以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 快公司得学会慢下来。 文 丨 司雯雯 龚方毅 编辑 丨 龚方毅 日本顾客对丰田、本田等本土品牌的自信感和忠诚度有多强烈，外国汽车品牌的挑战就有多大。2024 年，外资汽车品牌在日本的份额合计不到 20%。发达国家里几乎最低的电动车渗透率让外资电动车难 上加难。 比亚迪 2023 年 1 月正式进入日本市场，3 年开了 66 家门店，累计销售 7000 多辆车。一位比亚迪人 士对此评价，"不如海洋网在中国 1 个小时卖得多"。 不过，特斯拉在日本也挣扎，月均销量不足 2000 辆。 比亚迪在东京的旗舰店选址于房价排名前列的目黑区——这里罕有新能源汽车门店。街对面是经营数 十年的奥迪 4S 店，不远处是玛莎拉蒂展厅。 这家门店于 2024 年 4 月开业，前租户经营复古老爷车。独栋建筑共四层（含地下一层），面积约 800 平方米，是比亚迪在日本 66 家门店中最具代表性的一家。 经营者为中国和谐汽车集团，它们在日本拥有 3 家比亚迪门店。和谐汽车同时代理劳斯莱斯、宾利、 法拉利等豪华 ...

文 丨 司雯雯 龚方毅 经营者为中国和谐汽车集团，它们在日本拥有 3 家比亚迪门店。和谐汽车同时代理劳斯莱斯、宾利、 法拉利等豪华品牌，也在中国香港、新加坡、马来西亚、泰国销售比亚迪品牌的车。 编辑 丨 龚方毅 日本顾客对丰田、本田等本土品牌的自信感和忠诚度有多强烈，外国汽车品牌的挑战就有多大。2024 年，外资汽车品牌在日本的份额合计不到 20%。发达国家里几乎最低的电动车渗透率让外资电动车难 上加难。 比亚迪 2023 年 1 月正式进入日本市场，3 年开了 66 家门店，累计销售 7000 多辆车。一位比亚迪人 士对此评价，"不如海洋网在中国 1 个小时卖得多"。 不过，特斯拉在日本也挣扎，月均销量不足 2000 辆。 比亚迪在东京的旗舰店选址于房价排名前列的目黑区——这里罕有新能源汽车门店。街对面是经营数 十年的奥迪 4S 店，不远处是玛莎拉蒂展厅。 门店负责人说，为了拿下目黑区门店这块地，他们花了很长时间向房主解释比亚迪是什么。"在中国， 你不需要解释这个名字，但在日本，比亚迪就是一个陌生品牌。" 这家门店于 2024 年 4 月开业，前租户经营复古老爷车。独栋建筑共四层（含地下一层），面积约 80 ...

Group 1: Regulatory Actions in the Food Delivery Industry - Five government departments, including the State Administration for Market Regulation, have interviewed major food delivery platforms like JD.com, Meituan, and Ele.me regarding competition issues in the industry, emphasizing compliance with laws such as the E-commerce Law and Food Safety Law [1] - The interview aims to ensure that these platforms fulfill their social responsibilities, enhance internal management, and promote fair competition to protect consumers and delivery personnel [1] Group 2: JD.com's Financial Performance - JD.com reported a net revenue of 301.08 billion RMB for Q1, a 16% year-on-year increase, surpassing market expectations [2] - The company's EBITDA reached 13.7 billion RMB, reflecting a 27% growth compared to the previous year [2] - New business segments, including the recently launched food delivery service, saw an 18.1% year-on-year growth, although losses in this segment nearly doubled, with an operating loss rate of 23.1% [2] Group 3: Semiconductor Industry Insights - Semiconductor manufacturer SMIC's co-CEO highlighted potential downward adjustments in customer inventory targets for mobile phones and stable but non-growing PC sales, indicating a supply-demand imbalance in the panel market [3] Group 4: Pet Transportation Services - Didi's pet transportation service has registered nearly 2 million pets since its launch, addressing the unmet needs of pet owners for travel options [4] - The service allows users to provide specific pet information to reduce the likelihood of ride cancellations [4][5] Group 5: SoftBank's Vision Fund Performance - SoftBank's Vision Fund reported a significant decline in investment returns, with a 40% year-on-year decrease, leading to a pre-tax loss of approximately 5.6 billion RMB [6] Group 6: Meituan's International Expansion - Meituan plans to invest 1 billion USD in Brazil over the next five years to launch its food delivery service, Keeta, marking a significant international expansion effort [7] Group 7: Automotive Industry Developments - Nissan announced plans to cut 20,000 jobs and close seven factories by the 2027 fiscal year, aiming to reduce costs by 500 billion JPY [10][11] - Honda has postponed its electric vehicle investment plan in Canada by about two years due to slowing market demand and anticipated impacts from tariffs and currency fluctuations [16][17] Group 8: Competitive Landscape in the EV Market - BYD has surpassed Tesla in sales across several major European markets, with a total of 11,123 vehicles sold in April, compared to Tesla's 6,253 [15]

Investment Rating - The report initiates coverage with a "Buy" rating for BYD Company Limited [2][8]. Core Views - The report emphasizes that BYD's engineering capabilities are beginning to monetize in the realms of intelligence and overseas markets, positioning the company favorably in the competitive landscape of electric vehicles [7][26]. - It highlights the challenges and opportunities in BYD's overseas expansion, noting that while rapid growth is expected, structural contradictions exist [26][30]. - The report suggests that BYD's brand elevation is a gradual process that requires time and strategic focus, indicating a shift in product positioning [32][36]. Financial Data and Profit Forecast - Total revenue projections for BYD are as follows: - 2023: 602.32 billion CNY - 2024: 777.10 billion CNY - 2025: 980.82 billion CNY - 2026: 1,147.54 billion CNY - 2027: 1,330.51 billion CNY - Year-on-year growth rates are projected at 42.0% for 2023, 29.0% for 2024, and gradually decreasing to 15.9% by 2027 [6][42]. - Net profit attributable to shareholders is forecasted as follows: - 2023: 30.04 billion CNY - 2024: 40.25 billion CNY - 2025: 54.34 billion CNY - 2026: 63.62 billion CNY - 2027: 75.48 billion CNY - The report anticipates a steady increase in earnings per share, reaching 17.88 CNY in 2025 and 24.83 CNY in 2027 [6][42]. Market Position and Competitive Landscape - The report notes that the gap in electric vehicle capabilities among leading domestic brands has significantly narrowed, with BYD maintaining a competitive edge through cost efficiency rather than absolute technological leadership [20][25]. - It discusses the importance of smart technology as a new driver of demand, predicting that consumer focus will shift towards intelligent features in vehicles [22][25]. - The report identifies BYD's strategic advantage in engineering and manufacturing scale, which allows for competitive pricing and product offerings [20][25]. Overseas Expansion Challenges - BYD's overseas expansion is characterized by rapid growth but also significant challenges, including regulatory hurdles in Europe and infrastructure limitations in Southeast Asia and the Middle East [26][28]. - The report highlights the importance of local production capabilities and the need for adaptation to regional market conditions to enhance sales performance [30][31]. - It emphasizes that achieving sales targets of 1-1.5 million units overseas is feasible, but reaching 4-6 million units will require addressing existing weaknesses [30][31]. Brand Strategy and Market Perception - The report indicates that BYD's brand positioning is evolving, with a focus on simplifying brand identity and enhancing product differentiation [32][36]. - It suggests that the transition to a higher-end market will take time and requires a solid foundation built on product quality and consumer trust [32][36]. - The report concludes that BYD's long-term potential is underestimated, with a belief that the company can navigate through competitive pressures and price wars effectively [10][36].