BYD(SZ:002594) 汽车琰究·2025-11-04 14:53Event Overview - The company reported October production and sales data, with wholesale sales of new energy vehicles reaching 442,000 units, a year-on-year decrease of 12.1% but a month-on-month increase of 11.5% [2] - New energy passenger vehicle wholesale sales were 437,000 units, down 12.7% year-on-year but up 11.1% month-on-month [3] Sales Performance - The increase in month-on-month sales is attributed to a recovery in terminal demand and the recent launch of several updated models [3] - Cumulative wholesale sales of new energy passenger vehicles from January to October reached 3.702 million units, a year-on-year increase of 13.9% [3] - Plug-in hybrid vehicle sales in October were 214,000 units, down 31.1% year-on-year but up 14.0% month-on-month; pure electric vehicle sales were 223,000 units, up 17.4% year-on-year and 8.5% month-on-month [3] Brand Development - The company has made significant adjustments to its high-end brand strategy, particularly for the Tengshi brand, to enhance brand system construction and overcome high-end bottlenecks [4] - The launch of the Fangchengbao Titanium 7 SUV has driven brand sales upward, with over 10,000 orders in the first week [4] International Expansion - In October, new energy vehicle exports reached 84,000 units, a year-on-year increase of 169.0% and a month-on-month increase of 17.8% [5] - Cumulative exports from January to October totaled 781,000 units, up 137.3% year-on-year [5] - The company is expanding its overseas market presence, with new factories planned in Brazil, Uzbekistan, Hungary, Turkey, and Indonesia [5] Financial Forecast - The company expects revenue to reach 866.47 billion, 981.28 billion, and 1,104.53 billion yuan from 2025 to 2027, with net profit attributable to shareholders projected at 37.25 billion, 47.46 billion, and 58.59 billion yuan respectively [6] - Earnings per share (EPS) are forecasted to be 4.09, 5.21, and 6.43 yuan for the same period [6] - The company maintains a "recommended" rating based on its growth potential and market performance [6]