Fangzheng Securities: Giving BYD a "recommended" rating, Megawatt Fast Charging technology empowers new products, starting the bottom-up cycle.

Fangzheng Securities' research report pointed out that BYD's megawatt flash charge technology empowers new products, and the bottom-up cycle is opening. Fangcheng Leopard's flash charge new product has been launched, with upgraded configurations to enhance competitiveness. The Titanium 3 flash charge version is divided into two configurations, with a range of 620km and a price of 153,800 yuan for the rear-wheel drive version, and a range of 565km and a price of 169,800 yuan for the four-wheel drive version. Compared to competitors in the same segment, the Titanium 3 has significant advantages in range, charging, and intelligent driving, effectively solving user pain points. The new product has a starting price increase of 20,000 yuan, and is expected to maintain high performance in terms of profitability. In addition, the Titanium 7EV flash charge version, as a higher-level SUV product, is expected to have an impact on mainstream products in the 200,000-300,000 yuan range. The new battery and flash charge technology are narrowing the speed gap in replenishing energy between new energy and fuel vehicles indefinitely, and the company's core competitive advantage will be strengthened by leading technologies beyond competitors' generational levels, potentially breaking through the penetration ceiling of new energy. In terms of new products, BYD released 11 heavyweight new models on March 5, covering its five major brands, including Wang Chao Ocean Network, Tengshi, Yangwang, and Fangcheng Leopard, marking the start of a new 26-year car cycle, which is expected to lead the sector towards recovery. A "recommended" rating is given.