1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the 21st week of 2025 (from May 19th to May 25th), the domestic passenger car retail sales reached 394,000 units, a year - on - year increase of 10.6%; new energy passenger car retail sales were 220,000 units, a year - on - year increase of 19.7%. The new energy penetration rate was 55.9%, up 4.3 percentage points from the same period last year and down 0.4 percentage points from the previous week. Since the beginning of this year, cumulative passenger car retail sales were 8.1 million units, a year - on - year increase of 4.8%; cumulative new energy passenger car retail sales were 4.008 million units, a year - on - year increase of 30.4%, with a cumulative new energy penetration rate of 49.5% [1][12]. - The demand in the new energy vehicle market is clearly differentiated. Leading brands have consolidated their leading positions through product advantages and market strategies. New brands like Xiaomi have brought new variables, and traditional automakers such as Chang'an and Chery have achieved remarkable new energy sales [2][22]. 3. Summary by Relevant Catalogs 3.1 Passenger Car Market Weekly Overview - **Overall Sales**: In the 21st week of 2025, domestic passenger car retail sales were 394,000 units (up 10.6% year - on - year), and new energy passenger car retail sales were 220,000 units (up 19.7% year - on - year). The new energy penetration rate was 55.9% [1][12]. - **By Power Type**: In passenger cars, traditional fuel, hybrid, and new energy vehicles sold 157,000, 17,000, and 220,000 units respectively, with year - on - year changes of - 0.8%, 17.7%, and 19.7%, accounting for 39.8%, 4.4%, and 55.9% of passenger cars. In new energy passenger cars, pure - electric, plug - in hybrid, and extended - range vehicles sold 133,000, 59,000, and 28,000 units respectively, with year - on - year changes of 17.1%, 15.6%, and 46.4%, accounting for 60.5%, 27.0%, and 12.5% [17]. - **By Production Attribute**: In passenger cars, domestic and joint - venture brands sold 257,000 and 137,000 units respectively, with year - on - year changes of 20.6% and - 4.4%, accounting for 65.3% and 34.8%. In new energy passenger cars, domestic and joint - venture brands sold 197,000 and 23,000 units respectively, with year - on - year changes of 24.0% and - 8.1%, accounting for 89.6% and 10.4% [17]. 3.2 Key New Energy Automakers' Sales Analysis 3.2.1 BYD - **Weekly Sales**: 59,000 units, with BYD brand selling 53,000 units, Denza and Fangchengbao about 3,000 units each, and Yangwang 37 units [23]. - **Business Strategy**: Stopped producing fuel vehicles in March 2022. Since March this year, it released the super e - platform and launched new models. On May 23rd, it announced price cuts of up to 53,000 yuan for 22 models. The 2025 sales target is 5.5 million units. The sales of pure - electric and plug - in hybrid (including extended - range) models are evenly split [23]. 3.2.2 Geely Auto - **Weekly Sales**: 39,000 units, with 25,000 new energy vehicles (4,000 units from Zeekr). The electrification rate is about 64% [26]. - **Business Strategy**: In 2024, it released the "Taizhou Declaration". In 2025, it announced the acquisition of Zeekr. The 2025 sales target is 2.71 million units, with 2 million for Geely, 320,000 for Zeekr, and 390,000 for Lynk & Co. The new energy vehicle sales target is 1.5 million units [26]. 3.2.3 SAIC - GM - Wuling - **Weekly Sales**: 14,000 units, with 12,000 new energy vehicles. The electrification rate is about 87% [34]. - **Business Strategy**: This year, Wuling Hongguang launched an extended - range model, and Baojun launched the "Baojun Xiangjing" with plug - in hybrid and pure - electric options, but pure - electric models dominate sales [34]. 3.2.4 Chang'an Auto - **Weekly Sales**: 20,000 units, with 12,000 new energy vehicles. The electrification rate is about 58%. Its new energy brands Shenlan and Qiyuan each sold about 4,000 units, and Avatr sold over 2,000 units [39]. 3.2.5 Chery Auto - **Weekly Sales**: 20,000 units, with 7,000 new energy vehicles. The electrification rate is about 37%. Its new energy brands iCAR, Chery New Energy, and Zhijie each sold over 1,000 units [47]. 3.2.6 Tesla - **Weekly Sales**: 11,000 units in China, with Model 3 and Model Y selling over 3,000 and over 7,000 units respectively. Sales have strong seasonal fluctuations, with a significant week - on - week increase but little year - on - year growth [53]. - **Business Strategy**: This year, Tesla launched multiple promotions, including a "record - breaking discount package" for Model 3 after the Spring Festival and new offers in April [53]. 3.2.7 New - Force Automakers - **Sales**: Li Auto sold about 10,000 units, Wenjie 9,000 units, Leapmotor, Xiaomi, and NIO 7,000 units each, XPeng 6,000 units, and Aion 5,000 units. Most of Li Auto's sales are from the L series. Wenjie's sales have increased significantly, with the M8 launched and delivered recently [57].

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Viewpoints - The automotive sector is expected to enter a phase of high sales prosperity, driven by policy incentives and new product launches, with a continued positive outlook for investment opportunities in the sector [8][19] - The U.S. will impose a 25% tariff on imported cars and auto parts, effective April 2, 2025, which may impact the industry dynamics [6][17] Summary by Sections Industry Performance - The automotive sector outperformed the Shanghai Composite Index over the past 12 months, with a 30.3% increase compared to the index's 11.2% [4] - For the week of March 24-28, the automotive sector index decreased by 1.0%, while the Shanghai Composite Index fell by 0.4% [20] Key Developments - The launch of the Yangwang U7, a new model featuring advanced driving technology and multiple powertrain options, occurred on March 27, 2025 [7][18] - The continuation of the vehicle trade-in policy in 2025 is expected to support automotive consumption [19] Investment Opportunities - Recommended companies benefiting from the high-end market include Li Auto, JAC Motors, Geely, BYD, and Great Wall Motors [19] - Companies leading in advanced driving technology and related components, such as XPeng Motors and Huayang Group, are also highlighted as investment opportunities [19] - The report suggests focusing on quality auto parts manufacturers like Fuyao Glass and Xingyu Automotive Lighting, which are expected to perform well despite a complex export environment [19] Company Performance and Forecasts - Key companies with positive earnings forecasts include: - Xingyu Automotive Lighting: EPS forecasted to increase from 3.87 in 2023 to 6.69 in 2025 [11] - BYD: EPS expected to rise from 10.32 in 2023 to 16.57 in 2025 [11] - Great Wall Motors: EPS projected to grow from 0.82 in 2023 to 1.93 in 2025 [11]

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Investment Rating - The report maintains a "Buy" rating for BYD, indicating a positive outlook on market share and profit realization prospects [3][5]. Core Insights - BYD's total revenue for 2024 is projected to grow by 29.0% year-on-year to CNY 777.1 billion, with net profit increasing by 34.0% to CNY 40.3 billion [1]. - The company is expected to sell 4.25 million new energy passenger vehicles in 2024, a year-on-year increase of 41.1%, with pure electric vehicle sales rising by 12.1% and plug-in hybrid sales increasing by 72.8% [2]. - BYD's export sales are anticipated to grow by 71.9% to 417,000 units in 2024, driven by new model launches and enhanced cooperation with overseas dealers [2]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024 Revenue: CNY 777.1 billion - 2024 Net Profit: CNY 40.3 billion - 2025E Net Profit: CNY 54.4 billion - 2026E Net Profit: CNY 68.5 billion - 2027E Net Profit: CNY 82.0 billion [4][10]. - **Growth Rates**: - Revenue Growth Rate (2024): 29.0% - Net Profit Growth Rate (2024): 34.0% [4][10]. - **Earnings Per Share (EPS)**: - 2024 EPS: CNY 13.84 - 2025E EPS: CNY 17.89 [4][12]. Valuation Metrics - The target price for A-shares is set at CNY 449.38, corresponding to a 25x PE for 2025E, while the target price for H-shares is HKD 491.49 [3][5]. - The report projects a P/E ratio of 27 for A-shares in 2025E [12]. Market Position and Strategy - BYD is leveraging its strong innovation capabilities with technologies like the "Super e Platform 3.0" and DM5.0 to enhance its electric vehicle offerings and accelerate its smart transformation [2]. - The company is entering a new model cycle with multiple brands, aiming to capture high-end market segments [2].