2、 内销短暂承压，有望迎来底部向上。剔除乘用车及皮卡海外销量，1 月公司国内批发销售10.6 万 台、同比-53.5%、环比-62.5%，内销短暂承压预计系行业需求较弱（受新能源购置税补贴退坡、以旧换 新补贴退坡以及地方补贴落地进度较慢影响，消费者观望情绪较重），同时公司持续去库存、为新车上 市做准备。展望后续： 1）预计随着各省份补贴陆续落地以及年前购车需求释放、行业需求有望恢复；2）根据工信部及公司发 布会等，2026 年公司仍有秦MAX、海豹08、海狮08 等多款新车上市；3）同时公司持续提升产品力， 如1 月已发布秦家族、宋Pro dmi 等长续航版，后续有望加速推进"技术平权"，通过对快充、智驾、云 辇等技术的下放以及内外饰的调整实现产品力的大幅跃升；4）叠加去库因素有望逐步消除，公司内销 有望迎来底部向上。 盈利预测、估值与评级 公司出海有望延续高增、贡献较高业绩弹性；国内加速推进"技术平权"、销量有望底部向上；高端化转 型初见成效，期待高端新车上市贡献量利增量。结合公司经营情况，我们预计公司2025-2027年分别实 现归母净利润346/431/524 亿元，公司股票现价对应PE估值为26/2 ...

Group 1 - BYD has set a target of 1.6 million overseas sales by 2026, a significant increase from 1 million in 2025, supported by local production capacity in Brazil and Hungary, which is expected to add 300,000 units of annual capacity [1] - The company plans to launch several new models in 2026, including the Ocean Network's Seal 08 and Lion 08 flagship models, the Dynasty Network's Qin MAX electric sedan, and the Tengshi brand's Tengshi Z sports car [1] - Tongda Power is a significant customer of BYD, and the company has received a substantial order worth billions [1]

Core Insights - The Ocean Network of BYD has achieved cumulative sales of over 6 million vehicles in four years, highlighting the recognition of its products in the market and the rise of Chinese brands in the new energy era [2][3] - The newly named flagship series, Ocean 8, includes the large sedan "Ocean 08" and the large SUV "Ocean Lion 08," set to debut in the first quarter of 2026, marking a significant step towards brand premiumization [1][5] Group 1 - The Dolphin model has become the third vehicle from the Ocean Network to surpass 1 million in sales, winning the annual sales championship in the domestic A0 segment from 2022 to 2024, and is the fastest A0 sedan to reach this milestone in the domestic market [5] - The success of the Ocean Network is attributed to a user demand-oriented approach, creating differentiated competitive advantages through precise market segmentation [5][7] - The Ocean Network employs a comprehensive user feedback system through various channels, including apps, communities, and offline events, to continuously drive product optimization and innovation [7] Group 2 - The new vehicles are expected to incorporate advanced technologies, including BYD's new battery technology, driving assistance systems, smarter cabin interactions, and outstanding handling, catering to high-end travel needs [5] - The brand is deepening its collaboration in three major areas: UI co-creation, OTA co-creation, and ecosystem co-creation, ensuring that the cabin interface design aligns with user aesthetics and that the vehicle system upgrades match user habits [7]

Core Insights - BYD's Ocean Network has achieved cumulative sales of over 6 million vehicles in just four years, establishing itself as an industry benchmark in the new energy vehicle sector [1][5][14] Group 1: Sales and Market Performance - The Ocean Network's sales figures from 2021 to 2024 were 60,000, 700,000, 1.38 million, and 1.94 million vehicles respectively, with a 17.9% year-on-year growth in the first eleven months of 2025, reaching 2.03 million vehicles [6][8] - The Ocean Network's rapid growth contrasts with traditional joint venture car manufacturers, which typically take over 15 years to reach similar sales milestones [5] Group 2: Product Development and Innovation - The Ocean Network has introduced key models such as the Song PLUS, Dolphin, and Seal, which have all achieved over 1 million sales, creating a product matrix that caters to various market segments [3][8] - The launch of the Dolphin model in 2021, based on the e-platform 3.0, marked a significant achievement as it became the fastest A0-class car in China to sell over 1 million units [8] Group 3: User Engagement and Brand Strategy - The Ocean Network emphasizes user-centric development, integrating user feedback into its product design and innovation processes through various channels [12][14] - The company has cultivated a strong emotional connection with its users, transforming them into brand advocates and creating a community that supports mutual growth [14] Group 4: Future Plans and High-End Positioning - The Ocean Network has announced its new flagship series, the Ocean 8 series, which includes the Seal 08 and Lion 08, aimed at high-end markets and set to launch in the first quarter of 2026 [10][14] - The company plans to enhance its high-end positioning and continue focusing on user needs, aiming to provide smarter and more comfortable travel experiences [14]

Core Insights - The article highlights the significant achievements of BYD's Ocean Network, which has sold over 6 million vehicles in just four years, matching the sales growth of traditional joint venture brands over a decade [1][3] - The Ocean Network's success is attributed to its user-driven approach and innovative product offerings, establishing a new benchmark in the high-end electric vehicle market with the launch of the Ocean 8 series [7][9] Group 1: Sales Achievements - The Ocean Network reached a cumulative sales milestone of 6 million vehicles within four years, showcasing a remarkable growth rate that rivals traditional brands [3] - The brand has successfully introduced four major models—Song PLUS, Haima, Dolphin, and Seal—each surpassing one million units sold, contributing to a robust product matrix [3][5] Group 2: Product Innovation - The Dolphin model has been particularly successful, becoming the fastest A0-class electric car to reach one million sales in China and winning the domestic A0-class market sales championship from 2022 to 2024 [3][5] - The newly announced Ocean 8 series, including the Seal 08 and Lion 08, aims to redefine high-end intelligent vehicles, incorporating advanced technologies and design aesthetics [7][9] Group 3: User Engagement and Feedback - The Ocean Network emphasizes a user-centric approach, utilizing multiple channels for feedback, which fosters a cycle of demand collection, rapid response, and experience enhancement [12] - The brand has implemented personalized options for models and is addressing user concerns regarding range with new hybrid products set to launch in late 2025 [12] Group 4: Future Directions - Moving forward, the Ocean Network plans to focus on high-end product development centered around the Ocean 8 series, aiming to enhance user experience and integrate creative interactions into daily life [12] - The company is committed to driving high-quality development in the industry by continuously adapting to user needs and preferences [12]

Core Insights - The event celebrated the fourth anniversary of BYD's Ocean Network, highlighting its significant achievements in the electric vehicle market [1] - The Ocean Network has achieved cumulative sales of over 6 million vehicles in four years, showcasing rapid growth comparable to traditional joint venture brands [3][4] - The introduction of the new flagship series, Ocean 8, marks a strategic shift towards high-end positioning in the market [10][12] Sales Performance - The Ocean Network's sales growth has reached 6 million vehicles in just four years, a pace that rivals the ten-year accumulation of traditional brands [4] - The Dolphin model has become a key success, being the fastest A0-class car in China to surpass 1 million sales, contributing to the brand's strong market presence [5][7] Product Strategy - The Ocean Network has established a product matrix with four major models: Song PLUS, Sea Gull, Dolphin, and Sea Leopard, each achieving over 1 million sales [7] - The company focuses on user-driven demand, creating differentiated competitive advantages through precise market segmentation [9] New Product Launch - The Ocean 8 series, including the Sea Leopard 08 and Sea Lion 08, is set to redefine high-end intelligent vehicles, expected to launch in Q1 2026 [10][12] - These new models will incorporate advanced technologies and design, aiming to meet comprehensive user needs for premium travel experiences [10][12] User Engagement - The Ocean Network emphasizes user collaboration and feedback through various channels, fostering a cycle of demand collection, rapid response, and experience enhancement [15] - The company aims to create a vibrant lifestyle around electric vehicle usage, integrating user experiences into product development [17]

Core Viewpoint - The article highlights the introduction of two new car models, the Sea Leopard 08 and Sea Lion 08, which maintain the design aesthetics of the Ocean-S concept car showcased at the Shanghai Auto Show this year [1] Group 1: Design and Features - Both new models feature a sleek headlight design that reflects the grandeur and beauty of the ocean [1] - The Sea Leopard 08 and Sea Lion 08 are positioned as flagship models, indicating a premium market strategy [1] Group 2: Technology Integration - The vehicles will be equipped with BYD's latest battery technology, enhancing performance and efficiency [1] - They will also include the "Eye of God" system and an interactive cockpit system, showcasing advanced technological integration [1]

Core Viewpoint - BYD announced the upcoming launch of its "Ocean 8 Series" flagship models, the Seal 08 sedan and the Sea Lion 08 SUV, expected to debut in the first quarter of next year [1] Group 1: Product Launches - The "Ocean 8 Series" includes the Seal 08 sedan and Sea Lion 08 SUV, set to be unveiled in Q1 2024 [1] - During the event, BYD also showcased two concept cars: the Dynasty-D and Ocean-S, with the Dynasty-D targeting the high-end SUV market priced around 400,000 yuan [1] - The Ocean-S concept car features a new generation of ocean aesthetic design [1] Group 2: Sales Milestones - BYD's Dolphin model reached a significant milestone with the production of its one-millionth unit [1] - The Dolphin is positioned as a pure electric compact car, with the 2025 model starting at 99,800 yuan and offering a range of 420 km [1] - From January to November, BYD's cumulative sales reached 4.18 million units, reflecting an 11.3% year-on-year increase, while the Ocean series sold 2.03 million units, up 17.9% [1]

Core Insights - The core message of the article highlights the launch of BYD's new flagship models, the Sea Lion 08 and Sea Leopard 08, which will feature megawatt fast charging technology and are expected to debut in the first quarter of 2026 [1] Group 1: Company Developments - BYD's Ocean Network has achieved cumulative sales exceeding 6 million vehicles in four years [1] - The company has transformed over 6 million "ocean fans" from car owners into brand co-creators, emphasizing a commitment to a green journey [1] Group 2: Product Launch - The new flagship models, Sea Lion 08 and Sea Leopard 08, are part of BYD's strategy to enhance its product lineup with advanced charging technology [1]