比亚迪方程豹汽车：与瑞幸咖啡达成战略合作。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company experienced a month-on-month increase in wholesale sales, with August's new energy vehicle wholesale sales reaching 374,000 units, a year-on-year increase of 0.1% and a month-on-month increase of 8.5% [1]. - The company is steadily advancing its overseas expansion, with new energy vehicle export sales in August reaching 81,000 units, a year-on-year increase of 156.9% and a month-on-month increase of 0.1% [2]. - The company is focusing on high-end product development, with expectations for significant revenue growth from 2025 to 2027, projecting revenues of 990.81 billion, 1,188.97 billion, and 1,397.04 billion yuan respectively [3]. Summary by Sections Sales Performance - In August, the company sold 372,000 new energy passenger vehicles, with a year-on-year increase of 0.2% and a month-on-month increase of 8.9%. Cumulatively, from January to August, the total wholesale of new energy passenger vehicles reached 2.826 million units, a year-on-year increase of 21.9% [1]. - The sales of plug-in hybrid vehicles in August were 172,000 units, a year-on-year decrease of 22.7% but a month-on-month increase of 5.4%. Pure electric vehicle sales were 200,000 units, a year-on-year increase of 34.4% and a month-on-month increase of 12.2% [1]. Overseas Expansion - The company is accelerating its overseas factory establishment, with significant growth in overseas demand, particularly in Turkey, Brazil, and Europe. The cumulative export from January to August reached 626,000 units, a year-on-year increase of 136.3% [2]. - The company plans to enhance its overseas market investments, including the establishment of a passenger car factory in Brazil and further expansions in Uzbekistan, Hungary, Turkey, and Indonesia [2]. Financial Projections - The company forecasts revenues of 990.81 billion yuan for 2025, 1,188.97 billion yuan for 2026, and 1,397.04 billion yuan for 2027, with corresponding net profits of 45.40 billion, 60.35 billion, and 70.42 billion yuan respectively [3][5]. - The earnings per share (EPS) are projected to be 4.98 yuan in 2025, 6.62 yuan in 2026, and 7.72 yuan in 2027, with price-to-earnings (PE) ratios of 22, 17, and 14 respectively [3][5].