Xin Hua Cai Jing·2025-09-04 09:21Group 1 - BYD has lowered its 2025 sales target by 16% from 5.5 million to 4.6 million units, reflecting a cautious approach amid market pressures [1] - In August, BYD's sales reached 373,000 units, a slight increase of 0.15% year-on-year, while cumulative sales for the first eight months were 2.8639 million units, up 23% [1] - Domestic sales in August faced significant pressure, dropping 14% year-on-year to 293,000 units, while overseas sales surged by 157% to 80,000 units [1] Group 2 - For the first half of 2025, BYD reported revenue of 371.3 billion yuan, a year-on-year increase of 23.3%, but below the expected 403.4 billion yuan by about 8% [2] - The net profit attributable to shareholders was 15.51 billion yuan, a 13.8% increase year-on-year, but significantly lower than the expected 21.1 billion yuan by approximately 26% [2] - The gross margin for the first half was 18%, down 0.8 and 1.8 percentage points year-on-year and quarter-on-quarter, respectively, indicating pressure from industry price wars [2] Group 3 - Deutsche Bank has revised its 2025 net profit forecast for BYD down by 23.3%, estimating sales of 4.7 million units for the same year, while maintaining a buy rating but lowering the target price from 150 to 143 HKD [2] - CMB Securities has also reduced BYD's target price from 170 to 145 HKD, while still recognizing BYD as the most competitive Chinese automaker in global expansion [3] - Analysts expect BYD's operational strategy to change, with a potential rebound in volume, price, and profitability in the third quarter, and a moderate recovery in unit profit expected in the fourth quarter due to seasonal effects [3]