Ge Long Hui A P P·2025-09-01 08:13Core Insights - BYD achieved a net profit attributable to shareholders of 15.51 billion yuan in the first half of the year, representing a year-on-year increase of 13.8%, while the net profit for the second quarter was 6.36 billion yuan, showing a decline of 29.9% [1] - The overseas market has become a new growth driver, but the domestic market is experiencing pressure on growth [1] Sales Performance - In the first half of 2025, BYD's total vehicle sales reached 2.146 million units, a year-on-year increase of 33.0%, with overseas sales accounting for 464,000 units, a year-on-year increase of 130% [1] - The overseas sales represented 21.6% of the company's total sales [1] - Domestic sales in the first half reached 1.682 million units, a year-on-year increase of 19.3%, with second-quarter domestic sales at 887,000 units, showing only a slight increase of 0.7% year-on-year [1] Profit Forecast Adjustments - Due to the current performance and market conditions, the profit forecast for 2025-2027 has been adjusted to 42.5 billion yuan, 55.8 billion yuan, and 66.2 billion yuan, respectively, down from previous estimates of 51.1 billion yuan, 64.1 billion yuan, and 73.9 billion yuan [1] - The domestic economy's pressure on affordable vehicles is expected to persist in the short term, necessitating attention to the company's overseas market expansion and high-end product development [1] Valuation and Rating - Following the implementation of domestic market pressures, the company's valuation has been adjusted downwards, but the firm maintains a "recommend" rating for the company [1]