BYD(SZ:002594) Mai Gao Zheng Quan·2025-10-24 08:17Investment Rating - The industry investment rating is "Outperform" [1] Core Insights - The report highlights the robust performance of China's automotive exports, particularly in the electric vehicle (EV) segment, with a significant year-on-year growth of 107% in Q3 2025 [2][15] - The Spanish automotive market is recovering, with new car registrations increasing by 14.6% year-on-year in the first eight months of 2025, although still below pre-pandemic levels [2][22] - Chinese brands are gaining market share in Spain, with SAIC MG ranking among the top ten brands in terms of sales [2][29] Summary by Sections 1. Domestic Passenger Car Market Tracking (Q1-Q3 2025) - The wholesale sales of passenger cars in China reached 20.801 million units from January to September 2025, marking a 13.3% increase year-on-year [2][9] - New energy vehicle (NEV) wholesale sales totaled 10.375 million units, up 32.3% year-on-year, indicating strong market performance [2][12] - The export volume of passenger cars in Q3 2025 was 1.512 million units, reflecting a 23.3% increase year-on-year [2][15] 2. Characteristics of the Spanish Automotive Market - In the first eight months of 2025, Spain's new car registrations totaled 769,452 units, a 14.6% increase compared to the previous year [2][22] - NEVs accounted for 18% of total vehicle sales in Spain during the same period, supported by the "MOVES III" subsidy program [2][26] - The number of charging stations in Spain reached 52,107 by Q3 2025, with a total of 13,382 new stations added [2][41] 3. Beneficiaries of Local Manufacturing in Spain - Chery has established a joint venture with Ebro in Spain, marking it as the first Chinese automaker to have a production base in Europe, with the first model, EBRO S700, launched in November 2024 [2][50] - Leap Motor is set to utilize Stellantis' factory in Zaragoza for local production, with plans to start manufacturing in Q3 2026 [2][53] - Leap Motor's sales in Europe reached 13,443 units in the first nine months of 2025, ranking fourth among Chinese brands [2][60]