2025年10月9日，比亚迪第1400万辆新能源汽车——宋Pro在巴西卡马萨里工厂正式下线。这不仅是比亚迪全球化进程的重要事件，更折射 出中国新能源车企在海外市场实现从"产品输出"到"价值创造"的跃升。 作为中国车企出海的代表，比亚迪正以技术创新与绿色理念为纽带，将产业合作、社会公益与品牌价值深度融合，在其"国际化与本地化融 合发展"战略下，为中国汽车品牌出海树立起可持续、有温度的新标杆。 本土化是赢得海外市场的关键 2022年比亚迪在巴西市场全年销量仅260辆，2023年就增至1.7万辆，2024年更达7.6万辆，2025年5月单月销量突破9000辆，市场份额攀升至 9.7%，位居巴西全部汽车品牌零售销量第4位。 这一跨越式增长背后，是比亚迪产品矩阵的精准本土化适配。比亚迪海鸥成为当地的畅销电动车型，宋Pro则稳居销冠，BYD SHARK作为 巴西首款插电式混合动力皮卡，以437马力创下动力纪录，填补了拉美市场高性能电动皮卡空白。 比亚迪还在巴西市场推出集成充电网络"BYD Recharge"，整合EZVolt和Tupi Mobilidade资源，覆盖超450个充电站，并创新推出"自动充 电"功能，实现无感 ...

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].