智通财经网·2025-08-05 08:28Core Viewpoint - BYD is expected to exceed its overseas sales target for 2025, with a positive long-term growth outlook in international markets, maintaining an "outperform" rating with target prices of 161.3 RMB for A-shares and 178 HKD for H-shares [1] Group 1: Sales Performance - In July, BYD's sales reached 344,000 units, remaining stable year-on-year, while cumulative sales from January to July totaled 2.49 million units, reflecting a 27% year-on-year increase [1] - Overseas cumulative sales reached 524,000 units, marking a 124% year-on-year increase, driven by deeper market penetration and the establishment of brand presence [1] - Sales of the Fangchengbao and Tengshi models in July were 14,000 and 11,000 units respectively, showing year-on-year increases of 570% and 10%, benefiting from new models like Fangchengbao Titanium 3 and Teng N9 [1] Group 2: Market Expansion and Strategy - In 2024, BYD plans to introduce several executives with experience in overseas automotive companies and will begin product strategy adjustments by the end of 2024, including the introduction of multiple plug-in hybrid models [2] - The company aims to establish 500 sales points in Europe by the end of 2025, up from approximately 250 as of March 2024 [2] - In the first five months of this year, BYD's market share in the European new energy passenger vehicle market increased by 2.8 percentage points to 4%, while its market share in several Southeast Asian countries reached 47%, up 15 percentage points year-on-year [2] - In major South American markets, BYD maintains a high market share of 77% [2] Group 3: Production Capacity - In addition to the factories in Thailand and Uzbekistan that commenced operations in 2024, BYD plans to expand its local production footprint in South America and Europe [2]