【Zhenzhuo Institutional View】BYD (01211.HK): Focus on exports going forward

BYD$BYD COMPANY(01211.HK) sold 480,186 new energy vehicles in November 2025, compared to 506,804 units in the same period last year. The total cumulative sales this year have reached 4.182 million units, an increase of 11.30% compared to the cumulative 3.7573 million units last year. The company's total sales year-to-date stand at 4.2 million units, and it is expected to achieve its revised annual sales target of 4.6 million units. Additionally, the company's total installed capacity of new energy vehicle power batteries and energy storage batteries in November was approximately 27.669 GWh.

In terms of segmented business, total passenger vehicle sales were 474,921 units. Among them, sales of pure electric passenger vehicles this month were 237,540 units, a significant increase compared to 198,065 units in the same period last year, with a cumulative year-on-year growth of 32.67%. Sales of plug-in hybrid passenger vehicles this month were 237,381 units. The highlight of the report lies in the export business, with BYD's new energy vehicle exports reaching a record high of 131,935 units in November. The strong growth in overseas markets was driven by the launch of new models and increased penetration in new markets. The top five contributing countries in overseas markets were Indonesia, Brazil, Australia, Germany, and the UK.

Looking ahead, although market expectations for electric vehicle sales next year are relatively bearish, institutions maintain a positive outlook on BYD. This is mainly based on the company's plans to release new features and its dominant position in the more resilient mass-market segment. It is expected that the export business will double the number of stores in the next 2-3 years and launch six new models, with estimated exports reaching approximately 1.5 million units by 2026.

Source: KGI Securities