Group 1 - The core viewpoint of the report is that BYD is expected to exceed its overseas sales targets for 2025, indicating strong long-term growth potential in international markets [1] - In July, BYD's sales reached 344,000 units, remaining stable year-on-year, while cumulative sales from January to July totaled 2.49 million units, reflecting a 27% year-on-year increase [1] - Overseas sales for the first seven months reached 524,000 units, a significant increase of 124% year-on-year, driven by deeper market penetration and the establishment of brand presence [1] Group 2 - The company plans to introduce several executives with experience from overseas automotive companies in 2024 and will adjust its product strategy by introducing multiple plug-in hybrid models [2] - BYD aims to establish 500 sales points in Europe by the end of 2025, with approximately 250 already in place as of March 2024 [2] - In the first five months of this year, BYD's market share in the European new energy passenger vehicle market increased by 2.8 percentage points to 4%, while its market share in Southeast Asia reached 47%, up 15 percentage points year-on-year [2]

Group 1 - The core viewpoint of the report is that BYD is expected to exceed its overseas sales targets for 2025, with a positive long-term growth outlook in international markets [1] - In July, BYD's sales reached 344,000 units, remaining stable year-on-year, while cumulative sales from January to July totaled 2.49 million units, reflecting a 27% year-on-year increase [1] - Overseas sales for the first seven months reached 524,000 units, representing a 124% year-on-year increase, driven by deeper market penetration and the establishment of brand presence [1] Group 2 - The company plans to introduce several executives with experience from overseas automotive companies in 2024 and will begin product strategy adjustments by the end of 2024, including the introduction of multiple plug-in hybrid models [2] - BYD aims to establish 500 sales points in Europe by the end of 2025, with approximately 250 points established by March 2024 [2] - In the first five months of this year, BYD's market share in the European electric passenger vehicle market increased by 2.8 percentage points to 4%, while its market share in several Southeast Asian countries reached 47%, up 15 percentage points year-on-year [2]

Core Viewpoint - BYD is expected to exceed its overseas sales target for 2025, with a positive long-term growth outlook in international markets, maintaining an "outperform" rating with target prices of 161.3 RMB for A-shares and 178 HKD for H-shares [1] Group 1: Sales Performance - In July, BYD's sales reached 344,000 units, remaining stable year-on-year, while cumulative sales from January to July totaled 2.49 million units, reflecting a 27% year-on-year increase [1] - Overseas cumulative sales reached 524,000 units, marking a 124% year-on-year increase, driven by deeper market penetration and the establishment of brand presence [1] - Sales of the Fangchengbao and Tengshi models in July were 14,000 and 11,000 units respectively, showing year-on-year increases of 570% and 10%, benefiting from new models like Fangchengbao Titanium 3 and Teng N9 [1] Group 2: Market Expansion and Strategy - In 2024, BYD plans to introduce several executives with experience in overseas automotive companies and will begin product strategy adjustments by the end of 2024, including the introduction of multiple plug-in hybrid models [2] - The company aims to establish 500 sales points in Europe by the end of 2025, up from approximately 250 as of March 2024 [2] - In the first five months of this year, BYD's market share in the European new energy passenger vehicle market increased by 2.8 percentage points to 4%, while its market share in several Southeast Asian countries reached 47%, up 15 percentage points year-on-year [2] - In major South American markets, BYD maintains a high market share of 77% [2] Group 3: Production Capacity - In addition to the factories in Thailand and Uzbekistan that commenced operations in 2024, BYD plans to expand its local production footprint in South America and Europe [2]

Core Insights - BYD's July sales reached 344,000 units, remaining stable year-on-year, with cumulative sales from January to July at 2.49 million units, representing a 27% year-on-year increase [1] - Overseas sales totaled 524,000 units, marking a 124% year-on-year increase, driven by deeper market penetration and the establishment of brand momentum abroad [1] Sales Performance - In July, sales of the Fangchengbao and Tengshi models were 14,000 and 11,000 units respectively, reflecting year-on-year increases of 570% and 10%, primarily benefiting from new models like Fangchengbao Titanium 3 and Teng N9 [1] - In the first five months of this year, BYD's market share in the European new energy passenger vehicle market increased by 2.8 percentage points to 4%, while in Southeast Asia, the market share reached 47%, up 15 percentage points year-on-year [1] Strategic Developments - The company plans to introduce several executives with experience in overseas automotive companies in 2024 and will begin product strategy adjustments by the end of 2024, including the introduction of multiple plug-in hybrid models [1] - BYD aims to establish 500 sales points in Europe by the end of 2025, with approximately 250 points expected by March 2024 [1] Production Capacity - In addition to the factories in Thailand and Uzbekistan that are already operational in 2024, BYD plans to expand its local production footprint in South America and Europe [1] Future Outlook - The company is expected to exceed its initial overseas sales targets for 2025 and is viewed positively for long-term growth potential in international markets, maintaining an "outperforming the industry" rating [1]