腾势等公关部回归 比亚迪整合资源再度冲高

Core Viewpoint - BYD Group is restructuring its brand management by integrating the public relations departments of its high-end brands, Tengshi and Fangchengbao, into the group’s brand public relations department, signaling a strategic shift towards high-end market positioning [1][2]. Group 1: Brand Restructuring - The restructuring involves moving the brand public relations departments of Tengshi and Fangchengbao to a secondary department under BYD Group, with leadership changes in both brands [1]. - This move is seen as a response to the underperformance in sales of Tengshi and Fangchengbao, aiming to consolidate resources and enhance brand image amid increasing market competition [1][5]. Group 2: Sales Performance - From January to April this year, Tengshi, Fangchengbao, and Yangwang accounted for only 3.5%, 2.12%, and less than 1% of BYD's total sales, respectively [2]. - In 2023, Tengshi's sales were heavily reliant on the D9 model, which constituted over 75% of its total sales in the first four months of the year [3]. - Fangchengbao's sales have also been disappointing, with the Leopard 5 model experiencing a decline in monthly sales after an initial strong performance [4]. Group 3: Market Challenges - Analysts suggest that BYD's attempts to penetrate the high-end market have not been successful, as evidenced by the low sales figures for its high-end brands [5][7]. - The company faces challenges in overcoming its reputation as a budget-friendly brand, with over 60% of its sales coming from models priced below 150,000 yuan [8][9]. - Consumer perception remains a significant hurdle, with only 12% believing BYD has the characteristics of a high-end brand [8][9]. Group 4: Financial Insights - BYD's net profit per vehicle in Q1 was 870 yuan, reflecting a year-on-year increase but a quarter-on-quarter decrease, indicating potential profitability challenges [9]. - In contrast, competitors like Li Auto have seen significant growth in the high-end market, with a market share of 15.3% in the 200,000 yuan and above segment [9].