Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - BYD's May sales reached 382,000 units, a year-on-year increase of 15%, with strong export performance [7] - The company initiated a price reduction campaign for 22 models, with discounts ranging from 12,000 to 53,000 yuan, effective from May 23 to June 30 [7] - The forecast for 2025 sales is 5.5 million units, representing a year-on-year growth of 25-30%, with exports expected to double to 800,000 units [7] - The share of plug-in hybrid vehicles slightly decreased to 46%, while pure electric vehicle sales increased by 39.6% [7] - BYD's battery installation in May increased by 101%, with a total of 28.5 GWh installed [7] - The projected net profit for 2025 is 55.021 billion yuan, with a year-on-year growth of 36.68% [1][7] Financial Projections - Total revenue is projected to reach 602.315 billion yuan in 2023, increasing to 1,316.14 billion yuan by 2027, with a compound annual growth rate (CAGR) of 13.74% [1] - The net profit attributable to shareholders is expected to grow from 30.041 billion yuan in 2023 to 82.321 billion yuan in 2027, reflecting a CAGR of 20.45% [1] - The earnings per share (EPS) is forecasted to rise from 9.88 yuan in 2023 to 27.09 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 36.42 in 2023 to 13.29 in 2027 [1]

Sales Performance - In May 2025, BYD sold 382,476 vehicles, a year-on-year increase of 15.3% [2] - Overseas sales of passenger cars and pickups reached 88,640 units [2] - Sales breakdown: Dynasty and Ocean series sold 348,393 units, Fangchengbao sold 12,592 units, Tengshi sold 15,806 units, and Yangwang sold 139 units [2] European Market Expansion - On May 21, 2025, BYD launched the Dolphin (BYD DOLPHIN SURF) in 15 European countries [3] - BYD has entered over 30 European countries, marking the Dolphin as the eighth pure electric model launched in Europe in three years [3] - The company aims to meet consumer demand for green travel through technological innovation [3] Super e Platform Highlights - The Super e platform features groundbreaking technologies including fast-charging batteries, 30,000 RPM motors, and next-gen silicon carbide power chips [4] - Achieves a charging power of 1 MW (1000 kW) and the fastest charging speed of 1 second per 2 km, with a flash charge of 5 minutes enabling 400 km range [4] - The platform's single module single motor power reaches 580 kW, with a top speed exceeding 300 km/h [4] Charging Infrastructure - The introduction of megawatt fast-charging stations completes the megawatt charging ecosystem [5] - BYD's unique "dual-gun charging" technology allows supercharging piles to transform into fast-charging piles [5] - The "smart boost" charging technology is compatible with all public fast-charging piles [5] European Headquarters - BYD announced its European headquarters in Budapest, Hungary, on May 15, 2025 [6] - The headquarters will focus on sales, after-sales, vehicle certification, and local design, creating thousands of jobs [6] - Research will prioritize intelligent driving assistance and next-generation vehicle electrification technologies, collaborating with at least three Hungarian universities [6]

Group 1: Super e Platform Highlights - BYD launched the groundbreaking Super e platform featuring fast-charging batteries, 30,000 RPM motors, and next-gen automotive-grade silicon carbide power chips, achieving multiple global records [2] - The charging power reaches 1 MW (1000 kW), enabling a peak charging speed of 1 second per 2 kilometers, with the fastest charging speed globally at 5 minutes for 400 kilometers [2] - Performance metrics include a single module single motor power of 580 kW and a top speed exceeding 300 km/h, defining the world's strongest professional pure electric platform [2] Group 2: Tengshi Brand Market Performance - Tengshi sold 15,388 vehicles in April, marking a year-on-year increase of 38.4% [2] - The Tengshi D9 was particularly successful, with sales of 9,045 units, maintaining the top position in MPV sales for four consecutive months in 2025 [2] - Tengshi's other models, including the Tengshi N9 and Z9GT, also contributed to the brand's strong performance [3] Group 3: International Expansion and Production - Tengshi officially entered the European market with a brand launch event in Milan, Italy, on April 7, 2025, aiming to expand into dozens of European countries within two years [3] - BYD's first electric vehicle production base in Cambodia was inaugurated on April 28, 2025, with an annual production capacity of 10,000 vehicles, set to commence operations in Q4 2025 [3] Group 4: Energy Storage Business Progress - BYD has initiated the shipment of 2,364 modular energy storage cabinets to Saudi Arabia, following a partnership for a 12.5 GWh grid-side energy storage project, setting a new industry record for shipment speed [3]

Investment Rating - The report maintains a "Buy" rating for BYD (002594) with a target price based on the last closing price of 355.00 [1][4]. Core Insights - BYD's Q1 2025 revenue reached 170.36 billion yuan, a year-on-year increase of 36.35%, with net profit attributable to shareholders at 9.155 billion yuan, up 100.38% year-on-year [4][5]. - The gross margin for Q1 2025 significantly improved to 20.1%, an increase of 3.1 percentage points from the previous quarter, indicating a positive trend in unit profitability [4][5]. - The company is focusing on high-end market penetration and international expansion, with Q1 2025 sales of new energy vehicles reaching 1,000,800 units, a 59.8% increase year-on-year, and overseas sales growing by 110% [5][6]. Financial Performance - The report forecasts BYD's revenue for 2025-2027 to be 932.68 billion yuan, 1,089.46 billion yuan, and 1,280.35 billion yuan, respectively, with growth rates of 20.02%, 16.81%, and 17.52% [6][8]. - The net profit for the same period is projected to be 53 billion yuan, 64 billion yuan, and 80 billion yuan, with year-on-year growth rates of 32%, 21%, and 26% [6][8]. - The report highlights a strong commitment to R&D, with Q1 2025 R&D expenses at 14.223 billion yuan, a 34% increase year-on-year, and total R&D investment exceeding 190 billion yuan [6][8]. Market Position and Strategy - BYD is enhancing its global presence with the launch of new factories in Uzbekistan and Thailand, and plans for additional facilities in Brazil and Hungary [5][6]. - The company is also expanding its high-end brand matrix, with significant sales growth in its premium brands [5][6]. - The introduction of the "BYD SHENZHEN" specialized vehicle transport ship marks a significant milestone in BYD's international logistics capabilities [5][6].

Investment Rating - The report maintains a "Buy" rating for BYD [1] Core Views - The Q1 performance of BYD is impressive, with revenue reaching 170.4 billion yuan, a year-on-year increase of 36% [7] - The company expects a sales growth of 25-30% for the year, with a target of 5.5 million vehicles sold [7] - BYD's net profit for Q1 is reported at 9.2 billion yuan, showing a year-on-year increase of 100% [7] - The report anticipates a target price of 507 yuan for 2025, corresponding to a PE ratio of 28x [7] Financial Forecasts - Total revenue projections for BYD are as follows: - 2023: 602.3 billion yuan - 2024: 777.1 billion yuan - 2025: 983.3 billion yuan - 2026: 1,157.1 billion yuan - 2027: 1,316.1 billion yuan - Net profit forecasts are: - 2023: 30.0 billion yuan - 2024: 40.3 billion yuan - 2025: 55.0 billion yuan - 2026: 68.3 billion yuan - 2027: 82.1 billion yuan - The report indicates an EPS of 9.88 yuan for 2023, increasing to 27.02 yuan by 2027 [1][8] Sales and Market Share - BYD's Q1 sales reached 1 million vehicles, with a domestic market share of 35% [7] - The export volume for Q1 was 210,000 vehicles, a year-on-year increase of 110% [7] - The report highlights that high-end vehicle sales reached 53,000 units in Q1, a year-on-year increase of 37% [7] Cost and Profitability - The average selling price per vehicle in Q1 was 151,000 yuan, with a gross profit of 32,000 yuan per vehicle [7] - The report projects that single vehicle profit will maintain above 9,000 yuan despite an expected increase in costs due to the introduction of smart driving models [7] Capital Expenditure and Inventory - BYD's capital expenditure in Q1 was 37 billion yuan, a year-on-year increase of 42% [7] - The inventory at the end of Q1 was reported at 154.4 billion yuan, reflecting a 33% increase from the beginning of the year [7]

Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - The Q1 performance of BYD is impressive, with a revenue of 170.4 billion yuan, a year-on-year increase of 36%, and a net profit of 9.2 billion yuan, doubling year-on-year [7] - The company expects a sales growth of 25-30% for the year, with a target of 5.5 million vehicles sold [7] - BYD's single vehicle profit is projected to maintain above 9,000 yuan, despite an increase in costs due to the introduction of intelligent driving models [7] - The company is focusing on overseas expansion and high-end vehicle sales, with exports expected to double to 800,000 units [7] - The target price for BYD is set at 507 yuan, corresponding to a PE ratio of 28x for 2025 [7] Financial Summary - Total revenue forecast for 2023 is 602.315 billion yuan, with a year-on-year growth of 42.04% [1] - Net profit for 2023 is projected at 30.041 billion yuan, reflecting a year-on-year increase of 80.72% [1] - The EPS for 2023 is estimated at 9.88 yuan, with a PE ratio of 37.51 [1] - The company anticipates a steady increase in net profit, reaching 82.111 billion yuan by 2027, with a growth rate of 20.23% [1][8]

Investment Rating - The report maintains a strong buy recommendation for BYD, indicating an expected stock price increase exceeding 20% compared to the benchmark index [4]. Core Insights - The company's Q1 2025 performance met expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching CNY 170.36 billion, CNY 9.155 billion, and CNY 8.172 billion, respectively, representing year-on-year growth of 36.35%, 100.38%, and 117.80% [1]. - The sales gross margin was 20.07%, a decrease of 1.81 percentage points year-on-year, while the net profit margin increased by 1.72 percentage points to 5.54% [1]. - BYD's electric vehicle sales reached 1,000,800 units in Q1 2025, a year-on-year increase of 59.8%, solidifying its position as the global leader in quarterly sales of pure electric vehicles [7]. - The company reported significant growth in overseas sales, with over 200,000 units sold in international markets, marking a 110% year-on-year increase [7]. - R&D expenses for Q1 2025 were CNY 14.223 billion, a 34.04% increase year-on-year, accounting for 8.33% of revenue [7]. Financial Data and Valuation - Projected total revenue for 2025 is CNY 1,010.233 billion, with a year-on-year growth rate of 30% [3]. - The estimated net profit for 2025 is CNY 59.205 billion, reflecting a 47% increase compared to 2024 [3]. - The report forecasts earnings per share (EPS) of CNY 19.48 for 2025, with a price-to-earnings (PE) ratio of 19.0 [3][12]. - The company's total market capitalization is CNY 112.7 billion, with a circulating market value of CNY 43.11 billion [4]. Performance Metrics - The report highlights a significant increase in single-vehicle profitability, with a year-on-year increase of 31.31% to CNY 0.87 million per vehicle [7]. - The company's return on equity (ROE) is projected to be 25.9% in 2025, indicating strong profitability [12]. - The asset-liability ratio is expected to decrease to 69.2% in 2025, reflecting improved financial stability [12].

Group 1: Financial Performance - The company's net profit for Q1 2025 is expected to be between 8.5 billion to 10 billion RMB, representing a year-on-year growth of 86.04% to 118.88% [2] - New energy vehicle sales reached over 1 million units, marking a year-on-year increase of 59.8% [2] Group 2: International Expansion - BYD officially entered the Swiss market with a brand launch event on April 1-2, 2025, introducing models such as BYD SEAL and SEALION 7 [3] - Plans to establish 15 sales points in Switzerland by the end of 2025 to enhance market presence [3] Group 3: Commercial Vehicle Development - BYD launched its new energy commercial vehicles in the UAE, including the ETM6 electric truck with a payload of 3.6 tons and a 126 kWh battery [4] - The EV light truck T5 has a payload of 4 tons and is designed for efficient urban logistics [4] Group 4: Technological Advancements - Introduction of the revolutionary Super e-platform featuring a fast-charging battery and a 1 MW charging power capability [5] - Achieved a peak charging speed of 1 second per 2 kilometers, setting a record for mass production [6] Group 5: New Product Launches - The new model "Titan 3" from the personalized brand Equation Leopard was launched for pre-sale on March 31, 2025, featuring advanced technology and design [6]

到全球量产最快充电速度——闪充 5 分钟，畅行 400 公里；在 性能上，达到单模块单电机功率 580kW，最高车速超 300km/h， 定义全球最强专业纯电平台，首发搭载于划时代旗舰汉 L、唐 L，即日起正式开启预售，引领电动车下一个时代。 问题三：比亚迪海外哪些新拓展？ 证券代码：002594 证券简称：比亚迪 比亚迪股份有限公司 投资者关系活动记录表 编号：2025-11 投资者关系 活动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （电话会议） 参与单位名 称及人员姓 名 Public Mutual、Co-Head of Equity、YAP ENG LI Public Mutual、Assistant Manager、EVA ANG YOKE FUNG 时间 2025-4-8 9:30-10:30 地点 比亚迪六角大楼 上市公司接 待人员姓名 吴越、常恩铭 投资者关系 活动主要内 容介绍 问题一：比亚迪 3 月销量情况？ 答：比亚迪 3 月销售 377,420 辆，同增 24.8%，其中，乘用车及 皮卡海外销售 72,407 辆，王朝和海 ...

Group 1: BYD Yunba Progress - BYD Yunba is expanding nationwide, enhancing industrial parks and urban transport [2] - The Zhengzhou Port Yunba line is the fifth line, featuring the longest distance and most stations, providing an excellent riding experience [2] Group 2: Super e Platform Highlights - The Super e platform features a groundbreaking fast-charging battery with a charging power of 1 MW (1000 kW) [3] - Achieves a peak charging speed of 1 second per 2 kilometers, with a global record of charging for 5 minutes to travel 400 kilometers [3] - The platform supports a single module single motor power of 580 kW and a maximum speed exceeding 300 km/h [3] Group 3: Overseas Expansion of Commercial Vehicles - BYD launched four pure electric commercial vehicle models in the UAE, including light and medium trucks and electric buses [4] - These vehicles utilize BYD's advanced blade battery technology, offering fast charging and long-range capabilities [4] Group 4: Fangcheng Leopard Ti 3 Pre-sale and Delivery - The pre-sale for the Ti 3 started on March 31, 2025, with prices ranging from 139,800 to 203,800 CNY [5] - The Ti 3 will be officially launched and delivered in April 2025 [6]