According to the Dongwu Securities Research Report, BYD's sales continued to improve month-on-month, the local economy picked up at an accelerated pace, and exports remained high. In October, sales volume was 49,000 units, up 6%, and local sales picked up at an accelerated pace. Sales are expected to be 460-4.8 million units in '26, including 1.8 to 1.9 million units overseas. High export growth continues to hedge against domestic sales pressure. High-end brands have maintained growth, and Equation Bao has contributed a major increase, and second-generation blade switching is expected to continue to drive local sales. The recovery in sales led to cost dilution, and the high share of overseas countries supported the improvement of profits. Local sales increased further to 321,000 units in October, +13% month-on-month, and overseas sales remained high at 170,000 vehicles. At the same time, the company continued to promote overseas localized production capacity, which is expected to hedge against declining export tax rebates and EU policy restrictions to a certain extent. After adding the high cost pressure of Q2 lithium carbonate, the pressure on raw materials is expected to ease marginally, and it is expected that the company's bicycle profits will continue to improve. Maintain the company's estimated net profit of 351/425.51.4 billion yuan in 26-28, +8%/+21% year-on-year, corresponding to PE of about 21/18/14x, maintaining the “buy” rating.

According to the Dongwu Securities Research Report, BYD's sales continued to improve month-on-month, the local economy picked up at an accelerated pace, and exports remained high. In October, sales volume was 49,000 units, up 6%, and local sales picked up at an accelerated pace. Sales are expected to be 460-4.8 million units in '26, including 1.8 to 1.9 million units overseas. High export growth continues to hedge against domestic sales pressure. High-end brands have maintained growth, and Equation Bao has contributed a major increase, and second-generation blade switching is expected to continue to drive local sales. The recovery in sales led to cost dilution, and the high share of overseas countries supported the improvement of profits. Local sales increased further to 321,000 units in October, +13% month-on-month, and overseas sales remained high at 170,000 vehicles. At the same time, the company continued to promote overseas localized production capacity, which is expected to hedge against declining export tax rebates and EU policy restrictions to a certain extent. After adding the high cost pressure of Q2 lithium carbonate, the pressure on raw materials is expected to ease marginally, and it is expected that the company's bicycle profits will continue to improve. Maintain the company's estimated net profit of 351/425.51.4 billion yuan in 26-28, +8%/+21% year-on-year, corresponding to PE of about 21/18/14x, maintaining the “buy” rating.