三季度卖车超111万辆，比亚迪要“求稳”

Core Viewpoint - BYD maintains its global leadership in electric vehicle sales, but faces challenges from intensified domestic competition, cost pressures, and increased R&D investments, while overseas business growth serves as a crucial support for its performance [1][3]. Sales Performance - In Q3, BYD's total new energy vehicle sales reached 1.1142 million units, with pure electric vehicle sales at 582,500 units, surpassing Tesla's 497,100 units by over 80,000 units for the fourth consecutive quarter [3]. - Cumulatively, sales for the first three quarters reached 3.2601 million units, a year-on-year increase of 18.64%, with overseas markets contributing significantly, exporting 701,600 units, a 132% increase year-on-year, accounting for 21.52% of total sales [3]. - However, there are signs of slowing sales growth, with monthly sales growth rates declining to 0.56% in July, 0.15% in August, and a 5.52% decrease in September, leading to high inventory levels of 152.973 billion yuan, a 31.83% year-on-year increase [3][6]. Financial Performance - In Q3, BYD reported revenue of 194.985 billion yuan and a net profit attributable to shareholders of 7.823 billion yuan, with a basic earnings per share of 0.85 yuan. For the first three quarters, total revenue reached 566.266 billion yuan, a year-on-year growth of 12.75% [6]. - The revenue growth of 12.75% contrasts with the 18.64% sales growth, primarily due to declining unit revenue amid intense industry competition, with price cuts from competitors like Tesla and Geely affecting profit margins [6]. - R&D investments increased to 43.748 billion yuan, a 31.3% year-on-year rise, impacting profitability but aimed at strengthening market position in smart driving and solid-state battery technologies [6][9]. Industry Dynamics - The gradual reduction of domestic new energy subsidies has diminished profit support for automakers, while potential risks from EU carbon tariffs and increased competition from joint venture brands add uncertainty to the market [7]. - BYD's breakthroughs in overseas markets and substantial R&D investments are expected to lay a solid foundation for future growth, focusing on local production and adapting to regional policies [9]. - The key challenge for BYD will be to maintain its sales leadership while enhancing profitability through cost reduction and premium pricing in overseas markets [9].