Core Viewpoint - BYD's "Megawatt Flash Charging" technology will be first deployed in Europe under the Tengshi brand, with plans to install 200-300 charging stations by Q2 2026 [1] Group 1: Technology Overview - The "Megawatt Flash Charging" technology was launched in China on March 17, achieving a maximum charging rate of 10C and a peak power of 1MW (1000kW) [1] - A demonstration showed that the Han L model can gain a range of 407 kilometers with just 5 minutes of charging [1] Group 2: Market Strategy - BYD aims to eliminate charging anxiety for electric vehicle users by matching the charging time of electric vehicles to the refueling time of gasoline vehicles, achieving "fuel and electricity at the same speed" [1]

Core Insights - BYD's Super e-platform technology has garnered significant attention from electric vehicle users, particularly with the introduction of the "megawatt fast charging" capability [1][3] - The launch of the Han L EV and Tang L EV models marks the entry of 1000V platform technology into the mid-to-high-end electric vehicle market priced above 200,000 yuan [1][3] Group 1: Technology Overview - The Super e-platform features a "full-domain kilovolt high-voltage architecture" with a charging voltage of 1000 volts and a charging current of 1000 amperes, allowing for a maximum charging power of 1000 kilowatts (1 megawatt) [1][3] - The Han L EV and Tang L EV are equipped with this technology, enabling a charging experience that can achieve "400 kilometers of range in 5 minutes" at BYD's dedicated charging stations [3] Group 2: Infrastructure Development - BYD is actively constructing a network of "megawatt fast charging stations," with the first batch of 500 stations primarily located at BYD's 4S stores for customer convenience [4] - Collaborations with major domestic companies, including Sinopec, are underway to expand the coverage of the "megawatt fast charging station" network [4] Group 3: Charging Technology Enhancements - To address the limitations of existing public charging stations, BYD has equipped the Han L EV and Tang L EV with intelligent boost technology, compatible with 500V and 750V public charging stations, effectively doubling the charging power in dual-gun charging scenarios [4] - The fast-charging battery features self-heating technology, enhancing charging speed by 53% in cold conditions, thus improving performance in low-temperature environments [4] Group 4: Vehicle Performance - The Tang L EV model showcases impressive performance with a 0-100 km/h acceleration time of 2.7 seconds, aided by a high-performance motor [6] - The vehicle is also equipped with advanced chassis technology that utilizes a front-facing camera to detect road conditions up to 15 meters ahead, allowing for real-time adjustments to the vehicle's posture and suspension damping, resulting in a 10% reduction in vertical impact [6]

Core Viewpoint - BYD's recent advancements in "super e platform" and "megawatt flash charging" technology are set to revolutionize the electric vehicle charging landscape, addressing key challenges in charging speed and infrastructure [2][3][22]. Group 1: Business Performance - BYD's 2024 annual report shows impressive financial growth, with revenue reaching 777.1 billion yuan, a 29% increase year-on-year, surpassing Tesla's revenue of 702.2 billion yuan [8]. - The net profit for BYD in 2024 was 40.254 billion yuan, reflecting a 34% year-on-year growth, indicating continuous improvement in profitability [8]. Group 2: Technological Breakthroughs - The "megawatt flash charging" technology allows for a charging time of just 5 minutes to achieve a range of 400 kilometers, marking a significant advancement in charging speed comparable to traditional fuel refueling [3][19]. - The supporting storage system for the megawatt flash charging stations features an innovative architecture of "1 main unit + 1 storage cabinet," with a storage capacity of 225 kWh and a maximum output power of 800 kW, which can surge to 1360 kW when working with the grid [4][9]. Group 3: Strategic Infrastructure Development - BYD plans to establish over 4,000 megawatt flash charging stations across the country, a strategic move to enhance its charging infrastructure and reduce reliance on third-party charging facilities [10][19]. - The integration of storage systems in these charging stations is expected to optimize operational costs and create new application scenarios for BYD's storage capacity, promoting further growth [10][14]. Group 4: Industry Impact - The introduction of BYD's megawatt flash charging technology is anticipated to trigger a chain reaction in the industry, encouraging other companies to accelerate the installation of similar charging systems [10][17]. - The shift towards storage-enabled charging stations is expected to alleviate grid pressure and meet high-power charging demands, potentially transforming the electric vehicle charging landscape into a mainstream trend [18][21]. Group 5: Market Outlook - The barriers to the commercial development of storage charging have been addressed, paving the way for a new era in the industry, with BYD's initiatives likely marking 2024 as the true beginning of the "storage charging" era [19][22].

证券研究报告 汽车 报告日期：2025 年 03 月 26 日 业绩同比高增，高端化&全球化持续 ——比亚迪（002594.SZ）2024 年年报点评报告 华龙证券研究所 投资评级：买入（维持） 最近一年走势 | 当前价格（元） | 369.59 | | --- | --- | | 52 周价格区间（元） | 201.17-403.40 | | 总市值（百万元） | 1,123,208.35 | | 流通市值（百万元） | 429,632.67 | | 总股本（万股） | 303,906.59 | | 流通股（万股） | 116,245.75 | | 近一月换手（%） | 28.58 | 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 联系人：李浩洋 执业证书编号：S0230124020003 邮箱：lihy@hlzq.com 销量点评报告》2024.12.06 《单车净利润环比改善明显，看好高端 2024 年三季报点评报告》2024.11.03 请认真阅读文后免责条款 事件： 比亚迪发布 2024 年年报：2024 年公司实现营收 7771.02 亿元， 同比+ ...

Investment Rating - The investment rating for BYD is "Buy" (maintained) [2] Core Views - BYD's 2024 annual report shows a revenue of 777.10 billion yuan, a year-on-year increase of 29.02%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.00% year-on-year [4][6] - The company achieved a sales volume of 4.27 million vehicles in 2024, representing a year-on-year growth of 41.26% [6] - The gross profit margin for 2024 was 19.44%, an increase of 0.86 percentage points year-on-year [6] - The company is focusing on high-end models, with a notable increase in the sales of premium brands, which accounted for 4.1% of total sales in Q4 2024 [6] Financial Performance Summary - In Q4 2024, BYD's revenue reached 274.85 billion yuan, a year-on-year increase of 52.66%, with a net profit of 15.02 billion yuan, up 73.12% year-on-year [4] - The R&D expenses for 2024 were 53.20 billion yuan, reflecting a year-on-year increase of 34.42% [6] - The average selling price per vehicle in 2024 was 140,400 yuan, down 10.00% year-on-year, but increased to 144,100 yuan in Q4 2024, showing a quarter-on-quarter growth of 3.34% [6] Future Outlook - The forecast for net profit attributable to shareholders for 2025-2027 is 55.93 billion yuan, 68.29 billion yuan, and 81.03 billion yuan respectively, indicating a strong growth trajectory [7] - The current stock price corresponds to a PE ratio of 20.1 for 2025, which is higher than comparable companies, reflecting BYD's position as a leading player in the global electric vehicle market [7]

星恒电源"高性能+高安全"锂电池 3月10日，星恒电源举办了2025全链安全科技及新品发布会，会上推出全链安全技术与高性能+高安全锂电新品。 新品频出代表锂电厂商不再关注于单纯的价格战，而是进行全方位竞争，用自己的实力获得市场份额。 起点锂电观察到，进入3月，不少锂电公司发布新品，在能量密度和快充等方面展示了出众实力。 01 五家电池公司"秀肌肉" 比亚迪10C快充电池 3月17日晚，比亚迪正式发布新一代刀片电池"兆瓦闪充"，主要亮点有10C超高倍率快充和1000A超大电流，可实现10秒补能20公里、5分钟续 航400公里，油电同速时代或将由此开启。 在发布会现场比亚迪为大家展示了搭载闪充电池的汉L，闪充5分钟即可有400公里续航，闪充电池首发搭载于比亚迪汉L和唐L两款车型上，王 传福更是在发布会上称该产品在充电速度上实现"油电同速"，也是全球首个宣布实现"油电同速"的公司。 该新品主打两轮车领域，有超锂S30、FAR系列。其中超锂S30可实现百公里续航，高度匹配国标需求；FAR系列通勤电摩锂电池支持2.5C放 电，其中FAR远征系列6048采用轻量化设计，重量仅为22.5kg，支持1C放电，续航可达130公 ...

Industry Highlights - The Democratic Republic of Congo is considering a temporary ban on cobalt exports and seeking cooperation with Indonesia to better control global cobalt prices, as it produces over 75% of the world's cobalt [1] - BYD has launched a new generation of blade battery technology named "Megawatt Flash Charge," capable of achieving 10 seconds of charging for 20 kilometers and 5 minutes for 400 kilometers, marking a new phase in the competition between electric and fuel vehicles [2] - NIO and CATL have signed a strategic cooperation agreement to build a battery swap network and unify industry standards, aiming to enhance energy solutions for users [3] - SK On has signed a six-year battery supply contract with Nissan, committing to supply 99.4 GWh of batteries sufficient for 1 million mid-sized electric vehicles from 2028 to 2033 [4] Lithium Battery Market Overview - Lithium battery production is expected to grow by 10-15% month-on-month in March, driven by demand from digital and power sectors as the peak season approaches [6] Lithium Material Market Conditions 1. **Lithium Carbonate** - Prices are on a downward trend, with supply increasing from Chile and Africa, leading to higher port inventories. The price is expected to fluctuate between 73,000-75,000 yuan/ton in the short term [7][8] 2. **Nickel Cobalt Materials** - Prices have stabilized after a significant rebound, with downstream companies cautious about stockpiling due to recent price increases [9][10] 3. **Phosphate Iron Lithium** - The market remains stable, with leading companies expanding production and new entrants increasing competition [11][12] 4. **Negative Electrode Materials** - The market is stable with good demand from battery manufacturers, and prices are supported by cost factors [12][14] 5. **Separator Market** - The market is generally weak, with some inventory remaining, and prices are stable but subject to uncertainty due to upstream and downstream dynamics [15][16] 6. **Electrolyte Market** - The market shows slight improvement in output, with larger companies maintaining high operating rates while smaller firms struggle [16][17] 7. **Aluminum Foil Market** - The market is stable with a production increase of about 10% in March, and companies are focusing on core processes and cost management [17][18] Battery and New Energy Vehicle Market 1. **Battery Market** - The battery market is performing well, with significant advancements from BYD and strategic partnerships like that of NIO and CATL [20] 2. **New Energy Vehicles** - The market is recovering slowly, with new energy vehicle sales reaching 221,000 units, maintaining a penetration rate of 52.5% [21] 3. **Energy Storage** - Energy storage projects are ramping up, with significant domestic and international orders being signed [22]

Core Viewpoint - The competition between NIO and BYD intensifies as both companies innovate in the electric vehicle charging sector, with NIO focusing on battery swapping and BYD promoting ultra-fast charging technology. Group 1: NIO's Battery Swapping Strategy - NIO has invested nearly 10 billion in building over 3,100 battery swapping stations across China, establishing a strong presence in the battery swapping market [1][22]. - The company aims to achieve battery swapping accessibility in all 27 provincial administrative regions by December 31, 2025 [7]. - NIO's CEO, Li Bin, emphasizes that the battery swapping business is not a burden but a competitive advantage, creating a comprehensive energy system [6][13]. Group 2: BYD's Ultra-Fast Charging Technology - BYD has introduced a new super e-platform that features ultra-fast charging capabilities, allowing vehicles to charge in just 5 minutes for a range of 400 kilometers [3][4]. - The super e-platform is the world's first mass-produced passenger vehicle with a 1,000V architecture, enhancing the efficiency of battery, motor, and power systems [4]. - BYD's rapid growth in the new energy vehicle market is evident, with cumulative sales exceeding 4.27 million units in 2024, marking a 41.1% year-on-year increase [4]. Group 3: Strategic Collaborations and Market Dynamics - NIO has signed a strategic cooperation agreement with CATL to enhance its battery swapping network and unify industry standards, indicating a response to BYD's advancements in ultra-fast charging [4][16]. - Both companies are addressing the "charging anxiety" of consumers, with battery swapping and ultra-fast charging serving different market needs [18][27]. - The competitive landscape is shifting, as both NIO and BYD receive positive market feedback, with NIO's stock rising by 16% and BYD's A-shares reaching a new high [27][28].

Investment Rating - The investment rating for BYD is maintained as "Buy" with a target price of RMB 520.37 [7][11]. Core Views - BYD has launched the "Super e Platform" featuring advanced technologies such as a 1000V high-voltage architecture and 10C ultra-fast charging, which are expected to enhance user experience and alleviate range anxiety [1][2]. - The company has introduced a large-scale employee stock ownership plan worth up to RMB 4.1 billion, which is anticipated to strengthen employee confidence and cohesion [1][4]. - BYD's new electric platform aims to achieve "oil-electric synchronization," potentially capturing a larger market share and enhancing brand image [1][2]. Summary by Sections Product Development - BYD has achieved a significant milestone by mass-producing passenger vehicles with a 1000V high-voltage architecture, allowing for charging power of up to 1MW, enabling "5 minutes of charging for 443 km" [2]. - The introduction of the 10C ultra-fast charging technology is seen as a unique competitive advantage, especially with plans to build over 4,000 ultra-fast charging stations [2]. Performance Metrics - The performance of the new electric motor surpasses that of traditional V12 engines, with a peak power exceeding 1100 horsepower and a 0-100 km/h acceleration time of just 2.7 seconds for the Han L model [3][4]. - The pricing for the Han L and Tang L models is set at RMB 270,000 to 350,000 and RMB 280,000 to 360,000 respectively, with strong performance metrics [4]. Financial Forecasts - The projected net profits for BYD from 2024 to 2026 are RMB 39.47 billion, RMB 55.96 billion, and RMB 68.91 billion respectively, reflecting significant growth [5][6]. - The estimated revenue for the same period is expected to reach RMB 712.15 billion in 2024, RMB 910.05 billion in 2025, and RMB 1,075.40 billion in 2026, indicating a robust growth trajectory [6]. Valuation - The valuation method used is a segmented valuation approach, with a target market capitalization of RMB 15,814 billion and a price-to-earnings ratio of 28 times for the automotive business [11][12]. - The target price has been adjusted upwards from RMB 482.35 to RMB 520.37, reflecting the company's strong market position and growth potential [11].

Core Viewpoint - BYD has launched the Super e-platform, aiming to achieve charging speeds comparable to refueling gasoline vehicles, thereby addressing consumer concerns about charging efficiency and range anxiety [1][9][12]. Group 1: Technological Advancements - The Super e-platform includes a high-voltage architecture, flash charging battery, megawatt flash charging system, and a high-speed electric motor, positioning BYD at the forefront of global electric vehicle technology [1][2][6]. - The megawatt flash charging system can achieve a maximum charging power of 1MW (1000kW), significantly surpassing competitors like Tesla and Xiaopeng [5][6]. - BYD's flash charging battery features advanced technologies that reduce internal resistance and heat generation, enhancing battery life and performance [7][8]. Group 2: Market Positioning - BYD's introduction of the Super e-platform is seen as a strategic move to solidify its leadership in the electric vehicle market, especially against competitors like Geely and Changan [4][10]. - The upcoming models, Han L EV and Tang L EV, are expected to disrupt the B-segment market with performance metrics that rival high-end sports cars, further challenging the relevance of traditional gasoline vehicles [8][10][11]. Group 3: Consumer Impact - The rapid charging capabilities are intended to alleviate consumer concerns regarding electric vehicle usability, potentially increasing adoption rates among hesitant buyers [12][13]. - BYD aims to create a "fast charging popularization" effect in the mid-range market, which could further diminish the market share of gasoline vehicles [13][15]. Group 4: Infrastructure and Future Outlook - BYD plans to establish 4000 megawatt charging stations, although the timeline for this rollout remains unspecified [15]. - The success of BYD's charging technology will depend on the development of supporting infrastructure and the ability to meet consumer expectations for charging speed and efficiency [15][16].