Soochow Securities·2026-02-02 23:30Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - In January 2026, BYD's sales decreased both year-on-year and month-on-month, continuing its push towards high-end products and exports [8] - The company sold 210,000 vehicles in January, representing a year-on-year decline of 30% and a month-on-month decline of 50% [8] - The forecast for 2026 sales is 5.12 million vehicles, an 11% increase year-on-year, with exports expected to reach 1.5 to 1.6 million vehicles, a growth of 44% to 53% [8] - The share of pure electric vehicles is increasing, with January sales of plug-in hybrid vehicles at 122,000 units, accounting for 59% of total sales [8] - BYD's battery installations in January increased by 30% year-on-year, with significant growth in external battery supply and energy storage business [8] - The company anticipates a total ASP (average selling price) increase due to higher prices in high-end and overseas markets [8] Financial Projections - Total revenue is projected to reach RMB 887.06 billion in 2026, with a year-on-year growth of 5.68% [1] - Net profit attributable to shareholders is expected to be RMB 45.04 billion in 2026, reflecting a year-on-year increase of 28.65% [1] - The earnings per share (EPS) for 2026 is estimated at RMB 4.94, with a price-to-earnings (P/E) ratio of 17.82 [1] - The company’s net profit for 2025 is revised to RMB 35.01 billion, a decrease of 13.03% year-on-year [8]