved sales of 13,252 units in November, contributing to a cumulative sales total that has surpassed 880,000 units [1] Group 1 - The Tang family of vehicles continues to show strong market performance with significant monthly sales figures [1] - Cumulative sales exceeding 880,000 units indicate robust demand and market acceptance for BYD's offerings [1]

Investment Rating - The report maintains a "Buy" rating for BYD (002594.SZ) with a current price of 95.05 CNY [3]. Core Insights - The report highlights a significant increase in wholesale sales, with a month-on-month growth of 8.7% in November, driven by strong overseas sales performance [8]. - The company is expected to see revenue growth from 777.1 billion CNY in 2024 to 1,104.5 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 12.6% [2]. - Net profit attributable to shareholders is projected to rise from 40.3 billion CNY in 2024 to 58.6 billion CNY in 2027, reflecting a strong growth trajectory [2]. Financial Forecasts - Revenue Forecast: - 2024: 777.1 billion CNY - 2025: 866.5 billion CNY - 2026: 981.3 billion CNY - 2027: 1,104.5 billion CNY - Growth Rates: 29.0% in 2024, 11.5% in 2025, 13.3% in 2026, 12.6% in 2027 [2]. - Net Profit Forecast: - 2024: 40.3 billion CNY - 2025: 37.2 billion CNY - 2026: 47.5 billion CNY - 2027: 58.6 billion CNY - Growth Rates: 34.0% in 2024, -7.5% in 2025, 27.4% in 2026, 23.4% in 2027 [2]. - Earnings Per Share (EPS): - 2024: 4.42 CNY - 2025: 4.09 CNY - 2026: 5.21 CNY - 2027: 6.43 CNY [2]. - Price-to-Earnings (PE) Ratio: - 2025: 23 - 2026: 18 - 2027: 15 [2]. - Price-to-Book (PB) Ratio: - 2025: 3.3 - 2026: 3.2 - 2027: 2.7 [2]. Sales Performance - In November, BYD's wholesale sales of new energy vehicles reached 480,000 units, a year-on-year decrease of 5.3% but a month-on-month increase of 8.7% [8]. - Cumulative wholesale sales from January to November totaled 4.131 million units, reflecting a year-on-year increase of 10.4% [8]. - The export volume of new energy vehicles in November was 132,000 units, a year-on-year increase of 325.9% and a month-on-month increase of 57.2% [8].

1. 比亚迪电子第四季度业绩预期怎么样？ 截至2025年12月03日，根据朝阳永续季度业绩前瞻数据： 预测公司Q4一致预期营业收入549.69~672.63亿元，同比变动-0.4%~21.9%； 预测公司Q4一致预期净利润11.34~15.46亿元，同比变动-5.7%~28.6%。 关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩鉴定。 | | | | 同比 | 净利润 | 同比 | 调整净利润 | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 卖方预测区间 | | 549.69~672.63 | -0.4%~21.9% | 11.34~15.46 | -5.7%~28.6% | - | | | 平均数 | | 582.71 | 5.6% | 12.35 | 2.7% | - | -- | | 中位数 | | 570.67 | 3.4% | 11.86 | -1.3% | - | - | | 中信建投 | 2025-12-01 | 596.07 | 8.0% | 11.58 | -3.7% | -- | | | ...

比亚迪股份(01211.HK)11月汽车销量480186辆，去年同期506,804辆。今年1-11月，汽车销量418万辆， 同比增长11.3%。公司2025年11月新能源汽车动力电池及储能电池装机总量约为27.669GWh，2025年累 计装机总量约为258.282GWh。 ...

Core Insights - BYD has entered the top five in monthly car sales in South Korea, surpassing brands like Lexus, Toyota, and Volkswagen [1] - The total number of new registrations for imported passenger cars in November was 29,357, marking a 23.4% increase year-on-year and a 22% increase month-on-month [1][2] - Cumulative registrations from January to November reached 278,769, up 16.3% compared to the same period last year [1] Brand Performance - Tesla led the brand registrations with 7,632 units, followed by BMW with 6,526 units, and Mercedes-Benz with 6,139 units [1] - BYD registered 1,164 units, moving up to fifth place, overtaking Lexus which registered 1,039 units [1] - The ranking of brands saw BMW and Mercedes-Benz drop from first and second to second and third respectively, while Tesla moved to the first position [1] Vehicle Types - The best-selling model was Tesla Model Y with 4,604 units, followed by Mercedes-Benz E 200 with 1,658 units [2] - Electric vehicles accounted for 10,757 units (36.6%), while hybrid vehicles totaled 15,064 units, gasoline vehicles 3,210 units, and diesel vehicles 326 units [2] - By region, Europe had the highest registrations at 17,996 units (61.3%), followed by the United States with 8,139 units (27.7%) [2] Market Dynamics - The increase in new registrations in November was attributed to a base effect from the previous month’s lower registrations due to the Chuseok holiday and active marketing efforts from various brands [2]

Core Insights - The November sales data highlights the strong performance of China's electric vehicle (EV) industry, with BYD achieving a record monthly sales of 480,000 units, marking a year-high [1] - BYD's cumulative sales for the first eleven months reached 4.182 million units, reflecting a year-on-year growth of 11.3%, maintaining its leading position in the industry [1] - A divergence in performance is noted between Chinese automakers, led by BYD, and foreign giants, with the former showing robust growth while the latter struggles [1][4] Sales Performance - In November, BYD's sales reached 480,000 units, while other major players like SAIC and Geely also reported strong sales figures [1] - BYD's cumulative sales for the first eleven months of the year reached 4.182 million units, a year-on-year increase of 11.3% [1] R&D Investment - BYD's R&D expenditure for the first three quarters of the year was 43.7 billion yuan, a 31% increase year-on-year, positioning it as a leader in R&D investment among global automakers [1][4] - Over the past decade, BYD has invested over 220 billion yuan in R&D, consistently prioritizing technology as a core strategy [4] - In contrast, traditional foreign automakers like Volkswagen and BMW have reduced their R&D spending, indicating a more conservative approach to innovation [4] Technological Advancements - BYD has introduced innovative technologies such as the Tian Shen Eye driver assistance system and the Super e-platform, enhancing its product competitiveness [6] - The company ranks second globally in electric vehicle battery usage, with a total of 55.1 GWh in the third quarter, reflecting a year-on-year growth of 28.4% [6] Market Expansion - BYD's energy storage systems have positioned it among the top three globally, with significant projects like the largest energy storage project in Germany [7] - The company has seen a 136% year-on-year increase in overseas sales, reaching 700,000 units in the first three quarters, contributing significantly to its growth [11] Brand Development - BYD's high-end brand strategy has led to rapid increases in sales and market share, enhancing its global influence and technological authority [9] - The U9 Xtreme model has set a world record for electric vehicles, showcasing BYD's technological prowess and elevating the brand's status in the automotive industry [9]

Investment Rating - The investment rating for BYD is maintained as "Buy" [2][6]. Core Views - The report highlights that BYD's export sales increased significantly, with a month-on-month growth of 57.2%, indicating that international expansion is driving the recovery of profitability [5][6]. - Despite a year-on-year decline of 5.3% in domestic sales for November 2025, the cumulative sales for the first eleven months of 2025 showed an increase of 11.3% compared to the previous year [5]. - The report emphasizes the strong performance of high-end brands, which accounted for 10.8% of total sales in November 2025, driven by successful new product launches [5]. Summary by Sections Sales Performance - In November 2025, BYD achieved total sales of 480,200 vehicles, with a cumulative total of 4,182,000 vehicles sold from January to November 2025 [5]. - The sales breakdown by brand shows that the Dynasty and Ocean series, along with other high-end models, performed well despite overall sales pressure [5]. Export Growth - BYD's export sales of new energy vehicles reached 131,900 units in November 2025, reflecting a year-on-year increase of 325.9% and a month-on-month increase of 57.2% [5]. - The export sales accounted for 27.5% of total sales in November, up from 19.0% in October 2025 [5]. Product Development - The report notes a rapid pace of new product launches in Q4 2025, with several mid-to-high-end models introduced, which are expected to enhance the product mix and drive sales growth [5]. - High-end models like the Fangcheng Leopard and Tengshi series have shown strong market acceptance, contributing to the overall sales performance [5]. Financial Forecast - The forecast for BYD's net profit for 2025-2027 has been adjusted to 36.814 billion, 50.726 billion, and 61.462 billion yuan respectively, reflecting a downward revision due to intense domestic competition [6]. - The current stock price corresponds to a price-to-earnings ratio (P/E) of 23.9 for 2025, 17.4 for 2026, and 14.3 for 2027 [6].

Core Insights - BYD remains the absolute leader in China's automotive sales, but its growth rate has slowed compared to previous years [1][3] - Geely has achieved a new high in growth driven by new energy vehicles [1][3] - Chery maintains its position as the domestic passenger car brand with the highest overseas exports [1][3] Sales Performance - In November, BYD sold 480,200 vehicles, a year-on-year decrease of 5.25%; Geely sold 310,400 vehicles, a year-on-year increase of 24%; Chery sold 255,800 vehicles, a year-on-year decrease of 2% [1][3] - For the first 11 months, BYD's cumulative sales reached 4.182 million vehicles, a year-on-year increase of 11.3%; Geely's cumulative sales were 2.7878 million vehicles, a year-on-year increase of 42%; Chery's cumulative sales reached 2.3991 million vehicles, a year-on-year increase of 11% [1][3] Year-End Sales Targets - BYD's initial sales target for the year was 5.5 million vehicles, later adjusted to 4.6 million; it needs to sell 400,000 vehicles in December to meet this target [3] - Geely's initial target was 2.71 million vehicles, raised to 3 million; it only needs to maintain November's sales level to exceed this target [3] - Chery's target was to achieve a growth rate exceeding the industry average of 10-20%, with a projected sales target of 3.18 million to 3.45 million vehicles; achieving this seems unlikely based on current performance [3] New Energy Vehicle Sales - BYD continues to lead globally in new energy vehicle sales, with all its vehicles being new energy types; Geely's November new energy vehicle sales reached 187,800, a year-on-year increase of 53.36%; Chery's new energy vehicle sales were 110,000, a year-on-year increase of 50% [5] - For the first 11 months, Geely's cumulative new energy vehicle sales were 1.5335 million, a year-on-year increase of 97.35%; Chery's cumulative new energy vehicle sales were 814,700, a year-on-year increase of 69.4% [5] Export Performance - In November, BYD exported 131,930 vehicles, with a cumulative export of 917,000 vehicles for the first 11 months, doubling from the previous year; Chery exported 131,850 vehicles in November, with a cumulative export of 1.1996 million vehicles, a year-on-year increase of 14.7%; Geely exported 42,100 vehicles, with a cumulative export of 379,800 vehicles [5][7] - BYD's export volume accounted for approximately 22% of its total sales; Chery's export volume exceeded 50% of its total sales; Geely's export volume accounted for less than 15% [7] Strategic Insights - BYD's complete transition to new energy vehicles gives it a significant market advantage, although its growth has slowed due to high previous year bases; Geely and Chery are accelerating their new product launches and catching up in sales, particularly in new energy vehicles [7] - Chery leads in both total export volume and export percentage, while BYD is expanding its overseas market significantly faster than its domestic market, indicating a shift in its global strategy; Geely is consolidating its brand and has not significantly expanded its overseas business [7]