Core Viewpoint - The company reported a slight year-on-year increase in July wholesale sales of new energy vehicles, with a total of 344,000 units sold, reflecting a 0.6% increase year-on-year but a 10.0% decrease month-on-month [2][3]. Sales Performance - In July, the wholesale sales of new energy passenger vehicles reached 341,000 units, showing a year-on-year growth of 0.1% and a month-on-month decline of 9.7%. The decline is attributed to the seasonal slowdown and inventory reduction at the end of the term. Cumulatively, from January to July, the total wholesale sales of new energy passenger vehicles reached 2.454 million units, marking a 26.0% year-on-year increase [3]. - Among the sales, plug-in hybrid vehicles sold 163,000 units, down 22.6% year-on-year and 4.5% month-on-month, while pure electric vehicles sold 178,000 units, up 36.8% year-on-year but down 14.0% month-on-month [3]. Brand Performance - By brand, the sales figures for July were as follows: Dynasty and Ocean series sold 315,000 units, while Tengshi, Fangchengbao, and Yangwang sold 11,365, 14,180, and 339 units respectively. The combined sales of Tengshi, Yangwang, and Fangchengbao accounted for 7.5% of the total sales [3]. International Expansion - The company experienced a significant increase in overseas sales, with 81,000 units exported in July, representing a year-on-year growth of 169.0% but a month-on-month decline of 10.3%. The month-on-month decline was primarily due to increased import tariffs in Brazil starting July 1. Overall, the company is seeing steady growth in international markets, driven by rising demand in regions like Turkey, Brazil, and Europe [4]. - The company plans to enhance its overseas market presence, with the recent opening of a passenger car factory in Brazil and future expansions planned in Uzbekistan, Hungary, Turkey, and Indonesia [4]. Technological Advancements - The company is focusing on high-end product development, with flagship models like Han L and Tang L launched, featuring advanced charging technology that allows for 400 kilometers of range in just 5 minutes of charging. The Fangchengbao Titanium 7, designed as a large SUV for urban families, is expected to launch in Q4 2025 [5]. Financial Projections - The company forecasts revenue growth from 99.08 billion yuan in 2025 to 139.70 billion yuan in 2027, with net profit attributable to shareholders expected to rise from 55.20 billion yuan to 75.33 billion yuan during the same period. The earnings per share (EPS) is projected to increase from 6.05 yuan in 2025 to 8.26 yuan in 2027 [6][8].

Investment Rating - The investment rating for BYD is "Buy" and is maintained [6]. Core Views - BYD's overall sales in February reached 323,000 units, representing a year-on-year increase of 164.0% and a month-on-month increase of 7.4% [2][4]. - Passenger car sales in February were 318,000 units, with a year-on-year growth of 161.4% and a month-on-month growth of 7.3% [2][4]. - The sales of pure electric vehicles in February were 125,000 units, up 127.5% year-on-year, while hybrid vehicle sales reached 193,000 units, showing a year-on-year increase of 189.2% [2][4]. - Export sales in February hit a record high of 67,000 units, marking a year-on-year increase of 187.8% [2][4]. Summary by Sections Sales Performance - February total sales were 323,000 units, with a year-on-year increase of 164.0% and a month-on-month increase of 7.4% [2][4]. - Passenger car sales were 318,000 units, with a year-on-year increase of 161.4% and a month-on-month increase of 7.3% [2][4]. - Pure electric vehicle sales were 125,000 units, up 127.5% year-on-year, while hybrid vehicle sales were 193,000 units, up 189.2% year-on-year [2][4]. Brand Performance - The Dynasty and Ocean series sold approximately 305,000 units in February, a year-on-year increase of 167.1% [2][4]. - The Tengshi brand sold 8,513 units, reflecting an 85.1% year-on-year increase [2][4]. - The Fangchengbao brand saw sales of 4,942 units, up 113.9% year-on-year [2][4]. Regional Performance - Export sales reached 67,000 units in February, a year-on-year increase of 187.8% and a month-on-month increase of 1.0% [2][4]. Strategic Initiatives - BYD is advancing its smart driving strategy, with plans to offer advanced driving features at competitive prices, aiming to enhance market share and profitability [2][4]. - The company is expanding its overseas presence with factories in Thailand, Uzbekistan, Brazil, and Hungary, and is entering new markets such as Vietnam and Pakistan [2][4]. - The introduction of new high-end models is expected to further boost performance and market competitiveness [2][4]. Financial Projections - Forecasted net profits for 2024-2026 are 40.3 billion, 57.0 billion, and 69.2 billion respectively, with corresponding P/E ratios of 26.1X, 18.5X, and 15.2X [2][4].