研报掘金丨民生证券:维持比亚迪“推荐”评级,9月批发环比回升,高端化稳步突破
Ge Long Hui A P P·2025-10-09 06:18

Core Viewpoint - BYD's wholesale sales of new energy vehicles in September reached 396,000 units, showing a year-on-year decline of 5.5% but a month-on-month increase of 6.1% [1] Sales Performance - New energy passenger vehicle wholesale sales totaled 393,000 units, reflecting a year-on-year decrease of 5.9% and a month-on-month increase of 5.8% [1] - Breakdown of sales by brand in September includes: - Dynasty series: 356,000 units - Ocean series: 12,407 units - Tengshi: 24,121 units - Fangchengbao: 758 units [1] Product Development - The Fangchengbao Titanium 7 is driving brand sales upward with a focus on high-end market penetration [1] - The vehicle features a rugged "boxy" design, a wheelbase of 2,920mm, and excellent space performance [1] - Standard features include a luxury chassis with front double wishbone and rear five-link suspension, full leather seats, and seat ventilation and heating [1] - High-end models are equipped with advanced driving assistance technology, including laser radar and NVIDIA Orin-X chip, supporting high-level functions like highway NOA, automatic lane change, and memory parking [1] - The first week of orders for the Fangchengbao Titanium 7 exceeded 10,000 units, contributing to the brand's high-end strategy [1] Outlook - The company is expected to enhance its product and brand strength through technology-driven initiatives and accelerate its international expansion while steadily moving towards high-end offerings [1]

BYD-研报掘金丨民生证券:维持比亚迪“推荐”评级,9月批发环比回升,高端化稳步突破 - Reportify