BYD(SZ:002594) 汽车琰究·2025-08-03 15:23Core Viewpoint - The company reported a slight year-on-year increase in July wholesale sales of new energy vehicles, with a total of 344,000 units sold, reflecting a 0.6% increase year-on-year but a 10.0% decrease month-on-month [2][3]. Sales Performance - In July, the wholesale sales of new energy passenger vehicles reached 341,000 units, showing a year-on-year growth of 0.1% and a month-on-month decline of 9.7%. The decline is attributed to the seasonal slowdown and inventory reduction at the end of the term. Cumulatively, from January to July, the total wholesale sales of new energy passenger vehicles reached 2.454 million units, marking a 26.0% year-on-year increase [3]. - Among the sales, plug-in hybrid vehicles sold 163,000 units, down 22.6% year-on-year and 4.5% month-on-month, while pure electric vehicles sold 178,000 units, up 36.8% year-on-year but down 14.0% month-on-month [3]. Brand Performance - By brand, the sales figures for July were as follows: Dynasty and Ocean series sold 315,000 units, while Tengshi, Fangchengbao, and Yangwang sold 11,365, 14,180, and 339 units respectively. The combined sales of Tengshi, Yangwang, and Fangchengbao accounted for 7.5% of the total sales [3]. International Expansion - The company experienced a significant increase in overseas sales, with 81,000 units exported in July, representing a year-on-year growth of 169.0% but a month-on-month decline of 10.3%. The month-on-month decline was primarily due to increased import tariffs in Brazil starting July 1. Overall, the company is seeing steady growth in international markets, driven by rising demand in regions like Turkey, Brazil, and Europe [4]. - The company plans to enhance its overseas market presence, with the recent opening of a passenger car factory in Brazil and future expansions planned in Uzbekistan, Hungary, Turkey, and Indonesia [4]. Technological Advancements - The company is focusing on high-end product development, with flagship models like Han L and Tang L launched, featuring advanced charging technology that allows for 400 kilometers of range in just 5 minutes of charging. The Fangchengbao Titanium 7, designed as a large SUV for urban families, is expected to launch in Q4 2025 [5]. Financial Projections - The company forecasts revenue growth from 99.08 billion yuan in 2025 to 139.70 billion yuan in 2027, with net profit attributable to shareholders expected to rise from 55.20 billion yuan to 75.33 billion yuan during the same period. The earnings per share (EPS) is projected to increase from 6.05 yuan in 2025 to 8.26 yuan in 2027 [6][8].