因第二代“刀片电池”供应紧张导致1-2个月等待时间，比亚迪高端品牌在电池及充电升级后5月实现积极增长

RatingBuy 8 June 2026Date CompanyBYD Company Update AsiaChina ConsumerAutos & Auto Technology One to two month waiting times due to"Gen-2 Blade Battery" supply constraint Valuation & Risks Bin WangResearch Analyst BYD's High-End Brands See Positive Growth in May Following Battery andCharging Upgrades SinceBYD unveiled its second-generation"Blade Battery"and new"FlashCharging" technology on March 5, the company has progressively upgraded thebatteries across all vehicle models from its three high-end brands: Denza, FormulaLeopard, and YangWang. As a direct result, all three of these brands recordedpositive growth in May. In detail, Denza brand May sales volume increased 3% YoY Wei HuangResearch Associate BYD's Second-Generation Blade Battery and Flash Charging Tech EnhanceCompetitiveness BYD has stated that its second-generation "Blade Battery" and new "FlashCharging" technology significantly reduce charging times, especially in low-temperature conditions, a development we believe will substantially boost BYD'sproduct competitiveness. The core technological advancement of BYD's new"Gen-2 Blade Battery" lies in its unprecedented charging speed, which thecompany claims offers an experience comparable to refueling a traditional gasoline "BYD" brand's High-Price Products Upgraded with Gen-2 Blade Battery, FacingSupply Shortages According to our dealer visits, BYD has extended the upgrade of its second-generation "Blade Battery" and new "Flash Charging" technology to its high-price"BYD" brand products. This includes models such as the "Great Tang" SUV, "TangL" SUV, "Song Ultra" SUV, "Great Han" sedan, "Han L" sedan, "Han" sedan, "Seal 8 June 2026Autos & Auto Technology months due to a battery supply shortage. Furthermore, due to the strong orderbacklog, dealers are not offering any price discounts for these products. BYD statesit plans to add ~30,000 units of vehicle-related second-generation "Blade Battery" BYD Group Forecasts Strong Sales Growth and Profitability Ahead Driven byImproved Battery Supply AssumingBYD group's monthly sales volume can grow by~30,000 unitssequentially each month, primarily due to the improving second-generation "BladeBattery" supply, we estimate the group will record a June 2025 sales volumeincrease of 7% YoY to 430,000 units. This will be followed by 1.41 million units in Q32026 and 1.68 million units in Q4 2026. As a result, we forecast BYD's full-year 2026 Appendix 1 Important Disclosures *Other information available upon request Important Disclosures Required by U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. 2.Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issuedby this company. Important Disclosures Required by Non-U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. 2.Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issuedby this company.24.Deutsche Bank and/or its affiliate(s) is or has been over the previous 12 months party to an agreement with the For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch, please see the most recently published company report or visit our global disclosure look-up page on our websiteat https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, important riskand conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer. Investors are strongly Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s) about the subjectissuer and the securities of the issuer. In addition, the undersigned lead analyst(s) has not and will not receive anycompensation for providing a specific recommendation or view in this report. Bin Wang. 1.10/01/2024Buy, Target Price Change HKD 342.00, Current PriceHKD 283.80 Bin Wang2.01/10/2025Buy, Target Price Change HKD 357.00, Current PriceHKD 251.40 Bin Wang3.02/10/2025Buy, Target Price Change HKD 400.00, Current PriceHKD 330.20 Bin Wang4.03/24/2025Buy, Target Price Change HKD 460.00, Current PriceHKD 403.40 Bin Wang5.06/16/2025Buy, Target Price Change HKD 153.33, Current PriceHKD 129.80 Bin Wang6.07/09/2025Buy, Target Price Change HKD 150.00, Current PriceHKD 121.30 Bin Wang 7.08/29/2025Buy, Target Price Change HKD 143.00, Current PriceHKD 114.40 Bin Wang8.09/09/2025Buy, Target Price Change HKD 144.00, Current PriceHKD 105.90 Bin Wang9.01/02/2026Buy, Target Price Change HKD 135.00, Current PriceHKD 98.75 Bin Wang10.01/13/20