Core Insights - The Ministry of Industry and Information Technology has released the application information for the new Tengshi Z9 and Z9GT models, highlighting their specifications and electric range [1]. Group 1: Vehicle Specifications - The new Tengshi Z9 will feature two battery options: 102.326 kWh and 122.496 kWh, with CLTC electric ranges of 905 km and 1068 km respectively [1][3]. - The Tengshi Z9GT will also offer the same battery capacities, with CLTC electric ranges of 820 km, 860 km, 880 km, 1002 km, and 1036 km [1][3]. - Both models will have a single motor version with a maximum power output of 370 kW, while the Z9GT will additionally offer a high-power three-motor version with outputs of 230 kW, 310 kW, and 310 kW [3][4]. Group 2: Design and Features - The Z9GT will feature an updated intelligent driving hardware layout, with the laser radar moved to the roof and the addition of a driving status indicator light [4]. - The exterior design continues the "Elegant Force" family language, incorporating a dual-star front light design and unique air intake shapes to enhance its sporty attributes [4]. - New design elements include 21-inch low rolling resistance silent wheels, integrated sports seats, and a new lava red interior color, along with a new fjord green exterior color [4]. Group 3: Dimensions and Performance - The dimensions of the new Tengshi Z9GT are 5195 (5180) mm in length, 1990 mm in width, and 1480 (1500) mm in height, with a wheelbase of 3125 mm [7]. - The rear design features high-recognition taillights and includes both active and fixed dual spoilers, enhancing the vehicle's aerodynamics [7].

Core Viewpoint - BYD announced a limited-time free replacement for the three-spoke sports steering wheel of the Tengshi Z9 / GT models, aimed at enhancing customer satisfaction and engagement [1][3]. Group 1: Promotion Details - The promotion runs from May 30 to June 30, allowing users who pay a deposit by June 30 and successfully issue a vehicle sales invoice by July 31 to register for a free steering wheel replacement valued at 5,780 yuan [3]. - From May 30 to August 15, existing vehicle owners will receive a questionnaire to express their interest in the replacement, with a deadline to submit by August 15 [3]. Group 2: Vehicle Specifications - The Tengshi Z9 is positioned as a "D-class technology luxury flagship sedan," featuring advanced technologies such as the Yisanfang technology and the Yunlian-A intelligent air body control system, along with 10 safety airbags [5]. - The dimensions for the pure electric version are 5220mm in length, 1990mm in width, and 1500mm in height, while the plug-in hybrid version measures 5235mm in length, with both having a wheelbase of 3125mm [5]. - The Tengshi Z9 GT, launched in September last year, has a starting price of 334,800 yuan for the plug-in hybrid version and 354,800 yuan for the pure electric version, with dimensions of 5180mm in length, 1990mm in width, and 1500mm in height [5][6]. Group 3: Powertrain and Performance - Both models share a powertrain, with the pure electric version featuring a tri-motor system that delivers a maximum power of 710kW and a range of 630km, while the plug-in hybrid version has a 2.0T hybrid system with a maximum power of 152kW and a combined range of 1100km [6]. - The plug-in hybrid version has a fuel consumption of 5.6L per 100km when the battery is depleted [6].

Investment Rating - The investment rating for BYD is "Recommended" [1] Core Views - BYD achieved a revenue of 777.1 billion yuan in 2024, representing a year-on-year increase of 29.02%, with a net profit of 40.25 billion yuan, up 34.00% year-on-year [4] - The company maintains high R&D investment, with R&D expenses reaching 54.2 billion yuan in 2024, a year-on-year increase of 35.7% [7] - The company is focusing on high-end vehicle development, with the Tengshi brand as a key area for growth, despite facing challenges in the high-end market [8] Financial Summary - Revenue projections for 2025 and 2026 are 959.58 billion yuan and 1,126.16 billion yuan, respectively, with expected growth rates of 23.5% and 17.4% [6] - Net profit forecasts for 2025 and 2026 are 51.09 billion yuan and 64.06 billion yuan, with year-on-year growth rates of 26.9% and 25.4% [6] - The gross margin for 2024 is reported at 19.4%, with a net margin of 5.2% [6] Sales Performance - BYD's total vehicle sales reached 4.272 million units in 2024, marking a year-on-year increase of 41.3% [7] - The company reported a quarterly sales volume of 1.52 million units in Q4 2024, with a revenue of 274.9 billion yuan, reflecting a quarter-on-quarter increase of 36.7% [7] R&D and Technological Advancements - BYD is set to launch new technologies in 2025, including the "Tianshen Eye" intelligent driving system and the "Super e" platform, which are expected to enhance product competitiveness [8] - The company is focusing on maintaining a strong presence in the economy car market while also pushing for advancements in high-end vehicle technology [8]