Xin Lang Cai Jing·2025-10-11 06:52Core Viewpoint - BYD's September sales showed a mild month-on-month increase, with a total of 396,000 new energy vehicles sold, reflecting a year-on-year decrease of 6% and a month-on-month increase of 6% [1] Sales Performance - September's export volume reached 71,000 units, indicating a slowdown in the previous growth trend [1] - The sales performance is influenced by market competition and policy fluctuations [1] Competitive Position - The company maintains strong overall competitiveness and is expected to expand its global market share in the medium term [1] - Concerns regarding the worsening competitive landscape have eased, with the company likely to sustain its leading product capabilities [1] Product Development - Continuous product iteration in the plug-in hybrid and pure electric markets is anticipated to enhance competitiveness [1] Growth Potential - In the medium term, growth is expected to be driven by advancements in intelligence and expansion into overseas markets [1] - The company's scale advantages, highly vertical supply chain, and optimized sales structure are expected to support profit improvement [1] Valuation and Target Price - The valuation is being adjusted, with a projected price-to-sales ratio of 1.1 times for 2026, maintaining a target market value of 1.19 trillion yuan [1] - The A-share target price is set at 130.6 yuan, while the Hong Kong stock target price is 142.7 HKD, considering a premium of 1.0 times [1] - The rating remains "strong buy" [1]