Ge Long Hui·2025-12-04 07:01Core Viewpoint - BYD's sales in November 2025 reached 480,200 units, a year-on-year decrease of 5.3%, while cumulative sales from January to November totaled 4,182,000 units, reflecting an increase of 11.3% [1] Sales Performance - The sales performance of BYD's brands showed a mixed trend, with the Dynasty and Ocean series, Fangchengbao, Tengshi, and Yangwang achieving sales of 423,600, 37,400, 13,300, and 700 units respectively in November 2025, with year-on-year changes of -12.7%, +339.0%, +32.5%, and +132.8% [1] - Despite overall sales pressure, high-end brands performed exceptionally well, with Fangchengbao, Tengshi, and Yangwang accounting for 10.8% of total sales in November, an increase of 1.2 percentage points year-on-year and 5.8 percentage points month-on-month [1] Export Growth - November's export sales increased by 57.2% month-on-month, indicating that international markets are becoming a new growth engine for sales [1] Product Launches - In Q4 2025, BYD is set to launch several new models, including the Han EV/DM-i long-range version, Leopard 5 long-range version, Leopard 8 five-seater version, Tengshi N8L, and the 2026 model of Xia, with price ranges covering 150,000 to 400,000 yuan, which is expected to further optimize the product structure [1] Globalization and Profitability - The company's globalization efforts are progressing smoothly, with overseas sales expected to continue increasing, thereby enhancing profitability [1] - Due to intense competition in the domestic market, BYD's domestic sales and market share are under pressure, leading to a downward revision of profit forecasts for 2025-2027 to 36.814 billion, 50.726 billion, and 61.462 billion yuan respectively, compared to previous estimates of 55.931 billion, 68.292 billion, and 81.025 billion yuan [1] Valuation - The current stock price corresponds to a price-to-earnings ratio of 23.9, 17.4, and 14.3 times for 2025, 2026, and 2027 respectively, with a maintained "buy" rating [1]