比亚迪，5663亿创新高

Core Insights - BYD's revenue reached a record high of 566.27 billion yuan in the first three quarters of this year, marking a 13% year-on-year increase, while net profit decreased by 7.55% to 23.33 billion yuan [2] - The company achieved a net profit of 7.82 billion yuan in the third quarter, reflecting a 23% quarter-on-quarter growth, and improved gross margin by 1.6 percentage points [2] - BYD's global sales reached 3.26 million units, an 18.64% increase year-on-year, achieving 70.87% of its annual target of 4.6 million units [2] Overseas Market Expansion - The overseas market has become a significant growth engine for BYD, with overseas sales reaching 701,600 units, a staggering 132% year-on-year increase, covering 117 countries and regions [4] - BYD's substantial investment in overseas markets is a key factor behind this growth, including the launch of its 14 millionth electric vehicle in Brazil [4] Strategic Partnerships and Local Operations - In August, BYD formed a strategic partnership with Finnish automotive dealer Veho Group to enhance its sales and service network in Finland [5] - BYD is also building an assembly plant in Malaysia, expected to commence production in 2026, and plans to establish over 2,000 stores in Europe by the end of 2026 [6] Research and Development Investment - BYD's R&D expenditure reached 43.75 billion yuan in the first three quarters, a 31% increase year-on-year, surpassing Tesla's R&D investment by 10.9 billion yuan [8] - The company has introduced several groundbreaking technologies, including the Tian Shen Eye driver assistance system and the Super e-platform, contributing to steady sales growth [8] Financial Health - BYD's accounts payable and notes payable decreased significantly, with a reduction of 8% to 225.02 billion yuan by the end of September [8] - Citigroup's latest report forecasts BYD's sales to reach 4.67 million and 5.39 million units in the next two years, driven by high-end brand growth and strong overseas sales [8]