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研报掘金丨民生证券:比亚迪加速出海,同时高端化稳步推进,维持“推荐”评级
Ge Long Hui· 2025-08-04 06:56
Core Viewpoint - BYD's July wholesale sales of new energy vehicles reached 344,000 units, showing a year-on-year increase of 0.6% but a month-on-month decrease of 10.0% [1] Sales Performance - Wholesale sales of new energy passenger vehicles in July totaled 341,000 units, with a year-on-year increase of 0.1% and a month-on-month decrease of 9.7% [1] - Breakdown by brand for July includes Dynasty series at 315,000 units, Ocean series at 11,365 units, Tengshi at 14,180 units, and Yangwang at 339 units [1] Export Growth - July's new energy vehicle export sales reached 81,000 units, reflecting a significant year-on-year increase of 169.0% but a month-on-month decrease of 10.3% [1] - The company is experiencing steady growth in overseas markets due to increased model availability and regional expansion [1] Future Outlook - The year 2025 is projected to be a significant year for the company's high-end products, with flagship models Han L and Tang L already launched [1] - The company's megawatt fast-charging technology, based on a 1000V high-voltage architecture and self-developed "flash charging battery," enables a 400 km range with just 5 minutes of charging [1] - The company is expected to enhance its product strength and brand power through technology-driven initiatives and accelerate its international expansion while steadily advancing its high-end strategy [1]