比亚迪_海外市场将成主要增长动力，解答投资者关键 FAQs；买入评级

3 November 2025 | 6:01PM CST Equity Research BYD CO. (002594.SZ/1211.HK) Overseas markets to become a major growth driver, addressing key investor FAQs; Buy We expect the overseas market to become a key growth driver over the next decade for the company and raise BYD's overseas (ex-US) sales volume by 5%-14% to 1.5mn-3.5mn in 2026E-2035E, underpinned by: (1) NEV penetration ramp into mass-adoption phase supported by increasing model supply: currently we see NEV penetration in key overseas markets around 4 y ...