Core Insights - BYD's 14 millionth electric vehicle, the Song Pro, was officially launched in Brazil, marking a significant milestone in the company's globalization efforts and reflecting the shift of Chinese EV companies from "product export" to "value creation" in overseas markets [1] Group 1: Market Performance - In Brazil, BYD's sales surged from 260 units in 2022 to 17,000 units in 2023, and projected to reach 76,000 units in 2024, with May 2025 alone seeing over 9,000 units sold, capturing a market share of 9.7% [4] - BYD's local models, such as the Dolphin and Song Pro, have become bestsellers, while the BYD SHARK, a plug-in hybrid pickup, has filled a gap in the high-performance electric pickup market in Latin America [4] Group 2: Localization Strategy - BYD's success in Brazil is attributed to its precise localization strategy, which includes the establishment of the "BYD Recharge" integrated charging network, covering over 450 charging stations and introducing an "automatic charging" feature to enhance user convenience [4][7] - The company plans to build a network of 240 dealerships in Brazil by the end of 2025, alongside a charging service system in collaboration with the Brazilian government [7] Group 3: Brand and Consumer Trust - BYD has built consumer trust through transparent operations and product quality, receiving accolades such as "Car of the Year" for the Dolphin and "Best Hybrid Car" for the Song Pro, which have bolstered the brand's credibility [6] - The combination of BYD's technological capabilities and effective communication strategies has helped bridge cultural gaps and secure recognition in overseas markets [6] Group 4: Sustainability and Social Responsibility - BYD's Brazilian factory operates entirely on renewable energy and features rainwater recycling and wastewater treatment systems, earning international green certification [7] - The renaming of the road in front of BYD's factory to "BYD Road" symbolizes the company's commitment to social responsibility and enhances the international image of Chinese automotive brands [7][9] Group 5: Globalization Insights - BYD's achievements in Brazil demonstrate a successful model for Chinese automotive companies to expand internationally by focusing on technology adaptation, ecosystem building, and social responsibility [9]

Investment Rating - The investment rating for BYD is "Buy-A" with a target price of 454.25 CNY per share, maintaining the rating [7][12]. Core Views - BYD's sales in May 2025 reached 377,000 vehicles, a year-on-year increase of 14% and a month-on-month increase of 1%. Pure electric vehicle sales were 204,000 units, up 40% year-on-year and 4% month-on-month [2][3]. - The company's overseas sales of new energy vehicles in May 2025 reached 89,000 units, a year-on-year increase of 137% and a month-on-month increase of 13% [4]. - The report anticipates continued growth in BYD's basic operations, high-end product offerings, and overseas expansion, with expected net profits of 552.1 billion, 643.9 billion, and 812.4 billion CNY for 2025-2027 [5][12]. Summary by Sections Sales Performance - In May 2025, BYD's domestic sales were approximately 288,000 units, reflecting a decline of about 2% month-on-month and year-on-year, primarily due to weak overall terminal demand and the nearing end of inventory clearance for non-intelligent driving versions [2]. - The Dynasty and Ocean series launched price promotions on May 23, which are expected to boost store visits and order growth [2]. Product Launches - The Dynasty and Ocean series sold a total of 348,000 units in May, with the Dynasty series at 161,000 units (down 7% year-on-year) and the Ocean series at 183,000 units (up 28% year-on-year) [3]. - New models such as the Sea Lion 07DM-i and BYD e7 were launched, contributing to the sales growth of high-end brands like Tengshi and Fangchengbao [3]. Overseas Expansion - BYD's overseas sales continue to set new records, with significant progress in various regions including the Americas, Europe, and Asia [4]. - The establishment of a European headquarters and the launch of new models in multiple European countries are part of BYD's strategy to enhance its international presence [4]. Financial Projections - The report projects BYD's revenue growth rates of 42% for 2023, 29% for 2024, and a steady increase in net profit margins, with a net profit margin of 5.6% expected by 2025 [13][14]. - The company's earnings per share (EPS) are forecasted to grow from 9.88 CNY in 2023 to 18.17 CNY in 2025, reflecting strong profitability [13][14].

Sales Performance - In April 2025, BYD sold 380,089 vehicles, with passenger car sales reaching 372,615 units, a year-on-year increase of 19.4% [2] - Overseas sales of passenger cars and pickups in April 2025 totaled 78,705 units, marking a significant year-on-year growth of 91.9% [2] New Product Launches - The BYD SHARK, a new energy pickup, was officially launched in Chile on May 13, 2025, following its global debut in Mexico [3] - In Vietnam, BYD introduced the Song PLUS DM-i, a mid-size SUV featuring DM-i super hybrid technology, marking its first deployment in the country [4] Brand Developments - The Tengshi N9, a flagship SUV, was launched on March 21, 2025, with prices ranging from 389,800 to 449,800 CNY, setting a new benchmark for large luxury SUVs [5] - The Fangchengbao Titanium 3 SUV features innovative configurations such as the "1 machine 3 cabins" system, enhancing its technological appeal and versatility [6]

Investment Rating - The investment rating for BYD is "Buy-A" with a target price of 454.25 CNY per share, maintaining the rating [6]. Core Views - The report highlights that BYD's April sales performance was robust, with a total of 371,000 passenger vehicles sold, representing a year-on-year increase of 19% and a month-on-month stability. Pure electric vehicle sales reached 196,000 units, up 46% year-on-year and 18% month-on-month [1]. - The report emphasizes the strong performance of high-end brands, with sales of the Tengshi brand increasing by 38% year-on-year and 22% month-on-month, driven by the launch of the Tengshi N9 [2]. - The overseas sales of BYD's new energy vehicles reached 79,000 units in April, marking a 93% year-on-year increase and a 9% month-on-month increase, attributed to new model launches and enhanced logistics capabilities [3]. - The outlook for BYD is positive, with expectations for continued growth in core operations, high-end product offerings, and international expansion [4]. Summary by Sections Sales Performance - In April, BYD sold 371,000 passenger vehicles, with pure electric sales at 196,000 units and plug-in hybrid sales at 177,000 units. The sales figures indicate a year-on-year growth driven by new models, while month-on-month performance remained stable [1]. High-End Brand Growth - The Tengshi brand saw sales of 15,000 units in April, a 38% increase year-on-year, while the Fangchengbao brand experienced a remarkable 376% year-on-year growth, primarily due to the launch of the Titanium 3 model [2]. International Expansion - BYD's overseas sales reached 79,000 units in April, with significant growth in various regions, including the Asia-Pacific, Americas, Europe, and Africa. The company is also expanding its production capacity with a new factory in Cambodia [3]. Future Outlook - The report anticipates that BYD will continue to enhance its competitive edge through increased product intelligence and high-end offerings. The company is expected to maintain strong growth in exports, benefiting from higher pricing and profitability in international markets [4].