Awarded the former Prime Minister of Singapore by Zambia Dee (01211) multi-brand+international layout showing results

In recent years, BYD has held high the banner of “globalization” and “multi-brand”, making great strides along the way.

In 2024, BYD's total sales volume will exceed 4.27 million units. At the same time, the company won three crowns: the Chinese automobile market sales champion, the Chinese automobile market brand sales champion, and the global NEV market sales champion.

The formula behind going overseas is building a global offensive with multiple brands and localization

Once at the head of the tide, first of all, it is inseparable from its international layout.

In May 2021, BYD launched a comprehensive “overseas” strategy for passenger cars. In terms of the overseas travel model, the company has successively announced the construction of new energy passenger vehicle factories in overseas countries such as Thailand, Uzbekistan, Brazil, and Hungary to accelerate production capacity exports, while actively building its own transportation fleet to accelerate vehicle exports; in terms of overseas channels, the company selects dealer cooperation strategies according to local conditions to accelerate global channel layout.

Up to now, BYD's NEV footprint has covered six continents and more than 100 countries and regions. In 2024, BYD exported 433,000 new energy vehicles, an increase of 71.8% over the previous year. The export growth rate ranked first among Chinese NEV brands.

Second, “multi-brand” is another gripper for BYD to target the incremental global NEV market.

According to the Zhitong Finance App, in recent years, BYD has gradually moved towards multi-brand operations, planning four major brands: BYD, Tense, Fangchengbao, and Yangwang. The main brand, BYD, has also built two sales networks, Dynasty Network and Ocean Network. This year, BYD's four major brands will also release a series of major new products in the next few months, such as Tang L, Han L, Sea Lion 07 Dmi, Tense N9, and Equation Panther Titanium 3.

The product line is fully rolled out, and the firepower range covers almost all market segments, laying the foundation for BYD to further seize market share globally.

BYD's global layout is one more country. Since the beginning of 2025, BYD's global layout has continued to lead the passenger car market, ranking first in Singapore's brand sales in January and February. According to statistics released by the Land Transport Authority of Singapore, BYD is the best-selling car brand in Singapore in 2024, with registered sales volume of 6,191 vehicles, beating Toyota, BMW, and Tesla. This is also the first time that a Chinese electric vehicle brand has topped the list.

It is worth noting that on March 18, during the 60th anniversary of Singapore's independence (SG60) celebration, BYD Yuan PLUS (Singapore name: BYD ATTO3) supported live movie screenings through an external discharge function. Afterwards, Singapore's State Treasurer Lee Hsien Loong posted a post on his personal social media thanking BYD Singapore Branch for supporting the carnival event.

In the passenger car market, BYD won the top brand sales in Singapore in January-February. In addition to this in-depth participation in the 60th anniversary celebration of Singapore's independence, they all showed that the market recognized the BYD brand and established a stable competitive position for BYD's expansion in Southeast Asia.

The Zhitong Finance App believes that in the Singapore market, BYD took the lead in achieving multi-brand development and market penetration. On the one hand, it verified the correctness of BYD's “technology+localization” overseas strategy, and on the other hand, it also sounded an offensive trumpet for it to further advance into the global market.

Technology dividends continue to release high-end brands to expand global growth

Behind BYD's breakneck growth is the rapid release of many years of technological dividends.

First, BYD's technical system capabilities highlight its competitiveness in terms of cost and price control.

Specifically, BYD's strategy to open up vertical integration. The company uses the advantages of engineers to build a full-chain self-developed industrial chain on a large scale. Whether it is battery motor electronic control, power semiconductors, vehicle displays, etc., BYD can develop and sell its own products.

The rapid implementation and roots of the entire industrial ecosystem overseas can make Yadi products more cost competitive overseas. As mentioned in the UBS teardown report, the manufacturing cost of the BYD Seal is about 15% lower than the Tesla Model 3.

Second, technology is increasing intelligence to strengthen BYD's growth curve.

For example, from the “Eye of Tenjin” to the Xuanji architecture, it reflects BYD's accumulation and breakthroughs in technology research and development over the years, and is also BYD's prediction of future trends. More importantly, the company announced that all of its models will achieve full coverage of advanced smart driving, and smart driving will accelerate the consolidation of its dominant position in the mainstream price segment. 2025 is a big year for BYD's high-end products. In particular, the acceleration of high-end products of the main brand is expected to drive up overall profits.

In short, technology drives product strength and brand strength, helps to gain increased trust in the global high-end NEV market, and will further increase BYD's profits.

Summary: Strong performance certainty opens up logic to boost valuation

There is no doubt that hard power can always be recognized by the market. Judging from the trend in the secondary market, the market value of Hong Kong stocks has continued to rise since January, with Hong Kong stocks rising by more than 56% during the year.

The Zhitong Finance App believes that in the short term, BYD's valuation is determined by the growth of revenue and profit. Among them, an increase in share and an increase in profit are its short-term valuation logic. Currently, BYD's performance is highly deterministic, and due to the scale effect of sales volume, the company's performance is remarkable. In Q3 2024, the company's revenue was 502.2 billion yuan, up 18.9% year on year; net profit was 25.2 billion yuan, up 18.1% year on year, and gross margin was 23.94%, a record high. It is expected that the performance for the full year of 2024 will not disappoint the market.

However, in the long run, with globalization and intelligence as the core logic to boost valuation, BYD's performance is not inferior. The successful experience of the Singapore market can also be replicated in other countries, and the multi-dimensional strategy for the global market is progressing steadily. In addition, BYD is making all-out intelligent efforts. While introducing equal rights for smart driving, it is also using high-end smart driving to promote the upward transformation of the main brand. This shows that while the company wants sales volume, it is also working towards greater profits.

In summary, thanks to technological innovation and cost advantages, BYD, as the leader in sales of new energy sources, has had a remarkable scale effect. After speeding up overseas, the company is expected to become the world's leading NEV company. The global market growth can be expected, and the performance is highly certain. In the long run, the resonance between intelligence and high-end technology will push the company to start a new strong product cycle and support a further increase in valuation.