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]

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] Insurance Business - BYD Insurance aims to focus on customer-centric services, leveraging internet thinking and technology to enhance risk protection for new energy vehicles [3] - The mission is to innovate through technology to meet people's aspirations for a better life, positioning itself as a leader in green insurance [3] Super e Platform - The Super e platform features groundbreaking technology, including a flash charging battery and a 1 MW (1000 kW) charging capability, achieving the fastest mass production charging speed of 1 second for 2 kilometers [4] - Performance metrics include a single module single motor power of 580 kW and a top speed exceeding 300 km/h, defining it as the world's strongest professional pure electric platform [4] Charging Infrastructure - The establishment of 4,000 MW flash charging stations across the country is planned, completing the charging ecosystem [5] - Innovative "dual-gun charging" technology allows rapid conversion of charging stations, enhancing user convenience [5] International Expansion - BYD officially entered the Swiss market with a brand launch event on April 1-2, 2025, introducing models like the BYD Seal and BYD Sealion 7 [6] - Plans include opening 15 sales points in Switzerland by the end of the year, in collaboration with local dealers, to accelerate sustainable transportation transformation in Europe [7]

Investment Rating - The report maintains an "Overweight" rating for the automotive sector [6] Core Insights - BYD has launched the groundbreaking Super e platform, featuring innovations such as a fast-charging battery, a 30,000 RPM motor, and a new generation of automotive-grade silicon carbide power chips, marking multiple global records [1][15] - The Super e platform aims to achieve "oil-electric synchronization" by enabling ultra-high voltage and ultra-large current charging [2][16] - The platform includes the world's first mass-produced 30,000 RPM motor, which significantly enhances vehicle speed while reducing motor weight and size [3][17] - BYD's self-developed liquid-cooled megawatt fast-charging terminal system can output up to 1,360 kW, with plans to build over 4,000 megawatt charging stations nationwide [3][17] - The pre-sale prices for the first models on the Super e platform, Han L and Tang L, are set between 270,000 to 350,000 CNY and 280,000 to 360,000 CNY respectively, with an official launch scheduled for April [3][17] Investment Strategy and Focus - The report suggests focusing on undervalued leading automakers and parts manufacturers due to performance improvements, as well as high-quality core targets in the new energy and intelligent sectors [4][18] - Recommended companies include BYD, Changan Automobile, Geely Automobile, and Li Auto in the new energy sector, along with stable, undervalued parts leaders like Huayu Automotive and Fuyao Glass [4][21] - The report highlights the potential benefits from domestic substitution opportunities and the positive impact of strong automakers on core components [4][21] Weekly Focus Portfolio - The report emphasizes a focus portfolio consisting of BYD (20%), Li Auto (20%), Top Group (20%), Desay SV (20%), and Shangsheng Electronics (20%) [5][20] Market Review - The automotive sector experienced a weekly decline of 0.75%, outperforming the Shanghai Composite Index and other major indices [20][23] - The report notes that the automotive industry is expected to rebound as economic conditions normalize and stimulus policies take effect, with production and sales likely to continue rising [18]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sector, including CATL, Keda, and others [5]. Core Insights - BYD launched the Super e-platform, featuring a new fast-charging battery that reduces internal resistance by 50%, achieving a maximum charging power of 1000kW and a charging speed of 2 km per second [2][12]. - The new platform also includes the world's first mass-produced 30,000 RPM motor, enhancing power density and performance [2][16]. - In the first two months of 2025, solar power installations reached 39.47GW, a year-on-year increase of 7.5% [3][32]. - The inverter exports in January-February 2025 totaled 7.669 billion yuan, a year-on-year increase of 6.24% [3][33]. - The total investment in power grid projects in January-February 2025 was 43.6 billion yuan, a year-on-year increase of 33.5% [4]. Summary by Sections New Energy Vehicles - BYD's Super e-platform features a fast-charging battery and a high-speed motor, significantly improving charging efficiency and vehicle performance [11][19]. - The platform's charging capability allows for a range of 400 km with just 5 minutes of charging [11][19]. New Energy Generation - The solar power sector saw a total of 39.47GW of new installations in the first two months of 2025, with a year-on-year growth of 7.5% [3][32]. - Inverter exports showed steady growth, with a total of 7.669 billion yuan in exports during the same period [3][33]. Power Equipment and Automation - The investment in power grid projects reached 43.6 billion yuan in January-February 2025, marking a 33.5% increase compared to the previous year [4]. - The overall electricity consumption in February 2025 was 743.4 billion kWh, reflecting an 8.6% year-on-year growth [4]. Market Performance - The electric power equipment and new energy sector experienced a decline of 1.72% in the week of March 17-21, 2025, underperforming compared to the Shanghai Composite Index [1].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has launched the groundbreaking Super e platform, which includes advancements such as ultra-fast charging batteries, a 30,000 RPM motor, and a new generation of automotive-grade silicon carbide power chips, marking a comprehensive upgrade of its core technologies [5] - The Super e platform is expected to boost sales with the pre-sale of models Han L and Tang L, priced between 270,000 to 360,000 CNY and set to officially launch in April [5] - The company is projected to achieve a net profit of 38.615 billion CNY in 2024, 48.334 billion CNY in 2025, and 57.409 billion CNY in 2026, with corresponding PE ratios of 30.27, 24.18, and 20.36 respectively, maintaining the "Accumulate" rating [5] Financial Performance Summary - Revenue is expected to grow from 424.06 billion CNY in 2022 to 905.02 billion CNY in 2025, with a growth rate of 96.20% in 2022, 42.04% in 2023, and projected 18.28% in 2025 [4][6] - Net profit is forecasted to increase significantly from 16.622 billion CNY in 2022 to 48.334 billion CNY in 2025, with a net profit growth rate of 445.86% in 2022 and 25.17% in 2025 [4][6] - The company's EPS is projected to rise from 5.71 CNY in 2022 to 15.90 CNY in 2025, indicating strong earnings growth [4][6] Market Performance - The company's stock performance over the last 12 months shows a decline of 12%, while the Shanghai Composite Index and CSI 300 Index have increased by 6% and 24% respectively [3]