Core Viewpoint - The company reported a strong performance in June with significant growth in wholesale sales of new energy vehicles, indicating a positive trend in both domestic and international markets [1][2][3]. Sales Performance - In June, the wholesale sales of new energy vehicles reached 383,000 units, a year-on-year increase of 12.0% and a month-on-month increase of 0.03% [1]. - The wholesale sales of new energy passenger vehicles were 378,000 units, showing a year-on-year growth of 11.0% and a month-on-month growth of 0.2% [2]. - The breakdown of sales by brand includes 343,000 units for Dynasty and Ocean series, 15,783 units for Tengshi, 18,903 units for Fangchengbao, and 205 units for Yangwang [1]. Export Performance - The company achieved a record high of 90,000 units in overseas sales in June, benefiting from increasing demand in markets such as Turkey, Brazil, and Europe [3]. - The sales of plug-in hybrid passenger vehicles were 173,000 units, reflecting a year-on-year decline of 11.5%, while pure electric passenger vehicles saw sales of 207,000 units, a year-on-year increase of 42.5% [2]. Product Development and High-End Strategy - The year 2025 is projected to be a significant year for high-end products, with flagship models like Han L and Tang L launched in April, featuring advanced driving systems and fast-charging technology [4]. - The Fangchengbao Titanium 7 is expected to launch in Q4 2025, targeting family users with its spacious design and advanced technology [4]. Financial Projections - Revenue projections for 2025-2027 are estimated at 990.8 billion, 1,188.97 billion, and 1,397.04 billion yuan, respectively, with net profit estimates of 55.2 billion, 65.8 billion, and 75.3 billion yuan [5][7]. - The earnings per share (EPS) are projected to be 10.05, 11.98, and 13.71 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 33, 28, and 24 [5][7].

01 事件概述 公司发布4月产销快报，4月新能源汽车批发销售38.0万辆，同比+21.3%，环比+0.7%；新能源乘用车批发销售37.3万辆，同比+19.4%，环比 +0.3%。分品牌看，4月王朝海洋、腾势、方程豹、仰望销量分别34.7万辆、15,388辆、10,039辆、135辆。 02 分析判断 2025年为公司的高端化产品大年，腾势N9已于2025年3月上市，定位六座大型SUV，售价38.98-44.98万元，全系标配易三方技术，舒适度、 豪华属性强，有望带动整体盈利向上。王朝旗舰车型汉L/唐L于4月上市，均搭载 DiPilot 300 "天神之眼" 高阶智驾系统，支持高速 NOA 和城 市 NOA 等智能驾驶功能，其兆瓦闪充技术依托全域 1000V 高压架构与自研 "闪充电池"，实现 1000kW 峰值充电功率，5 分钟补能 400 公里 续航，有望带动主品牌高端化。 03 投资建议 我 们 看 好 公 司 技 术 驱 动 产 品 力 与 品 牌 力 向 上 ， 引 领 智 驾 平 权 ， 加 速 出 海 ， 同 时 高 端 化 稳 步 推 进 ， 预 计 2025-2027 年 营 收 为 10,1 ...

比亚迪（002594.SZ）系列点评二十八 出海再创新高 智驾、高端化多重成长 2025 年 05 月 05 日 ➢ 事件概述：公司发布 4 月产销快报，4 月新能源汽车批发销售 38.0 万辆， 同比+21.3%，环比+0.7%；新能源乘用车批发销售 37.3 万辆，同比+19.4%， 环比+0.3%。分品牌看，4 月王朝海洋、腾势、方程豹、仰望销量分别 34.7 万 辆、15,388 辆、10,039 辆、135 辆。 ➢ 4 月批发同比增长 出口表现亮眼。公司 4 月新能源乘用车批发销售 38.0 万 辆，同比+21.3%，受益出海销量提升，环比+0.7%。1-4 月累计销售 135.9 万 辆，同比+45.1%。4 月新能源出口销量 7.9 万辆，再创新高；1/2/3/4 月公司披 露出口销量分别 6.6/6.7/7.3/7.9 万辆，1/2/3 月海外上险分别 2.9/2.8/4.0 万 辆，出海稳步增长，一方面是由于海外真实需求逐步提升，受益土耳其、巴西、 欧洲等地销量快速增长，主要车型是 seal U 混动；一方面是受益滚装船投入： 比亚迪 2024 年 1 月、11 月，2025 年 1 月分 ...

比亚迪（002594.SZ）系列点评二十六 业绩表现亮眼 出海、智驾、高端化多重成长 2025 年 04 月 09 日 事件概述：公司发布 2025Q1 业绩预告，2025Q1 公司预计实现归母净利 85- 100 亿元，同比+86.0%至+118.9%；环比-43.4%至-33.4%。以中枢值计算， 2025Q1 公司归母净利 92.5 亿元，同比+102.5%，环比-38.4%。 ➢ 出口占比提升+规模效应加强 业绩表现亮眼。2025Q1 公司预计实现归母 净利 85-100 亿元，同比+86.0%至+118.9%；环比-43.4%至-33.4%。以中枢值 计算，2025Q1 公司归母净利 92.5 亿元，同比+102.5%，环比-38.4%。2025Q1， 公司汽车销量 100.1 万辆，同比+59.8%，环比-34.3%，盈利增速高于销量增速， 预计主要受益出口销量占比提升及规模效应加强，2025Q1 出口销量 20.6 万辆， 同比+110.5%，环比+72.7%；占比 20.6%，同比+5.0pct；腾势/仰望/方程豹销 量 3.3/0.05/1.9 万辆，占比 3.3%/0.1%/1.9%，合计 ...

Core Viewpoint - The company reported strong growth in March 2025, with wholesale sales of new energy vehicles reaching 377,000 units, a year-on-year increase of 24.8% and a month-on-month increase of 16.9% [2][4]. Group 1: Sales Performance - In March, the wholesale sales of new energy passenger vehicles reached 371,000 units, up 23.1% year-on-year and 16.7% month-on-month. Cumulatively, sales from January to March totaled 986,000 units, reflecting a 59.3% year-on-year growth [2][4]. - The export performance was notable, with February's export sales reaching 73,000 units, a new high. The company disclosed export sales of 66,000, 67,000, and 73,000 units for January, February, and March respectively, indicating steady growth in overseas demand [4]. Group 2: Strategic Developments - The company launched the Dynasty Ocean series of intelligent driving models in February, making high-level intelligent driving technology accessible at a price point of 70,000 yuan. Orders for these models account for 25%-30% of total orders nationwide [5]. - The company plans to enhance its overseas market presence by investing in factories in Brazil, Uzbekistan, Hungary, Turkey, and Indonesia, aiming for rapid growth in Europe, Southeast Asia, and Australia/New Zealand [4]. Group 3: Product and Profitability Outlook - 2025 is expected to be a significant year for high-end products, with the Tengshi N9 SUV launched in March, priced between 389,800 and 449,800 yuan. This model is anticipated to boost overall profitability [6]. - The flagship models, Han L and Tang L, are set to launch in April, featuring advanced intelligent driving systems and fast-charging technology, which are expected to enhance the brand's high-end positioning [6]. Group 4: Financial Projections - The company forecasts revenues of 1,014.1 billion yuan, 1,237.2 billion yuan, and 1,477.2 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 58.1 billion yuan, 67.1 billion yuan, and 74.2 billion yuan for the same years [7]. - The earnings per share (EPS) are projected to be 19.12 yuan, 22.08 yuan, and 24.41 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 19, 17, and 15 [7].

比亚迪（002594.SZ）系列点评二十五 出海再创新高 智驾、高端化多重成长 2025 年 04 月 02 日 事件概述：公司发布 3 月产销快报，3 月新能源汽车批发销售 37.7 万辆，同比 +24.8%，环比+16.9%；新能源乘用车批发销售 37.1 万辆，同比+23.1%，环 比+16.7%。分品牌看，3 月王朝海洋、腾势、方程豹、仰望销量分别 35.1 万 辆、12,620 辆、8,051 辆、133 辆。 ➢ 3 月批发同比增长 出口表现亮眼。公司 3 月新能源乘用车批发销售 37.1 万 辆，同比+23.1%，受益出海及智驾版铺货，环比+16.7%。1-3 月累计销售 98.6 万辆，同比+59.3%。2 月新能源出口销量 7.3 万辆，再创新高；25-01/25-02/25- 03 公司披露出口销量分别 6.6/6.7/7.3 万辆，出海稳步增长，一方面是由于海外 真实需求逐步提升，受益土耳其、巴西、欧洲等地销量快速增长，主要车型是 seal U 混动；一方面是受益滚装船投入：比亚迪 2024 年 1 月、11 月，2025 年 1 月 分别投入 1、1、2 艘滚装船，自建运力提升带动销量 ...

Investment Rating - The report maintains a "Recommended" rating for BYD [6] Core Views - The report highlights BYD's successful H-share placement, raising approximately HKD 43.5 billion, which reflects global investor confidence in the company's growth prospects and the electric vehicle industry's trends [1] - BYD's overseas sales are projected to reach 800,000 units in 2025, driven by increasing demand in markets like Turkey, Brazil, and Europe, along with enhanced shipping capacity [2] - The launch of smart driving models is expected to accelerate the adoption of advanced driving technologies, with a significant portion of orders for these models already captured [3] - The financial forecast indicates strong revenue growth, with expected revenues of CNY 833.6 billion, CNY 1,017 billion, and CNY 1,214.3 billion for 2024, 2025, and 2026 respectively [4] Summary by Sections H-Share Placement - BYD announced an H-share placement of 129.8 million shares at HKD 335.2 per share, raising approximately HKD 43.5 billion, with a discount of 7.8% from the previous closing price [1] - The funds will be used for R&D, overseas expansion, and general corporate purposes [1] Overseas Expansion - BYD's export volumes are expected to grow significantly, with 80,000 units projected for 2025, supported by increased demand and new shipping capabilities [2] - The company is actively establishing factories in Brazil, Uzbekistan, Hungary, Turkey, and Indonesia to enhance its global footprint [2][8] Smart Driving Technology - The introduction of smart driving models aims to democratize advanced driving features, with a notable order share of 25%-30% for these models [3] - High-end models like the Han L and Tang L are set to launch in March 2025, featuring advanced driving systems [3] Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are CNY 833.6 billion, CNY 1,017 billion, and CNY 1,214.3 billion respectively, with net profits expected to be CNY 39.9 billion, CNY 55.4 billion, and CNY 65.6 billion [4][11] - The report anticipates a steady increase in earnings per share (EPS) from CNY 13.71 in 2024 to CNY 22.55 in 2026 [4][11]

01 事件概述 公司24-11/24-12/25-01/25-02公司披露出口销量分别3.1/5.7/6.6/6.7万辆，24-11/24-12/25-01海外上险销量分别2.6/3.5/2.5万辆，出海稳步增长，一方面是由于海外需 求逐步提升，土耳其、巴西、欧洲等地销量快速增长，主要增量车型是seal U 混动；一方面是受益滚装船投入：比亚迪2024年1月、11月，2025年1月分别投入1、 1、2搜滚装船，自建运力提升带动销量提升，到2026年1月前，船队规模将扩展至8艘。2025年，公司将加大海外市场投入，同时加速出口，出海有望在欧洲、东南 亚、澳新迎来快速发展，全年出海展望80万辆，出海亦有望提振盈利。 ► 智驾版车型发布 2025智驾平权加速 智能化 ：2月，公司发布王朝海洋全系智驾版车型，首次将高阶智驾下放到7万元。根据新闻，目前在全国范围内，比亚迪智驾版车型的订单占比已达到 25%-30%，公司以"规模化"与"普惠性"为底层逻辑，正式开启中国汽车的智驾平权时代，带动产业链协同发展。 高端化： 2025年为公司的高端化产品大年，王 朝旗舰车型汉L/唐L也将于3月上市，均搭载 DiPilot 300 ...

Core Viewpoint - The company reported significant growth in February sales of new energy vehicles, with wholesale sales reaching 323,000 units, a year-on-year increase of 164.0% and a month-on-month increase of 7.4% [1] Group 1: Sales Performance - In February, the company achieved wholesale sales of 318,000 new energy passenger vehicles, reflecting a year-on-year increase of 161.4% and a month-on-month increase of 7.3% [1] - Cumulative sales for January and February reached 615,000 units, representing a year-on-year growth of 90.4% [1] - Export sales in February reached a record high of 67,000 units, with steady growth in overseas demand, particularly in Turkey, Brazil, and Europe [1] Group 2: Strategic Developments - The company launched the Ocean series smart driving models, making advanced smart driving technology more accessible, with orders for smart driving models accounting for 25%-30% of total orders [2] - The company plans to enhance its overseas market presence by establishing factories in Brazil, Uzbekistan, Hungary, Turkey, and Indonesia, aiming for rapid growth in Europe, Southeast Asia, and Australia/New Zealand [1] Group 3: Product and Profitability Outlook - The year 2025 is projected to be a significant year for high-end products, with flagship models like Han L and Tang L set to launch in March, featuring advanced smart driving systems [3] - The Tengshi N9, a large six-seat SUV, is expected to launch in Q1 2025, enhancing the company's product lineup and profitability [3] Group 4: Financial Projections - The company forecasts revenues of 833.6 billion, 1,017.0 billion, and 1,214.3 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 39.884 billion, 55.435 billion, and 65.610 billion yuan [4] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 13.71, 19.05, and 22.55 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 26, 19, and 16 [4]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company achieved a record high in overseas sales, with February's wholesale sales of new energy vehicles reaching 323,000 units, a year-on-year increase of 164.0% and a month-on-month increase of 7.4% [1][2]. - The company is accelerating its entry into international markets, with significant growth in exports, particularly in Turkey, Brazil, and Europe, supported by the introduction of new roll-on/roll-off ships to enhance shipping capacity [2][3]. - The launch of the Dynasty Ocean series smart driving models is expected to democratize advanced driving features, with 25%-30% of orders for smart driving versions, leveraging the company's data advantage from over 4.4 million vehicles equipped with L2 or higher driving assistance [3]. - The year 2025 is projected to be a significant year for high-end products, with flagship models like Han L and Tang L set to launch, which will enhance the brand's premium positioning and profitability [3]. Financial Forecasts - Revenue projections for 2024-2026 are estimated at 833.6 billion, 1,017.0 billion, and 1,214.3 billion yuan respectively, with net profit forecasts of 39.9 billion, 55.4 billion, and 65.6 billion yuan [4][5]. - Earnings per share (EPS) are expected to rise from 13.71 yuan in 2024 to 22.55 yuan in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 26 to 16 over the same period [4][5].