The Zheshang Securities Research Report pointed out that BYD Flash Charge has begun an upward release cycle, and the trend of tariff disturbances not changing is clear. 2026M3-M8, the company's monthly sales volume of flash charging models increased from 24,400 units to 108,600 units, accounting for a share of domestic sales from 13.56% to 43.29%. The increase in the share of flash chargers gradually became an important support for domestic sales. As the flash charger model matrix continued to expand, the company's wholesale and new energy wholesale market share rebounded from the bottom to 18.5%/29.2% respectively. ASP entered the repair channel, and the upward trend in domestic fundamentals gradually became clear. Overseas sales volume and share increased at the same time, and multi-regional relays and localization layout supported continued growth. Subsequent export tax rebates or European trade policy adjustments can also partially mitigate the impact on sales volume and profits, enhance the continuous growth capacity and operational resilience of overseas businesses, and further mitigate tariff and trade policy disturbances. As the inflection point of operating fundamentals is gradually confirmed, the company's profit and valuation have clear room for upward recovery. Allocation opportunities after overfalling and adjustments are worth focusing on. Furthermore, focusing on the company's ability to generalize manufacturing platform-based technology opens up room for imagination for future potential growth. Maintain a “buy” rating.

The Zheshang Securities Research Report pointed out that BYD Flash Charge has begun an upward release cycle, and the trend of tariff disturbances not changing is clear. 2026M3-M8, the company's monthly sales volume of flash charging models increased from 24,400 units to 108,600 units, accounting for a share of domestic sales from 13.56% to 43.29%. The increase in the share of flash chargers gradually became an important support for domestic sales. As the flash charger model matrix continued to expand, the company's wholesale and new energy wholesale market share rebounded from the bottom to 18.5%/29.2% respectively. ASP entered the repair channel, and the upward trend in domestic fundamentals gradually became clear. Overseas sales volume and share increased at the same time, and multi-regional relays and localization layout supported continued growth. Subsequent export tax rebates or European trade policy adjustments can also partially mitigate the impact on sales volume and profits, enhance the continuous growth capacity and operational resilience of overseas businesses, and further mitigate tariff and trade policy disturbances. As the inflection point of operating fundamentals is gradually confirmed, the company's profit and valuation have clear room for upward recovery. Allocation opportunities after overfalling and adjustments are worth focusing on. Furthermore, focusing on the company's ability to generalize manufacturing platform-based technology opens up room for imagination for future potential growth. Maintain a “buy” rating.