2 1 Shi Ji Jing Ji Bao Dao·2025-05-21 10:59Core Viewpoint - BYD's stock prices have reached new historical highs in both A-shares and H-shares, reflecting strong market performance and investor confidence in the company's overseas expansion strategy [1][2]. Group 1: Stock Performance - On May 21, BYD's A-shares closed above 400 CNY per share, with an intraday high of 404 CNY, marking a significant milestone [1]. - BYD's H-shares also saw a notable increase, closing at 462.6 HKD per share with a daily gain of 4.05% [1]. - The H/A premium for BYD has risen to approximately 6.4%, indicating a strong preference for H-shares among investors [1][3]. Group 2: Overseas Expansion - BYD has successfully entered over 110 countries and regions with its electric vehicles, achieving a 72% year-on-year increase in overseas sales of passenger cars in 2024 [4]. - In Q1 2025, BYD's overseas sales of passenger cars and pickups exceeded 200,000 units, representing a 110% year-on-year growth [4]. - In April 2023, BYD's sales in key markets such as Brazil, Turkey, and Australia demonstrated significant growth, with sales figures of 8,485, 5,397, and 3,207 units respectively [4]. Group 3: Competitive Positioning - BYD has outperformed Tesla in several European markets, with sales in the UK and Italy reaching nearly five times and four times that of Tesla, respectively [4]. - The company's competitive advantage is attributed to its cost-effectiveness, local production capabilities, and strategic partnerships in Europe [5]. Group 4: Production Capacity and Investments - BYD has established production facilities in Thailand and Uzbekistan, with additional factories in Brazil and Hungary set to commence operations soon [6]. - The company plans to achieve close to one million units in overseas production capacity by the end of 2025, with specific annual capacities outlined for various locations [6]. - Recent reports indicate that BYD has ordered eight roll-on/roll-off ships to enhance its vehicle transportation capabilities [6]. Group 5: Investor Interest - Over the past 60 trading days, major brokers have net purchased approximately 12.77 million shares of BYD, amounting to around 49 billion HKD [7]. - Citibank has raised its target prices for BYD's shares, reflecting positive sentiment regarding the company's export growth and market positioning [7].