Ge Long Hui A P P·2025-08-06 07:17Core Viewpoint - BYD's July sales showed a month-on-month decline while accelerating its high-end and export strategies [1] Sales Performance - In July, BYD sold 344,000 vehicles, representing a month-on-month increase of 0.6% but a year-on-year decrease of 10% [1] - Cumulative sales from January to July reached 2.49 million vehicles, a year-on-year increase of 27%, including 540,000 units sold overseas, which is a year-on-year increase of 133% [1] International Expansion - BYD's factory in Thailand has commenced production, while the Hungary factory is expected to start production between the end of this year and Q2 next year, and a factory in Brazil is currently under construction [1] Pricing and ASP - The average selling price (ASP) is expected to increase due to higher prices in both high-end and overseas markets [1] Battery Installation and Supply - In July, battery installations increased by 35% year-on-year, with external battery supply continuing to grow significantly [1] - BYD installed 22.4 GWh of batteries in July, reflecting a month-on-month increase of 35% but a year-on-year decrease of 17% [1] - Cumulative battery installations from January to July reached 156.9 GWh, a year-on-year increase of 76%, benefiting from increased battery capacity per vehicle and external battery supply [1] - The total battery installation for the year is expected to be between 290-300 GWh, representing a year-on-year increase of 50% [1] Investment Rating - The company is given a target price of 149 yuan with a valuation of 26 times earnings for 2025, maintaining a "buy" rating [1]