Core Insights - BYD launched the Qin and Song 2026 models at the "Enjoy Life, Love More" event in Nanjing, emphasizing the brand's commitment to a lifestyle centered around technology and quality [1][15] - The new models, Qin L DM-i, Song Pro DM-i, and Song L DM-i, are built on BYD's fifth-generation DM technology, focusing on smart, safe, and comfortable driving experiences [3][6] Group 1: Product Features - The Qin L DM-i boasts a global record low fuel consumption for sedans, with an electric range of 128 km and a combined range of 2148 km, enhancing driving comfort with an integrated electronic gear shift [9] - The Song L DM-i is highlighted for its superior safety features, including a TBC high-speed blowout stability system, which maintains vehicle control during tire blowouts at speeds up to 140 km/h [6][11] - The Song Pro DM-i focuses on practical smart features, supporting connectivity with Huawei and Xiaomi devices, and includes essential smart driving assistance, catering to cost-conscious young families [11] Group 2: Brand and Market Positioning - The event showcased BYD's dedication to creating a "beautiful life partner" for users in East China, aligning with the brand's philosophy of enhancing life through technology [1][15] - The three new models are strategically positioned to cover a diverse market, from mid-range sedans to mainstream SUVs, catering to varying consumer needs [3] - The launch event was not only a product unveiling but also a platform for emotional connection, reinforcing BYD's brand spirit and commitment to user-centered innovation in the new energy sector [15]

Core Insights - The 2026 BYD Seal 07 DM-i has gained significant attention at the Chengdu Auto Show due to its new front design and comprehensive upgrades, with an expected launch in mid-September at a price range of 160,000 to 200,000 RMB [1][2] Group 1: Vehicle Specifications - The new model measures 4995mm in length, 1900mm in width, and 1495mm in height, with a wheelbase of 2900mm [1] - The interior design continues the oceanic minimalist style, featuring an integrated electronic gear shift that replaces the traditional mechanical gear lever, thus providing more storage space in the front [1] Group 2: Technological Features - The 2026 Seal 07 DM-i is equipped with BYD's newly evolved fifth-generation DM technology, offering the longest pure electric range in its class at 230km [1] - It includes the Yun Nian-C intelligent damping body control system and a dedicated 1.5T efficient engine, aiming to balance passenger comfort with driving enjoyment [1]

Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - In July, BYD achieved total sales of 344,000 new energy vehicles, a slight year-on-year increase of 1% but a month-on-month decrease of 10%. Cumulative sales from January to July reached 2.49 million units, representing a year-on-year growth of 27%. The decline in July sales is attributed to seasonal factors, including reduced terminal demand due to high temperatures and the end of discounts [4] - BYD's overseas expansion is accelerating, with July exports reaching 81,000 units, a significant year-on-year increase of 169%. Cumulative exports from January to July totaled 545,000 units, up 133% year-on-year. The slight month-on-month decline is due to increased tariffs in Brazil affecting short-term logistics adjustments [5] - The DM-i 5.0 technology has been updated, significantly reducing fuel consumption by 10% to 2.6L per 100 kilometers. This upgrade will be available to all existing and new owners of DM technology vehicles through free OTA updates [6] - The company is expected to benefit from an increase in high-end product sales and accelerated overseas exports, with projected sales of 4.99 million, 5.72 million, and 6.58 million units from 2025 to 2027, and net profit attributable to the parent company expected to reach 50.9 billion, 62.6 billion, and 74.4 billion yuan respectively [7] Financial Summary - For the fiscal year 2024, BYD's revenue is projected to be 777.1 billion yuan, with a year-on-year growth of 29%. The net profit attributable to the parent company is expected to be 40.3 billion yuan, reflecting a year-on-year increase of 34% [10] - The gross profit margin is expected to be 19.4% in 2024, slightly decreasing to 19.3% in 2025 but improving to 20.1% by 2027 [10] - The return on equity (ROE) is projected to be 21.7% in 2024, gradually decreasing to 17.9% by 2027 [10]