Xin Lang Cai Jing·2025-10-09 12:30Core Insights - BYD's passenger car sales are projected to exceed 4.25 million units in 2024, with models priced below 200,000 yuan accounting for 84.3% of total sales, indicating that affordable models remain the core support for BYD's scale [1] - The launch of the Tengshi D9 in 2022 marked the beginning of BYD's high-end strategy, followed by the introduction of the Yangwang and Fangchengbao brands, establishing a clear brand hierarchy [1] - In the first half of 2025, total sales of high-end brand series reached 142,000 units, reflecting a robust year-on-year growth of 69.9% [1] Industry Dynamics - Traditional luxury brands like BBA (Benz, BMW, Audi) have established their high-end image through a combination of historical legacy, technological prowess, and brand management, focusing on long-term brand value rather than short-term sales [1] - The success of Li Auto in the high-end market is attributed to its precise product definition targeting family usage scenarios, offering differentiated configurations that lead to a competitive product advantage [2] - The high-end image of the AITO brand is driven by IP empowerment and advanced driving technology, leveraging Huawei's global influence in communication and technology [2] Strategic Developments - BYD's high-end strategy is built on a foundation of technology, brand differentiation, and global expansion, utilizing a three-tier brand matrix for precise market coverage [2] - The Tengshi brand leverages disruptive technologies to create a full product matrix across sedans, SUVs, and MPVs, while Fangchengbao targets the personalized market with advanced technology [2] - BYD plans to invest 5 billion yuan to build the world's first all-terrain professional racetrack, aiming to foster automotive culture in the new energy era [2] Investment Outlook - BYD is refining its high-end strategy through trial and error, returning to a larger vehicle strategy, with expectations that technological advancements will drive sales growth [3] - The "全民智驾" (Universal Intelligent Driving) strategy is anticipated to accelerate brand high-endization, potentially expanding revenue and profit margins, with sustained improvement in mid-to-long-term profitability [3]