研发投入再增100亿！比亚迪暗中憋大招？

Core Viewpoint - BYD's domestic sales have declined this year, attributed to a decrease in technological leadership compared to previous years, leading to concerns about its competitive edge being challenged by rivals [1][2][3]. Group 1: Sales Performance - Despite a decline in momentum, BYD remains the top seller in the domestic market, although there was a slight drop in sales in November [3]. - In September, BYD revised its annual sales target from 5.5 million to 4.6 million vehicles due to intense competition in the domestic market [7]. - BYD's overseas sales have surged, with over 910,000 units sold from January to November, more than double the 420,000 units sold in the previous year [12][13]. Group 2: Competitive Landscape - The domestic automotive market is highly competitive, with various brands introducing innovative features and models [8][10]. - In the second half of the year, BYD has been less aggressive in launching new products and marketing compared to earlier in the year [11]. - BYD's overseas strategy has shifted focus, with nearly one-third of its total sales coming from international markets [15]. Group 3: Technological Edge - BYD emphasizes its commitment to technology and innovation as its core strength, with ongoing investments in research and development [40][49]. - The company has a range of advanced technologies, including distributed electric drive systems and intelligent vehicle control systems, which are not yet matched by competitors [41][44]. - BYD's vertical integration capabilities allow it to maintain control over production costs and quality, reducing reliance on external suppliers [46][47]. Group 4: Future Outlook - BYD's net profit for the first three quarters of the year was 23.3 billion yuan, a decline of 7.55% year-on-year, while R&D investment increased by 31.3% to 43.7 billion yuan [49]. - The company is expected to unveil significant technological advancements in the coming years, particularly in the fields of smart technology and artificial intelligence [51]. - BYD's long-term strategy includes a focus on international expansion and technological innovation to sustain its competitive advantage [54][59].