Investment Rating - The investment rating for BYD is "Buy" (maintained) [6] Core Views - BYD's passenger car sales in February 2025 reached 318,000 units, representing a year-on-year increase of 161.4% and a month-on-month increase of 7.3% [4][12] - The cumulative sales for January and February 2025 amounted to 615,000 units, with a year-on-year growth of 90.4% [4][12] - The high growth rate is attributed to three main factors: the "全民智驾" (全民智驾) intelligent strategy enhancing competitiveness across all price ranges, accelerated clearance of older non-intelligent models with increased discounts, and a low sales base from the previous year due to the absence of a vehicle trade-in policy in February 2024 [4][12] Sales Performance - In February 2025, the sales breakdown by brand showed strong performance: Dynasty + Ocean Network sold 304,673 units, Tengshi 8,513 units, Fangchengbao 4,942 units, and Yangwang 105 units, with year-on-year growth rates of 167.1%, 85.1%, 113.9%, and -86.5% respectively [13] - The high-end brands, represented by Fangchengbao 8 and Tengshi N9, are expected to have strong growth potential due to the intelligent strategy and the "532" strategy [13] Overseas Sales - BYD's overseas sales in February 2025 reached 67,000 units, a year-on-year increase of 187.8% and a month-on-month increase of 1% [14] - Overseas sales accounted for 21.1% of total sales, with a year-on-year increase of 1.9 percentage points [14] Financial Projections - Revenue projections for BYD from 2024 to 2026 are as follows: 813.06 billion, 952.98 billion, and 1,162.64 billion yuan, with year-on-year growth rates of 35.0%, 17.2%, and 22.0% respectively [15][16] - Net profit projections for the same period are 40.51 billion, 51.38 billion, and 63.92 billion yuan, with year-on-year growth rates of 34.8%, 26.8%, and 24.4% respectively [15][16] - Earnings per share (EPS) are expected to be 13.92, 17.66, and 21.97 yuan, with a three-year compound annual growth rate (CAGR) of 28.6% [15][16]

Core Viewpoint - BYD has officially launched its "Universal Intelligent Driving" strategy, introducing the "Tianshen Eye" technology matrix across its entire vehicle lineup, aiming to cover mainstream price ranges from 70,000 to 200,000 yuan [1][10]. Group 1: Tianshen Eye Technology Matrix - The "Tianshen Eye" technology matrix consists of three versions: "A" for the Yangwang brand targeting high-end users, "B" for Tengshi and BYD's premium models balancing cost and performance, and "C" for BYD's mainstream models focusing on affordability [2]. - The Tianshen Eye C features advanced hardware and algorithms, including a front-facing three-camera system and end-to-end control algorithms, with plans for future upgrades via OTA to unlock additional functionalities [3]. Group 2: Background of Intelligent Strategy - BYD has been conservative in implementing intelligent driving features but has recently surpassed the industry average in equipping such technologies, with high-level intelligent driving functions increasingly appearing in mid-to-high-end models [4]. - The introduction of the Tianshen Eye system across 21 models aims to democratize high-level intelligent driving technology, making it accessible in vehicles priced below 100,000 yuan [5]. Group 3: Market Comparison and Challenges - Compared to new entrants like Hongmeng Zhixing and Weilai, BYD's Tianshen Eye C is positioned as a Pro version, while Tianshen Eye A is akin to a Max version, with Tianshen Eye B estimated to fall in between [6]. - The aggressive push for "intelligent driving equity" may face challenges from technological, consumer, and competitive market perspectives [7]. Group 4: Future Industry Trends - The year 2025 is anticipated to mark the beginning of a "Universal Intelligent Driving" era, with other brands like Changan and Geely also planning to launch intelligent driving models priced around 100,000 yuan, potentially leading to intensified price competition in the market [8][10]. - BYD's strategy of adding features without increasing prices is expected to compel other manufacturers to follow suit, which could create a new form of price war in the intelligent driving segment [10].

Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - The report highlights that BYD's recent H-share placement of 1.3 billion shares at a price of HKD 335.2 per share is the largest equity refinancing project in the global automotive industry in the past decade, indicating strong confidence from global investors in the company's growth prospects [4] - The company is expected to see significant growth in net profit from 2024 to 2026, with projections of CNY 400.2 billion, CNY 531.8 billion (up 8.1%), and CNY 646.7 billion (up 8.1%) respectively, leading to a corresponding PE ratio of 24.0, 18.1, and 14.9 times [4] - BYD's overseas sales have shown remarkable growth, with a year-on-year increase of 83% in January and 188% in February 2025, indicating a strong expansion in international markets [5] Financial Summary and Valuation Indicators - Revenue is projected to grow from CNY 602.3 billion in 2023 to CNY 1,016.9 billion in 2026, with a year-on-year growth rate of 12.9% [6] - The net profit attributable to the parent company is expected to increase from CNY 30.0 billion in 2023 to CNY 64.7 billion in 2026, reflecting a growth rate of 21.6% [6] - The gross margin is forecasted to improve from 20.2% in 2023 to 21.8% in 2026, while the net margin is expected to rise from 5.0% to 6.4% over the same period [6]

证券代码：002594 证券简称：比亚迪 公告编号：2025-007 比亚迪股份有限公司 董事会欣然宣布，本公司和配售代理于2025年3月3日（收市时间后）订立了配 售协议，配售协议之主要条款载列如下： 1、配售协议 关于根据一般授权配售新H股的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 释义 除非文义另有所指外，下列词汇具有以下涵义： | | | 本公司股本中每股面值人民币1.00元的普通内资股，于深圳 | | --- | --- | --- | | 股 A | 指 | 证券交易所上市及以人民币买卖 | | 年度股东大会 | 指 | 本公司于2024年6月6日举行之年度股东大会 | | 联系人 | 指 | 具有上市规则所赋予的含义 | | 董事会 | 指 | 董事会 | | 营业日 | 指 | 持牌银行于香港一般开放营业及联交所于香港一般开放买 卖证券的任何日子（周六、周日、香港公众假期及八号或 | | | | 以上台风警告讯号或「黑色」暴雨警告于上午九时至下午 | | | | 五时期间生效的日期除外） | | 中国 | | 中华人民共和国（仅就本 ...

Core Viewpoint - BYD and DJI have jointly developed an intelligent vehicle-mounted drone system named "Lingyuan," marking BYD as the first automaker globally to mass-produce vehicle-mounted drones [3]. Group 1: Intelligent Vehicle-Mounted Drone System - The "Lingyuan" system has been in development since 2016 and has undergone extensive technical testing and safety certifications [3]. - The system features advanced architecture, hardware, and algorithms, including a unique intelligent landing pad solution, enabling dynamic takeoff and landing, one-click return, smart following, and automatic fast charging [3]. - The drone's storage space expands to 0.29 square meters with a thickness of 21.5 cm, and it can operate at vehicle speeds below 25 km/h, with an automatic return capability within 2 km [3]. Group 2: Recent Product Launches and Strategic Developments - On February 21, BYD launched the Fangchengbao Bao5 intelligent driving version, which is the only model globally to integrate BYD's "Tianshen Eye" and Huawei's "Qian Kun Intelligent Driving" systems [4]. - The price range for the Bao5 intelligent driving version is between 239,800 and 329,800 yuan, covering four major versions [4]. - BYD's "Tianshen Eye" high-level intelligent driving system was announced on February 10, utilizing self-developed chips and algorithms, integrating platforms from leading companies like NVIDIA and Huawei [4]. Group 3: Market Performance and Strategic Impact - BYD's strategic announcements at the beginning of the year significantly influence the industry, with initiatives like "oil-electric parity" and "universal intelligent driving" set for 2025 [5]. - In February, BYD sold 322,846 vehicles, a year-on-year increase of 164%, with the Dynasty and Ocean series accounting for 304,673 units sold [5].

Core Viewpoint - The automotive market in China is experiencing significant growth, particularly in the electric vehicle (EV) segment, with various companies reporting substantial year-on-year increases in sales and deliveries [2][3][12]. Group 1: Sales Performance - XPeng Motors delivered 30,453 vehicles in February, marking a remarkable year-on-year increase of 570%, and has maintained a monthly delivery of over 30,000 units for four consecutive months [5][6]. - BYD reported sales of 322,800 new energy vehicles in February, reflecting a year-on-year growth of 163.9%, with a production volume of 334,100 units, up 202.4% [9][10]. - Li Auto delivered 26,300 vehicles in February, a year-on-year increase of 29.7%, with a total cumulative delivery of 1.19 million vehicles [5][6]. - Leap Motor's February delivery reached 25,300 units, showing a year-on-year growth of 285% [6]. - Xiaomi's SU7 model achieved over 20,000 deliveries in February, continuing a five-month streak of exceeding 20,000 units [6][7]. Group 2: Market Trends - The China Automobile Dealers Association estimates that the retail sales of new energy vehicles in February could reach 600,000 units, with a penetration rate of approximately 48% [3][13]. - The automotive market is expected to maintain strong growth momentum due to the release of consumer demand post-holiday, supportive consumption policies, and advancements in smart driving technology and charging infrastructure [3][14]. - The "smart driving" initiative is gaining traction, with over ten automotive brands, including BYD and Geely, announcing plans for "smart driving equality" [3][14]. Group 3: Future Outlook - The smart vehicle market in China is projected to approach 1 trillion yuan by 2025, with L2-level autonomous driving penetration expected to reach 55.7% by 2024 [15][16]. - The introduction of cost-effective smart driving hardware is anticipated to trigger a trend where vehicles priced between 100,000 to 150,000 yuan will standardize such features [16].

撰 文 / ABR编辑部 设 计 / 琚 佳 1月车市热度不及往年，狭义乘用车零售179.4万辆，同比-12.1%、环比-31.9%的开门黑，使得汽车 人对2月充满期待。 理由是，春节前后各省份新一轮置换更新政策的落地，节后新能源市场热度回升，会助推车市在节 后加速恢复至正常水平。 中国汽车流通协会乘用车市场信息联席分会结合1月厂商目标完成率情况综合估算，初步推算2月狭 义乘用车零售总市场规模约为125.0万辆左右，同比增长13.6%，环比-30.3%，其中新能源零售预计 可达60万，渗透率回升至48%左右。 从3月1日造车新势力发的捷报来看，2月销量中，蔚小理中最风光的是，连续4个月销量过3万辆、 连续2个月超越理想拿下新势力销冠的小鹏汽车。小鹏在两款相对平价的新车MONA M03和P7+的 加持下——尤其是MONA M03扎准了10万-15万元的市场节奏，月销量均过3万辆，风头正盛。 同时，理想交付26263辆，同比增长29.7%；零跑交付25287辆，同比增长285%；鸿蒙智行交付 21517辆；蔚来公司交付新车13192辆，同比增长62.2%，其中蔚来品牌交付新车9143辆，同比增长 12.4%，乐道 ...

靳玉志说，高阶智驾需要同时具备高速和城区领航能力。 2024 年下半年，中国新能源车智驾渗透率超过 10% 这一重要拐点，市场有从业者认为 2025 年将是某种意 义上的 "全民智驾元年"。 今年 2 月起，多家车企陆续发布 "全民智驾" 战略。比如长安要把激光雷达搭载到售价 10 万元级别的车型 上，比亚迪则推出覆盖 7 万至 20 万元价位段的天神之眼 C 系统，目标实现 "高阶智驾人人可享"。 这些车企大力推动 "全民智驾" 普及，主要原因之一是智驾终于撕下 "炫技工具" 的标签，成为用户购车决 策的刚性需求。不过，由于智能驾驶行业还在快速发展和迭代，对于广大用户来说，究竟什么是高阶智 驾，多数人没有准确认知。 放眼行业，推动全民智驾分两种路线：一种是在技术上由中阶向高阶推进，以智驾搭载量来推进智驾普 及；一种是像华为乾崑这样，先猛攻高阶智驾，用高阶智驾的普及，确保用户爱用、敢用，再将高阶能力 不断下放，以用户体验为核心推动智驾普及。 2 月 17 日，华为车 BU CEO 靳玉志在央视新闻《中国经济引力场》直播节目中称，华为乾崑是全民智驾 的发起者、推动者和引领者，并提出了他对于 "高阶智驾" 的定义 ...

撰 文 / 周 洲 设 计 / 赵昊然 长安汽车和比亚迪蛇年放的第一个大招，就是全民智驾，即全系标配高阶智驾。 比亚迪霸屏的前一天，2月9日，长安汽车发布"北斗天枢2.0"智能化战略，深蓝汽车先掀桌子，将 高阶智驾铺到全系，下探到10万元车型。 结果比亚迪把桌子腿都卸了，直接打到7万元级别。 2月10日，比亚迪发布"天神之眼"智驾系统，号称开启全民智驾时代，7.88万元的海鸥都将配备。 各供应商和车企或明或暗跟进，有不屑，有欢迎，反正蹭一波营销热潮。 有分析认为这是变相的价格战。舆论不提倡价格战，那就增配。3000-5000元的智驾硬件BOM（物 料）成本对于比亚迪来说，比直接降价1万元的做法高级不少。 比亚迪的做法，让高阶智驾进入开局即决战的局面。 同济大学汽车学院教授朱西产对汽车商业评论表示，如果比亚迪的全民智驾成了，这意味着"华卓 地魔"[华为、卓驭、地平线、魔门塔（momenta）]四大智驾供应商模式第一次落地开花，智驾主流 将由供应商模式主导。 比亚迪的智驾王炸，会将压力给到全栈自研的车企们和ADAS企业。 上海预致汽车咨询有限公司总经理张豫对汽车商业评论表示，最破防的应是合资车企，其在燃油家 轿和 ...