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 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].