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Guosheng Securities research report pointed out that BYD's net profit attributable to mother 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 mother in the second quarter of 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, in the second quarter of 2025, the company benefited from the strong performance of new models such as Han L, Tang L, Dolphin 07, Leopard 06EV, and Formula Leopard Titanium 3, achieving strong sales of 1.145 million vehicles, a year-on-year increase of 16% and a quarter-on-quarter increase of 14%. Corresponding to a net profit of 5,600 yuan per vehicle, a year-on-year decrease of 40% and a quarter-on-quarter decrease of 39%, mainly due to industry competition. As of the first half of 2025, the company's exports reached 464,000 vehicles, currently covering 6 continents, more than 110 countries and regions, and ranking among the top in sales in the UK, Brazil, Singapore, and other regions. With rapid technological iterations, the company is expected to maintain its leading edge. The company's sales remain strong, and the short-term profitability may be affected by industry competition, but is expected to gradually recover. It is estimated that the company's net profit attributable to mother in 2025-2027 will be 45.4/56.1/66.8 billion yuan, corresponding to PEs of 22/18/15 respectively, maintaining a "buy" rating.