Guosheng Securities: Maintain BYD's "buy" rating, overseas market maintains rapid growth.

Guosheng Securities research report pointed out that BYD's net profit attributable to shareholders in the first half of the year was 15.5 billion yuan, a year-on-year increase of 13.8%; the net profit attributable to shareholders in Q2 2025 was 6.36 billion yuan, a year-on-year decrease of 30% and a quarter-on-quarter decrease of 31%. In terms of sales, the company benefited from the strong performance of new models such as the Han L, Tang L, Sea Lion 07, Sea Lion 06EV, and Formula Leopard Titanium 3 in Q2 2025, achieving total vehicle sales of 1.145 million units, an increase of 16% year-on-year and 14% quarter-on-quarter. The corresponding net profit per vehicle was 5,600 yuan, a decrease of 40% year-on-year and 39% quarter-on-quarter, mainly due to industry competition. As of the first half of 2025, the company had exported 464,000 vehicles, which are now sold in more than 110 countries and regions across six continents, and are among the top sellers in countries such as the UK, Brazil, and Singapore. With rapid technological iterations, the company is expected to maintain its leading position. Despite the strong sales volume, the short-term profitability is affected by industry competition, but is expected to gradually recover. It is estimated that the company's net profit attributable to shareholders for the years 2025-2027 will be 45.4/56.1/66.8 billion yuan, corresponding to P/E ratios of 22/18/15 times respectively, maintaining a "buy" rating.