起步区坚持实体经济为本、制造业当家，全力构建现代化产业体系，尤其是在新能源装备制造领域，招 引落地了一批省、市重大项目，逐渐发展成为"工业强市"的硬核支撑。 齐鲁晚报.齐鲁壹点杜春娜 在新能源汽车方面，比亚迪（002594）济南基地一期于2022年建成投产，已生产海豹06、元PLUS、腾 势N9等8款车型，累计贡献产值近千亿元。今年，起步区还将开工建设宾理科技高端新能源汽车、金固 车用低碳新材料等一批先进制造业项目，引领济南新能源汽车千亿级产业集群加速崛起。 8月28日，济南市召开"深入实施工业强市发展战略"主题系列新闻发布会。记者获悉，今年济南新旧动 能转换起步区(以下简称"起步区")将开工建设宾理科技高端新能源汽车、金固车用低碳新材料等一批先 进制造业项目，引领济南新能源汽车千亿级产业集群加速崛起。 在氢能源方面，国家电投黄河流域氢能产业基地项目，年产能各1000台(套)的水冷发电燃料电池、水冷 车用燃料电池、空冷燃料电池及系统三条生产线全线有序运行，其中"氢腾"燃料电池在南极秦岭站顺利 投运发电，搭载起步区燃料电池的商用车已推广至山东、河南、河北等地区，氢能应用场景持续扩大。 在太阳能电池方面，爱旭太阳 ...

大型SUV"9字辈"乱斗。 今年是大六座SUV的"大年"，这种热潮在蔚来体系两款车（乐道L90，蔚来新ES8）上市后体现得淋漓 尽致。这两款车均通过较低的定价收获了较高市场热度。 蔚来之后，近日，大六座SUV市场再次迎来一位"价格屠夫"。吉利银河M9近日公布了预售价，预售价 格区间为19.38万元~25.88万元，将大六座新能源SUV的入门门槛"卷"入了20万元以内。一般而言，新车 正式售价将低于预售价。 吉利汽车方面称，吉利银河M9预售24小时订单已超40000辆。 今年随着自主品牌纷纷攻向大型SUV市场，市场内玩家也激增。据不完全统计，今年上市的大型SUV车 型将高达十余款，其中"9字辈"车型颇多，吉利系就包括领克900、极氪9X、吉利星舰9、吉利银河M9， 除此之外还有乐道L90、腾势N9、深蓝S9、理想i9等。再加上已经是市场热销车型的问界M9和理想 L9，今年可谓是大型SUV的"9字辈"乱斗。 玩家增多的同时，相对于整个市场来看，大型SUV的市场规模却并不大。在过去一年中，大型SUV市场 的销量累计超33万辆，而其中销量前三的车型占据了超80%的市场份额，分别是问界M9、理想L9、问 界M8。 玩家 ...

Investment Rating - The investment rating for BYD is "Buy" and is maintained [11]. Core Viewpoints - BYD has established a strong matrix of mainstream luxury, personalized, and ultra-luxury brands, with a focus on high-end market penetration supported by robust technological capabilities [6][17]. - The Tengshi brand, underpinned by advanced technology, is positioned as a new luxury brand emphasizing safety and comfort, achieving a monthly average transaction price of 367,000 yuan in 2024, ranking first among brands with monthly sales exceeding 10,000 units [7][25]. - The company is expected to see significant profit growth, with projected net profits of 52 billion, 65.3 billion, and 75.4 billion yuan for the years 2025 to 2027, respectively [9]. Summary by Sections Product Matrix and Brand Strategy - BYD has developed a comprehensive product matrix covering various price ranges from 200,000 to 1 million yuan, including the Tengshi, Fangchengbao, and Yangwang brands, with a focus on high-end electric vehicles [6][17]. - The Tengshi brand has a growing sales contribution, with 80,000 units sold in the first half of 2025, reflecting a 34% year-on-year increase [17]. Tengshi Brand Development - The Tengshi brand is enhancing its product lineup with models like the D9, N9, Z9, and Z9GT, and has established a nationwide presence with 600 stores, 56% of which are in tier-2 cities and above [7][29]. - The brand's technological advancements include a unique electric architecture and a focus on user experience, integrating features like the "Tian Shen Zhi Yan" advanced driving assistance system [35][39]. Technological Advancements - BYD's technological strength is a cornerstone of its high-end market strategy, with innovations in safety, flexibility, and comfort, including features like high-speed tire blowout control and advanced parking systems [32][36]. - The company has a significant R&D workforce, with over 110,000 engineers, enabling rapid advancements in intelligent driving technologies [41]. Marketing and Global Expansion - Tengshi is enhancing its marketing strategies, including increased advertising in key urban areas and participation in international auto shows to boost brand visibility [8][55]. - The brand has begun exporting vehicles, with over 1,500 units shipped in June 2025, and plans to expand its presence in Asia, Europe, and South America [55][56].

Core Viewpoint - The "Purchase in China 2025" campaign aims to boost consumption and expand domestic demand by promoting the sales of new energy vehicles (NEVs) in rural areas of Shandong province, integrating green travel with rural revitalization efforts [1][45]. Group 1: Event Overview - The event was launched on August 15 in Tai'an, Shandong, focusing on the county and township markets to unlock the consumption potential of NEVs [1]. - The theme of the event is "Enjoy Consumption, Renew Travel," driven by a dual approach of policies and activities [1]. Group 2: Organizers and Participants - The event is co-hosted by the Shandong Provincial Department of Commerce and the Dazhong Media Group, with support from local government and media [4]. - Over 50 well-known automotive brands and hundreds of NEV models were present, providing a one-stop shopping platform for consumers [4]. Group 3: Promotional Offers - Major car manufacturers are offering significant discounts and incentives during the event, including trade-in bonuses and financial plans [8][15]. - Tesla is providing a "five-year interest-free" financing option along with an 8,000 yuan insurance subsidy [8]. - BYD is offering a 6,999 yuan benefits package for a 99 yuan deposit, with discounts on various models ranging from 6,000 to 10,000 yuan [15]. Group 4: Policy Support - The event emphasizes the implementation of national trade-in and scrapping subsidy policies, with dedicated areas for policy interpretation and consultation [41]. - The "policy package" includes purchase subsidies, trade-in benefits, and special price models to ensure consumers understand and can easily access the discounts [41]. - Shandong province has seen a leading growth rate in retail sales, with 247,000 vehicle scrapping applications in the first half of the year, indicating strong market activity [41]. Group 5: Future Outlook - The campaign is expected to create a wave of enthusiasm for NEVs across the province, with ongoing efforts to innovate consumption scenarios and implement policies [45]. - The goal is to accelerate the adoption of NEVs in households, contributing to the green economy and rural revitalization [45].

Group 1 - In July, BYD achieved total sales of 344,000 new energy vehicles, a slight year-on-year increase of 1% but a month-on-month decrease of 10% [1] - Cumulative sales from January to July reached 2.49 million units, representing a year-on-year growth of 27% [1] - The decline in July sales is attributed to seasonal factors, including reduced terminal demand due to high temperatures, lower production schedules, and the end of discounts [1] Group 2 - In July, BYD exported 81,000 vehicles, a significant year-on-year increase of 169%, although it saw a slight month-on-month decline of 10% [1] - Cumulative exports from January to July totaled 545,000 units, reflecting a year-on-year growth of 133% [1] - The decrease in month-on-month exports is primarily due to increased tariffs in Brazil, which took effect in July [1] Group 3 - BYD's fifth-generation DM technology has been updated, reducing the NEDC fuel consumption to 2.6L per 100 kilometers, a decrease of 10% [2] - All models equipped with the fifth-generation DM technology will receive a free OTA upgrade to benefit from this improvement [2] - The company is expected to see steady growth in sales and profitability due to the increasing proportion of high-end products and accelerated overseas expansion [2] Group 4 - Sales projections for BYD are estimated at 4.99 million, 5.72 million, and 6.58 million units for the years 2025 to 2027, respectively [2] - Expected net profit attributable to the parent company is projected to be 50.9 billion, 62.6 billion, and 74.4 billion yuan for the same period [2]

Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - In July, BYD achieved total sales of 344,000 new energy vehicles, a slight year-on-year increase of 1% but a month-on-month decrease of 10%. Cumulative sales from January to July reached 2.49 million units, representing a year-on-year growth of 27%. The decline in July sales is attributed to seasonal factors, including reduced terminal demand due to high temperatures and the end of discounts [4] - BYD's overseas expansion is accelerating, with July exports reaching 81,000 units, a significant year-on-year increase of 169%. Cumulative exports from January to July totaled 545,000 units, up 133% year-on-year. The slight month-on-month decline is due to increased tariffs in Brazil affecting short-term logistics adjustments [5] - The DM-i 5.0 technology has been updated, significantly reducing fuel consumption by 10% to 2.6L per 100 kilometers. This upgrade will be available to all existing and new owners of DM technology vehicles through free OTA updates [6] - The company is expected to benefit from an increase in high-end product sales and accelerated overseas exports, with projected sales of 4.99 million, 5.72 million, and 6.58 million units from 2025 to 2027, and net profit attributable to the parent company expected to reach 50.9 billion, 62.6 billion, and 74.4 billion yuan respectively [7] Financial Summary - For the fiscal year 2024, BYD's revenue is projected to be 777.1 billion yuan, with a year-on-year growth of 29%. The net profit attributable to the parent company is expected to be 40.3 billion yuan, reflecting a year-on-year increase of 34% [10] - The gross profit margin is expected to be 19.4% in 2024, slightly decreasing to 19.3% in 2025 but improving to 20.1% by 2027 [10] - The return on equity (ROE) is projected to be 21.7% in 2024, gradually decreasing to 17.9% by 2027 [10]

Core Viewpoint - The article emphasizes the strategic initiatives of BYD in enhancing its high-end automotive brand image through technological advancements and experiential marketing, particularly with the launch of a professional all-terrain racetrack in Zhengzhou and the introduction of high-performance models [2][4][22]. Group 1: Investment and Experience Initiatives - The company has invested 5 billion yuan to create the world's first professional all-terrain racetrack, which will serve as a hub for user interaction and brand showcasing [2][8]. - The racetrack features various testing environments where high-end models like Tengshi N9, Tengshi Z9GT, and Yangwang U8 demonstrated their capabilities, enhancing consumer perception of technological value [3][22]. Group 2: Brand Management and Leadership Changes - A management reshuffle was announced for the Tengshi brand, with a focus on strengthening brand system construction and overcoming high-end market challenges [4][25]. - The new leadership aims to enhance service upgrades and user experience, addressing the brand's shortcomings in high-end service ecosystems [4][25]. Group 3: Technological Empowerment and Market Strategy - The company is leveraging advanced technologies such as Yun Nian, Yi Si Fang, and DM-O platforms to drive high-end brand development, aiming to build brand premium through technological empowerment [5][32]. - The article outlines a three-pronged approach to high-end branding with Tengshi, Fangchengbao, and Yangwang, focusing on technological innovation and marketing strategies to enhance brand recognition and market penetration [5][32]. Group 4: Financial Projections - Revenue projections for 2025-2027 are estimated at 99.08 billion yuan, 118.90 billion yuan, and 139.70 billion yuan, respectively, with net profits expected to reach 5.52 billion yuan, 6.58 billion yuan, and 7.53 billion yuan [6][7]. - The earnings per share (EPS) are projected to be 6.05 yuan, 7.22 yuan, and 8.26 yuan for the respective years, indicating a positive growth trajectory [6][7].

Investment Rating - The report maintains a "Recommended" rating for BYD, with a target price of 103.93 CNY per share, corresponding to a PE ratio of 17 for 2025 [3][6]. Core Insights - BYD is investing 5 billion CNY to build the world's first all-terrain professional racetrack, enhancing brand experience and consumer engagement through test-driving events [1][10]. - The company emphasizes high-end models' performance, showcasing the capabilities of models like Tengshi N9, Tengshi Z9GT, and Yangwang U8 in various challenging environments [2][19]. - A management reshuffle in the Tengshi brand aims to strengthen brand system construction and enhance service quality, focusing on high-end market penetration [3][22]. - The report reiterates the strategy of leveraging technology to drive high-end branding across Tengshi, Fangchengbao, and Yangwang, aiming to build brand premium through advanced technologies [3][20]. Financial Projections - Revenue projections for 2025-2027 are 990.81 billion CNY, 1,188.97 billion CNY, and 1,397.04 billion CNY, respectively, with net profits of 55.20 billion CNY, 65.81 billion CNY, and 75.33 billion CNY [3][5]. - The expected EPS for the same period is 6.05 CNY, 7.22 CNY, and 8.26 CNY, with corresponding PE ratios decreasing from 17 to 13 [3][5]. Brand Strategy - Tengshi positions itself as a leader in "smart luxury" within the 300,000 to 500,000 CNY market, focusing on technology and user experience [22][26]. - Yangwang aims to establish itself as a high-end brand with cutting-edge technology, targeting luxury SUV segments and competing with brands like Mercedes and Land Rover [26][33]. - Fangchengbao focuses on professional and personalized vehicles, filling a gap in the high-end market with its DMO super hybrid platform [33][34].

Core Insights - The event themed "Leading Together, Witnessing the Extraordinary" showcased Tengshi Automotive's products and technologies, attracting numerous financial analysts for an in-depth experience [1] Product Features - Tengshi N9 attracted attention with its design and luxury features, including a flagship visual effect created by its front design and dual-star headlights [1] - The vehicle's interior comfort was highlighted, particularly the cloud-seeking seats and the 11L smart cooling and heating refrigerator, which received positive feedback from analysts [1] - The N9's three-fold seat design allows for one-button switching between multiple modes, enhancing its versatility for various scenarios such as camping [3] Performance Demonstration - The event was held at a professional testing facility featuring various terrains to demonstrate vehicle performance, with the N9 showcasing a small turning radius of 4.65 meters, emphasizing its agility as a large SUV [4] - The N9 is equipped with a cloud-seeking dual-chamber air suspension that can anticipate road conditions and adjust damping to improve ride comfort, receiving high praise for its vibration filtering and stability [6] - The N9 achieved a world record in the fishhook test at a speed of 180 km/h, certified by China Automotive Research, demonstrating its handling and stability [10] Safety Features - Safety was a key focus, with the N9 demonstrating high precision in automatic emergency braking (AEB) tests, capable of stopping from speeds of 120 km/h on highways and 110 km/h at night, with a low false trigger rate [8] - A case was shared where a Tengshi Z9GT maintained stable control and safely stopped after a tire blowout, showcasing the effectiveness of the technology [8] - The N9 is claimed to maintain stability at speeds of 180 km/h during a tire blowout and in challenging conditions like large curvature bends and icy surfaces [8] Technological Support - The event highlighted the technological support provided by BYD Group, including advanced technologies like the Easy Drift and Lingyuan intelligent drone, allowing analysts to directly experience the brand's technological capabilities [6]

Investment Rating - The investment rating for BYD is maintained at "Outperform" [2] Core Views - The report emphasizes that BYD is navigating a path filled with challenges and opportunities as it aims for high-end market positioning. The company has successfully established a strong brand but needs to enhance its storytelling and narrative capabilities to resonate with consumers [8] - The report predicts significant revenue growth for BYD, with total revenue expected to reach 980.8 billion yuan in 2025, reflecting a year-on-year growth rate of 26.2% [7] - The forecasted net profit for 2025 is 54.34 billion yuan, indicating a robust growth of 35% compared to the previous year [7] Financial Data and Profit Forecast - Total revenue projections for BYD are as follows: - 2024: 777.1 billion yuan - 2025: 980.8 billion yuan - 2026: 1,147.5 billion yuan - 2027: 1,330.5 billion yuan [7][10] - The expected net profit figures are: - 2024: 40.25 billion yuan - 2025: 54.34 billion yuan - 2026: 63.62 billion yuan - 2027: 75.48 billion yuan [7][10] - The report highlights a projected earnings per share (EPS) of 17.88 yuan for 2025, with a price-to-earnings (P/E) ratio of 18 [7] Market Data - As of August 5, 2025, BYD's closing price is 104.86 yuan, with a market capitalization of 365.67 billion yuan [2] - The stock has experienced a 52-week high of 416.98 yuan and a low of 102.57 yuan [2]