Group 1: Global Expansion and Production Facilities - BYD has accelerated its global expansion with the inauguration of its first passenger car factory in Camasari, Bahia, Brazil, marking a new phase in its globalization strategy [1] - The company announced a total investment of 5.5 billion Brazilian Reais (approximately 7.1 billion RMB) for a large production complex in Brazil, which will have a planned capacity of 150,000 vehicles and create 20,000 local jobs [1] - In Cambodia, BYD is establishing its first electric vehicle production base, with a 521% year-on-year increase in orders expected by Q1 2025 [2] Group 2: Sales Performance and Market Position - Since entering the Brazilian market in 2021, BYD has seen continuous sales growth, becoming the top seller of electric vehicles in Brazil with over 20,000 units sold in Q1 2023 [1] - BYD ranked fourth in retail sales among car brands in Brazil as of May, achieving a market share of 9.7% [1] - In Japan, BYD's monthly registration volume surpassed 400 units for the first time, entering the top ten of imported car brands, largely driven by the strong performance of the SEALION7 model [3] Group 3: Product Development and Market Strategy - BYD launched the "Seagull" model in 15 European countries, marking its eighth electric vehicle introduction in Europe over the past three years [3] - The company plans to expand its product matrix in Japan by introducing plug-in hybrid vehicles and light electric K-Cars to meet local demand [3] - In Australia, BYD has established 46 stores across major cities, offering a full range of electric and hybrid vehicles [4] Group 4: Logistics and Transportation - BYD is developing its own fleet of automobile transport ships to enhance global delivery capabilities, with the sixth ship, "BYD CHANGSHA," recently launched [4] - The operational fleet has already transported over 70,000 BYD electric vehicles [4] Group 5: Financial Performance - BYD's overseas revenue reached approximately 160.2 billion RMB in the previous year, reflecting a year-on-year growth of 75.2% [5]

2025 年 05 月 05 日 比亚迪(002594.SZ) 4 月主品牌表现稳健，高端品牌&出海增长亮眼 事件：比亚迪发布产销公告，2025 年 4 月共销售乘用车 37.1 万辆，37.3 万台、同比+19%、环比基本持平；其中纯电销售 19.6 万台、同比+46%、环 比+18%，插混销售 17.7 万台、同比基本持平、环比-14%。 我们认为公司 4 月销量符合预期，同比增长预计主要受到新车型拉动， 环比基本持平，预计虽老款清库、促销力度较大，但仍受整体终端需求较 平淡以及智驾版尚未大范围优惠等影响。 王朝海洋网基本盘表现稳健：4 月王朝网销售 16.4 万台、同比+3%、环 比-7%，海洋网销售 18.1 万台、同比+30%、环比+5%。4 月汉 L、唐 L 正式 上市，纯电版均搭载超级 e 平台、可实现"兆瓦闪充"，插混版均首搭第五 代 DM 技术 DM-p 王者混动，且全系标配天神之眼 B 智驾系统、Dilink150 高阶智能座舱，具备较强竞争力，4 月汉 L、唐 L 分别销售 1.0 万、1.1 万 台。 高端品牌增长亮眼：4 月腾势品牌销售 1.5 万台、同比+38%、环比+22%， 主 ...