雷达财经出品 文|彭程 编|孟帅 11月20日，比亚迪法务部发布公告称，就比亚迪起诉"王悟空说车"及相关账号网络侵权责任纠纷一案，公司近期收到法院判决，判令被告向比亚迪公司公 开道歉并支付赔偿款等共计31.38万元。 据了解，"王悟空说车"是汽车领域的知名自媒体账号，此前一度拥有近200万粉丝。此前，其因多次歪曲事实诋毁新能源汽车性能、恶意抹黑汽车企业形 象声誉，甚至被中央网信办点名，并依法依约关闭。 作为新能源汽车领域的头部企业，比亚迪近年来在市场拓展与技术创新方面成绩斐然，但其同时也成为了汽车行业网络"黑公关""黑媒体"的主要攻击目标 之一。 雷达财经注意到，比亚迪的反黑公关行动，可追溯至2021年。彼时，比亚迪宣布悬赏5万元至100万元征集线索打击黑公关。2022年，比亚迪又将举报奖励 提升至5万至500万元。 值得一提的是，比亚迪在反黑公关的道路上并非独自前行。近期，深蓝汽车、阿维塔、赛力斯、极氪、蔚来等多家新能源车企纷纷加大打击黑公关的力 度。与此同时，中央网信办等部门也在加大对汽车行业网络乱象的整治力度。 而在遭受黑公关恶意攻击的同时，身为新能源汽车龙头的比亚迪，在业绩方面也面临着一定的压力。今年 ...

Group 1 - The core point of the article is that BYD's subsidiary, Fangcheng Leopard Automobile, reported significant sales growth for October 2025, with a total of 31,052 vehicles sold, representing a month-on-month increase of 28.7% and a year-on-year increase of 415.3% [1] Group 2 - The sales of the Ti7 model reached 20,024 units in its first full month after launch, with an average transaction price exceeding 210,000 yuan [1]

Group 1 - BYD's subsidiary, Fangchengbao Automobile, sold 31,052 vehicles in October, representing a month-on-month increase of 28.7% and a year-on-year increase of 415.3%, ranking among the top three in growth among new force brands [1] - The average transaction price of the brand is nearly 240,000 yuan [1] - The sales of the Ti7 model exceeded 20,000 units in its first complete month [1]

Core Insights - BYD reported October sales of 441,706 vehicles, with 436,856 being passenger cars, and overseas sales of passenger cars and pickups reaching 83,524, marking a year-on-year increase of 155.5% [2] Sales Performance - In the month of October, the Dynasty and Ocean series combined sales totaled 395,015 vehicles, while the Fangchengbao sold 31,052 units, Tengshi sold 10,135 units, and Yangwang sold 654 units [2] - Cumulatively, from January to October, BYD sold 3,701,852 vehicles, with overseas sales of passenger cars and pickups reaching 785,103 units [2] New Energy Vehicle Sales - As of the end of October, BYD's cumulative sales of new energy vehicles exceeded 1.42 million units [2] Financial Performance - For the third quarter, BYD reported revenue of 194.985 billion yuan, a decrease of 3.05% year-on-year; net profit attributable to shareholders was 7.823 billion yuan, down 32.60% year-on-year; and net profit excluding non-recurring items was 6.891 billion yuan, a decline of 36.65% year-on-year [2] - For the first three quarters, BYD achieved revenue of 566.266 billion yuan, an increase of 12.75% year-on-year; net profit attributable to shareholders was 23.333 billion yuan, down 7.55% year-on-year; and net profit excluding non-recurring items was 20.49 billion yuan, a decrease of 11.65% year-on-year [2]

比亚迪：方程豹汽车20万台销量达成，品牌平均成交价23.88万。 ...

Core Insights - The automotive market in Cangzhou has seen a significant reduction in promotional discounts during the National Day and Mid-Autumn Festival compared to previous years, indicating the effectiveness of measures against "involution" competition [2][5] - There is a notable increase in demand for new energy vehicles (NEVs) in Cangzhou, with sales of specific models like the Haobo HL and Geely Xingyuan rising during the holiday period [5][6] Promotional Strategies - Several automotive brands, including Li Auto and Xpeng, announced special promotional policies for the National Day, offering cash subsidies and trade-in incentives, but actual consumer savings were only around 2,000 to 3,000 yuan [5][6] - Sales personnel have shifted their focus from price discounts to emphasizing policy changes, such as the expiration of tax exemptions and adjustments in national subsidies, encouraging consumers to purchase vehicles before these changes take effect [6][7] New Energy Vehicle Demand - The demand for NEVs has surged in Cangzhou, with sales personnel reporting increased interest and sales without significant discounts, relying instead on manufacturer policies like free charging and maintenance [5][6] - The sales strategy has adapted to highlight the urgency of purchasing NEVs before the potential increase in costs due to policy changes, such as the end of full exemption from vehicle purchase tax [6][7] Policy Changes and Consumer Behavior - The vehicle purchase tax exemption for NEVs is set to continue until the end of 2027, with specific conditions for tax reductions in subsequent years [7] - Consumers are encouraged to act quickly to secure government subsidies through a "first come, first served" model, with limited availability of qualification vouchers for trade-ins [10][11] - Recent changes in the application process for vehicle scrapping and trade-in subsidies have been implemented, requiring consumers to obtain qualifications before applying for subsidies [12]

Macro Strategy - The domestic economy is expected to face slight pressure in the second half of the year, but the annual growth target of 5% remains achievable, supported by policy tools and consumption recovery [8] - Key risks include potential declines in exports, consumer spending pressures, and slowdowns in real estate and infrastructure investments [8] - The upcoming U.S. economic data releases are anticipated to show increased volatility, with a higher likelihood of significant deviations from expectations [8] Fixed Income Analysis - The report discusses why domestic commercial banks are unlikely to reduce their balance sheets, citing factors such as the need to support the economy during a slowdown and the current accommodative monetary policy [2][12] - The analysis highlights that the banking sector's capital adequacy ratios and non-performing loan ratios are above regulatory standards, providing a buffer against credit risks [12] - The report suggests that while some smaller banks may consider balance sheet reductions, the overall probability for the entire industry is low [12] Company-Specific Insights 越疆 (02432.HK) - The company reported a revenue of RMB 1.53 billion for H1 2025, a 27.1% year-on-year increase, driven by significant growth in six-axis collaborative robot sales [17] - The gross margin improved to 47.0%, with a notable reduction in net losses due to operational efficiencies [17] - The company has signed a strategic partnership with Yaoshi Bang to explore applications of intelligent robotics in the pharmaceutical sector [17] 伟仕佳杰 (00856.HK) - The company is a leading ICT solutions provider in the Asia-Pacific region, with a focus on cloud computing and AI, expecting revenue growth of 15% to 14% from 2025 to 2027 [18][19] - The Southeast Asian market is a key growth area, with revenue from this region projected to increase significantly [19] - The company has established partnerships with major tech firms, enhancing its service offerings across various sectors [19] 亿纬锂能 (300014) - The company is set to launch its solid-state battery production facility, with an expected annual capacity of nearly 500,000 cells [20] - It anticipates a significant increase in shipments, projecting a 60% year-on-year growth in 2025 [20] - The company is focusing on differentiated products, with plans to expand its production capacity significantly by 2027 [20] 比亚迪 (002594) - The company expects net profits of RMB 450 billion, RMB 589 billion, and RMB 710 billion for 2025 to 2027, maintaining a growth trajectory [20] - The focus on high-end products and international expansion is expected to drive future growth [20] 科士达 (002518) - The company forecasts net profits of RMB 5.8 billion, RMB 8.2 billion, and RMB 11.7 billion for 2025 to 2027, benefiting from the growth in data centers and energy storage [20] - The company is well-positioned to capitalize on the rapid development of the charging and storage industries [20]

Group 1 - BYD has reported multiple instances of defamatory content circulating online, which has severely damaged its product reputation and brand image. The company has decided to take legal action against specific social media accounts, seeking a public apology and compensation of 3 million yuan [2] - A recent court ruling found that the social media account "Long Zhu - Ji Che" had published a significant amount of false and defamatory information about BYD, resulting in a compensation order of 2.0187 million yuan, which has been executed [4] - In July, BYD sold 344,296 new vehicles, maintaining its position as the global leader in new energy vehicle sales. The sales breakdown includes 315,136 vehicles from the Dynasty and Ocean series, 14,180 from the Fangchengbao, 11,375 from Tengshi, and 339 from Yangwang [6]

Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - In August 2025, BYD's sales reached 374,000 units, showing a month-on-month increase, with a focus on high-end products and exports [8] - The company is expected to achieve annual sales of over 5 million units, with a year-on-year growth of over 17%, including 900,000 to 1 million units in exports, representing a 128% increase [8] - The report anticipates a continuous increase in the share of pure electric vehicles and ongoing efforts in high-end product development and international expansion [8] - BYD's battery installations in August increased by 23%, with significant growth in external battery supply, projecting a total installation of 290-300 GWh for the year, a 50% year-on-year increase [8] - The forecast for net profit attributable to shareholders for 2025-2027 is 45 billion, 59 billion, and 71 billion yuan respectively, with corresponding P/E ratios of 22, 17, and 14 times [8] Financial Projections - Total revenue is projected to reach 777.1 billion yuan in 2024, 924.5 billion yuan in 2025, and 1,047.7 billion yuan in 2026, with year-on-year growth rates of 29.02%, 18.97%, and 13.33% respectively [1][9] - The net profit attributable to shareholders is expected to grow from 40.3 billion yuan in 2024 to 71 billion yuan in 2027, with growth rates of 34% in 2024 and 11.83% in 2025 [1][9] - The earnings per share (EPS) is forecasted to be 4.42 yuan in 2024, increasing to 7.79 yuan by 2027 [1][9]

Investment Rating - The report maintains a "Buy" rating for several companies in the automotive sector, including Xiaopeng Motors, Geely Automobile, and Seres, indicating a positive outlook for their stock performance in the next 12 months [9]. Core Insights - August saw record high sales for multiple new energy vehicle companies, with a year-on-year growth of approximately 13.4% and a month-on-month growth of 7.4% across 11 companies [2][7]. - BYD, the industry leader, reported sales of 371,501 vehicles in August, with a significant increase in exports, which rose by 146% year-on-year [2]. - NIO delivered 31,305 vehicles in August, marking a 55.2% year-on-year increase, while Xiaopeng Motors achieved a 169% year-on-year growth with 37,709 vehicles delivered [3][4]. - The upcoming months are expected to see further growth in sales due to new model launches and promotional activities as the traditional peak sales season approaches [5]. Summary by Relevant Sections Sales Performance - In August, BYD's sales were 371,501 vehicles, maintaining stability year-on-year [2]. - NIO's deliveries reached 31,305 vehicles, a 55.2% increase year-on-year [3]. - Xiaopeng Motors delivered 37,709 vehicles, reflecting a 169% year-on-year growth [4]. - Li Auto's deliveries were 28,529 vehicles, showing a decline of 41% year-on-year [4]. - Overall, the total sales for the sector in August amounted to 669,429 vehicles, a 13.4% increase year-on-year [7]. Future Outlook - The report anticipates strong sales in September, driven by new model launches and promotional strategies from various manufacturers [5]. - Key upcoming models include the Li Auto i6, NIO ES8, and Aion M7, which are expected to enhance market supply [5]. Company Ratings - Xiaopeng Motors (9868 HK/XPEV US) is rated "Buy" due to expected sales and margin improvements from new models [5]. - Geely Automobile (175 HK) is also rated "Buy" following its privatization of Zeekr, which is expected to enhance resource integration [5]. - Seres (601127 CH) is rated "Buy" as its Aion series expands into the high-end market, improving profitability [5].