Investment Rating - The report maintains an investment rating of "Outperform the Market" for BYD [7] Core Viewpoints - The luxury image of traditional brands is a result of historical accumulation, technology, and brand strength. Under the wave of new energy, domestic brands are redefining luxury through new technologies. BYD's path to high-end positioning relies on its technological advantages to foster brand preference among consumers [4][11] - BYD's high-end strategy is built on "technology foundation, brand stratification, and global expansion," utilizing a three-tier brand matrix for precise market coverage [11][59] Summary by Sections Introduction: Where Will BYD's High-End Path Lead? - In 2024, BYD's passenger car sales reached 4.25 million units, with models priced below 200,000 yuan accounting for 84.3% of sales. The launch of the Tengshi D9 in 2022 marked the beginning of BYD's high-end journey, followed by the introduction of the Yangwang and Fangchengbao brands [8][15] Quantitative Standards for Successful High-End Definition - High-end brands are defined as those with an average price above 300,000 yuan. In 2024, 14 brands met this criterion, with six being domestic brands. The top three brands by sales were traditional luxury brands "BBA," followed by domestic brands like Li Auto and AITO [20][23] Key to BYD's High-End Breakthrough: Focus on Technological Strength - BYD's high-end strategy includes the Tengshi brand, which integrates advanced technologies to create a comprehensive product matrix. The Tengshi brand achieved sales of 107,000 units in 2024, with an average transaction price of approximately 350,000 yuan [32][36] - The Fangchengbao brand focuses on the personalized automotive market, leveraging leading technologies to create unique products [46] Investment Recommendations - The report suggests that BYD's exploration of high-end positioning is gradually correcting its strategic direction, with a focus on technology-driven sales growth. The "Universal Intelligent Driving" strategy is expected to accelerate brand high-end positioning and enhance revenue and profit margins in the medium to long term [12][59]

Industry Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The report emphasizes the integration of racing culture and high-end branding for BYD, showcasing how the newly built all-terrain racetrack in Zhengzhou serves as a platform for technology application and user engagement [2][4][21] - The report draws parallels between BYD's strategy and historical examples from global automotive brands like Mercedes and Ferrari, highlighting the importance of racing success in enhancing brand perception and driving sales [3][22][24] Summary by Sections Section 1: BYD Racetrack - The BYD Zhengzhou all-terrain racetrack has been completed and opened, representing a significant investment of 5 billion yuan, featuring diverse driving experiences such as drifting and off-road challenges [11] - The racetrack serves as a testing ground for key technologies like Yisifang and Yunian, facilitating the connection between technology and users [2][12] Section 2: Racing Culture and Brand Evolution - The racetrack is positioned as a tool for brand elevation, with a focus on user engagement through various activities that blend technology validation and consumer experience [23] - Historical examples from F1 and other racing events illustrate how success on the racetrack can translate into brand prestige and sales growth for automotive companies [24][26][30] Section 3: High-End Product Strategy - BYD is set to launch several high-end models in the latter half of 2025, including the Fangchengbao Titanium 7, Yangwang U8L, and Tengshi N8L, targeting different segments of the luxury SUV market [41][53] - The Fangchengbao Titanium 7 is designed for both urban commuting and off-road capabilities, while the Yangwang U8L emphasizes luxury and advanced driving features [47][50] - The Tengshi N8L showcases a modern design and strong performance metrics, appealing to younger consumers [53][55]

Core Viewpoint - BYD has recently faced two public relations crises that appear to be orchestrated, highlighting the manipulation of public opinion against the company [1][2]. Group 1: Recent Events - On July 10, BYD announced a partnership with the youth training organization "China Football Young Players," planning to invest in youth player development over the next five years, which was misrepresented as "huge sponsorship for the national team" [1]. - Following this, a campaign to "boycott national team sponsors" gained traction on social media, with hundreds of accounts using similar language to confuse "support for youth training" with "sponsoring the senior national team," inciting negative public sentiment towards BYD [1]. - On July 24, a video of a BYD vehicle allegedly "losing control" at Chengdu Tianfu Airport spread widely, labeled as "brake failure," coinciding with the launch event of BYD's Sea Lion 06, suggesting an attempt to divert public attention [1]. Group 2: Black Public Relations Tactics - The incidents reflect a typical "black PR" operation, with regional media amplifying the narrative and using inflammatory language, while marketing accounts collaborated to rapidly escalate the topic's visibility [2]. - The spread of misinformation through short video platforms, where sensational content is favored by algorithms, has made it difficult for the truth to gain traction, as BYD's rebuttals were quickly overshadowed [2]. Group 3: Industry Context - The transformation and upgrading of the Chinese automotive industry rely on companies like BYD that are willing to innovate and take responsibility, impacting not only their growth but also the transition from "Made in China" to "Created in China" [3]. - Supporting BYD is fundamentally about safeguarding the courage of Chinese enterprises to innovate and the hope for industrial upgrades, emphasizing the need for rational participation from netizens and a societal consensus against malicious manipulation of public opinion [3].

Group 1 - BYD has become a "CCTV Science and Technology Strong Country Strategic Partner," joining the "Brand Strong Country Project" to promote brand development and high-quality economic growth through technological innovation, showcasing its strength as a global leader in the electric vehicle sector [1][7] - In 2024, BYD achieved global sales of 4.2721 million units, maintaining its position as the top-selling automotive brand in China and the leading player in the global new energy vehicle market, reflecting its commitment to the principle of "technology as king, innovation as fundamental" [3] - BYD's R&D investment reached 54.2 billion yuan in 2024, a 36% increase year-on-year, with cumulative R&D spending exceeding 180 billion yuan, leveraging disruptive technologies such as blade batteries and DM-i to create a vast "technology pool" [3] Group 2 - BYD's multi-brand strategy includes the Dynasty, Ocean, Fangchengbao, Tengshi, and Yangwang brands, catering to diverse consumer needs from family to luxury vehicles, thereby enhancing the value of Chinese automotive brands [5] - The partnership with CCTV serves as an accelerator for BYD's development and a global expression of China's technological innovation narrative, with its electric vehicles now present in over 110 countries and regions [7] - Through this collaboration, BYD aims to refresh global perceptions of Chinese brands by leveraging innovative technologies and products, contributing Chinese wisdom to the world [9]

Core Insights - BYD, a leading Chinese electric vehicle manufacturer, has reached new heights in the capital market, with its A-shares surpassing 400 CNY per share and its Hong Kong shares reaching 462.6 HKD per share, marking a significant milestone in its market performance [1][3] Group 1: Market Performance - BYD's A-shares hit a record high of 404.0 CNY per share on May 21, while its Hong Kong shares saw a daily increase of 4.05% [1] - The inclusion of BYD in the Hang Seng Tech Index on May 16 signifies a shift in market perception, recognizing BYD as a technology company rather than just a car manufacturer [3] Group 2: Technological Advancements - BYD has consistently invested in research and development, with R&D expenditures exceeding net profits for 13 consecutive years, employing over 120,000 R&D personnel [4] - The company's self-developed technologies, such as "Tian Shen Zhi Yan" and "Yun Nian," represent cutting-edge advancements in the global electric vehicle industry [4] Group 3: Brand and Market Positioning - The inclusion in the Hang Seng Tech Index is expected to attract over 15 billion HKD in passive funds, enhancing BYD's market valuation and brand image as a technology leader [5] - BYD's brand value has increased by 43.6% year-on-year, ranking sixth among global automotive brands with a value of 14.4 billion USD [6] Group 4: Global Expansion - BYD's global sales of electric vehicles are projected to reach 4.27 million units in 2024, with exports increasing by 72.3% [8] - The establishment of BYD's European headquarters in Budapest, Hungary, marks a strategic move towards localizing operations and enhancing technological collaboration [10]

以下文章来源于远川汽车评论 ，作者熊宇翔 彭苏平 去年6月，比亚迪董事长王传福在股东大会上陈述了自己的高端观： "我们不可能过度营销，也不可能通过巨大流量来谋求一时的发展，真正创造高端品牌还得靠产品力，产品 力的核心还是在于技术和创新。[1]" 近一年时间，比亚迪新技术易四方、易三方、云辇等齐出，创下一个个新的工业奇迹，将高端品牌仰望、 腾势、方程豹的新车型产品力武装到牙齿。 远川汽车评论 . 不止是汽车 不过，肉眼观测上技术含量爆表的比亚迪，过去一年时间在高端市场的表现，全然不如在20万以下市场那 般风卷残云： 仰望高开低走，百万级越野豪车U8上市四个月突破5000辆后销量迅速放缓，如今终端优惠已悄悄突破10万 元； 图源：懂车帝 腾势在MPV车型D9爆火之后一直苦苦寻觅第二增长点，看似量大管饱的N7、N8都未能担此大任，N7不得 不在改款时怒降8万改走性价比路线，而用上全新技术平台、斥巨资打造的Z9/Z9GT也没能一炮而红，眼下 寄望于刚刚上市的旗舰SUV N9。 方程豹首款车型豹5摸到了30万元的门板，去年不堪压力降了5万才保住销量，而最新发布的钛3更是向现实 低头，售价不到14万，重新回到了比亚迪的舒 ...

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