因5月海外销量创纪录，九个月来首次实现同比正增长

China Autos&AutoTechnology First Positive YoYGrowth in 9 Monthson Record-High Overseas Sales in May Bin Wang Research Analyst+852-220-35496Wei Huang Abovemarketexpectations,BYDgroup'sMaywholesalevolumeincreased0.3% YoY and 19% MoM to 383,453 units, which is the first positive YoY growth in thepast ninemonths.The performance was driven by record-high overseas sales,which grew19%MoMand80%YoYto 160,644units.Meanwhile,domesticwholesalevolumesawadecent20%MoM increaseto222,809units(down24%YoY).Weattributethisdomestic sales improvementtoincreasedshowroomtrafficfollowing the launch of BYD's Gen-2blade battery and1,500kW flash chargingsystemonMarch5. Research Associate+852-2203-7057 Sees MayOrderAdjustment Post-NewTechnology ImpactAccording toThinkercar, BYD groupbooked~51.2k/~43.7k/~40.7k/~42.3k new orders inthefirst/second/third/fourthweeks of May,respectively.As a result,weestimate the group's total new order flow for Maydeclined 14%MoM to~190kunits.Weattributedthe sequentialdomesticorderdeclinetopotential carbuyers"purchasedecisionpostponetowaitforupcomingmodelversionswithadvancedfast charging technology or upgraded autonomous driving technology. On March5,BYDunveiled its second-generation"Blade Battery"and new"Flash Charging"technology.The company statedtheseadvancementsdramatically reduce charging times,particularly in low-temperatureconditions,which we believe could meaningfully boost BYD's productcompetitiveness.ThekeytechnologicalbreakthroughofBYD'snew"Gen-2claims provides an experienceakinto refuelingatraditional gasolinevehicle.During normal temperature, the"Gen-2 Blade Battery"can chargefrom 10% to 70%in just five minutes, and reach 97%in a total of nineminutes.Even in extremelow-Temperature(-30C),thebatterycan chargefrom20%to97%inonly12minutes.BYDalsostatedthatthenewbatteryisdesignedforalongerlifespanevenwithfrequentfastcharging (thus BYDoffers2.5%improvement inbatterywarranty). OnMay28,BYDannounced a significantupgradeto itsautonomousdriving algorithms, moving to the"Godeye 5.o"architecture.Across itsentire product portfolio, BYD will provide the"Godeye B"autonomousdriving package,branded as"Dipilot 300"for RMB 12,000.ThiscomprehensivepackagefeaturesoneLiDARunit,30 sensingunits,andanNvidia"Orin-X"autonomous chip.The"Godeye B/Dipilot 30o"system is Autos & Auto TechnologyBYD asurbancongestion,highway travel,and intricate roundabouts.Furthermore,BYDhascommittedtocoveringall accident-relatedfinanciallosses (including vehicle repair costs, third-party property damage, andis active in its"Godeye A" and "Godeye B" vehicles during the first year ofownership. AmbitionsBYD marked a major milestone in its intelligent vehicle strategy with the debut of its "Xuanji A3"autonomous driving chip.The development of proprietaryautonomous driving chips, a strategy also pursued by rivals like NiO (Shenjiautomakers aiming for seamless software and hardware integration and acompetitive edge in advancedautonomous drivingtechnologies.The"Xuanji A3"chip was producedusing a 4-nanometerprocess and incorporates a 16-coreCPUdesign operating at 420k DMiPS (Dhrystone Million Instructions executed PerSecond).Its 3-coreNPU design can deliverover2,100TOPS (Tera Operations PerSecond)of computing powerwhen three chips areclustered,further supportedby"Xuanji A3"is capable of enabling Level 3 and Level 4autonomous driving andboastsoutstanding energyefficiency,consuming20%lesspowerthan competingchips. Appendix 1 *Other information available upon request ntormationissourcedfromDeutscheBank,subjectcompaniess.//research.db.com/ ImportantDisclosuresRequiredbyU.S.RegulatorsDisclosuresmarked withanasteriskmayalsoberequiredbyat leastone jurisdiction inadditiontotheUnitedStates.See 2.Deutsche Bankand/oritsaffiliate(s)mayactasa marketmakerorliquidityproviderin thefinancialinstruments issued by this company.14.Deutsche Bank and/or its affiliate(s) has received compensation from this companywithin thepast yearfor non-investmentbankingrelatedservices.15.This company has been a client of Deutsche Bank Securities Inc.withinthepast yearduring which time itreceivedinvestmentbankingservices. ImportantDisclosuresRequiredbyNon-U.S.Regulators ImportantDisclosuresRequired byNon-USRegulators and ExplanatoryNotes.2.DeutscheBankand/oritsaffiliate(s)mayactasamarketmakerorliquidityproviderinthefinancialinstrumentsissued bythiscompany24.DeutscheBank and/orits affiliate(s)is orhasbeen overtheprevious 12monthspartyto an agreementwiththecompanyrelatingtotheprovisionofservicessetoutinSectionsAandBof AnnexIof Directive2014/65/EU,orhasprovisionof servicessetout inSectionsAandBofAnnexiofDirective2014/65/EU. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisathttps://research.db.com/Research/Disclosures/EquityResearchDisclosures.Asidefromwithinthisreport,importantriskandconflictdisclosurescanalsobefoundathttps:/research.db.com/Research/Disclosures/Disclaimer.Investorsarestronglyencourag