Zhongyuan Securities·2025-09-03 11:32Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [16][28]. Core Views - The company achieved a revenue of 371.28 billion yuan in the first half of 2025, representing a year-on-year growth of 23.30%, with a net profit attributable to shareholders of 15.51 billion yuan, up 13.79% year-on-year [6][7]. - The company continues to expand its global presence, with overseas revenue reaching 135.36 billion yuan, a significant increase of 50.49% year-on-year, accounting for 36.46% of total revenue [11]. - The company is investing heavily in R&D, with expenditures of 30.88 billion yuan in the first half of 2025, marking a 53.05% increase year-on-year, which enhances its competitive edge in electric and intelligent vehicle technologies [12]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 200.92 billion yuan, a year-on-year increase of 14.04%, but a net profit of 6.36 billion yuan, down 29.86% year-on-year [6][7]. - The gross profit margin for the first half of 2025 was 18.01%, a decrease of 2 percentage points compared to the previous year, primarily due to increased competition in the automotive market [13]. Sales and Market Position - The company sold 2.146 million new energy vehicles in the first half of 2025, a growth of 33.04% year-on-year, increasing its market share to 13.7%, up 2.2 percentage points [7][8]. - The multi-brand strategy, including brands like "BYD," "Equation Leopard," "Tengshi," and "Yangwang," has successfully catered to diverse consumer needs, contributing to sustained sales growth [8][10]. Global Expansion - The company has accelerated its global expansion, with products now available in over 110 countries and regions, and has established local manufacturing and R&D facilities in various international markets [11][12]. Technological Innovation - The company is focused on continuous innovation in electric and intelligent vehicle technologies, with significant investments in R&D to maintain its leadership position in the global automotive industry [12][14].