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]

Sales Performance - In March 2025, BYD sold 377,420 vehicles, representing a year-on-year increase of 24.8% [2] - Overseas sales included 72,407 units of passenger cars and pickups, with the Dynasty and Ocean series contributing 350,615 units, and other models like the Fangchengbao and Tengshi adding 8,051 and 12,620 units respectively [2] Super e Platform Highlights - BYD launched the groundbreaking Super e platform featuring a fast-charging battery, a 30,000 RPM motor, and a new generation of automotive-grade silicon carbide power chips [3] - The platform achieves a charging power of 1 MW (1000 kW), enabling a peak charging speed of 1 second per 2 kilometers, and a flash charge of 5 minutes for a range of 400 kilometers [3] - It defines the world's strongest professional pure electric platform, debuting in the flagship models Han L and Tang L, which are now available for pre-sale [3] International Expansion - BYD held a brand launch event in Switzerland from April 1 to 2, marking its entry into the Swiss market with models like the BYD Seal, BYD Sealion 7, and SEAL U DM-i [4] - The company plans to establish 15 sales points in Switzerland by the end of the year, collaborating with local partners to enhance its European market presence [4] New Model Launches - The pre-sale for the Fangchengbao Ti 3 commenced on March 31, 2025, with prices ranging from 139,800 to 203,800 CNY [5] - Static showcases of the Ti 3 are ongoing in 73 cities across China, with dynamic test drives set to begin shortly [5] Tengshi Brand Developments - BYD's premium sub-brand Tengshi officially entered the Malaysian automotive market, launching its flagship model Tengshi D9 in Kuala Lumpur [6] - The Tengshi D9 has been the best-selling MPV in China for two consecutive years since its launch in 2022, highlighting its leading position in the luxury MPV segment [7]

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]