比亚迪澳大利亚经销商检查：从布局到爆发

ASIA-PACIFIC excl. Japan | Autos & Auto PartsBYD BYD Australia Dealer Check: From Build-Out toBreakout We visited BYD's Alexandria flagship in Sydney and met the dealer-channellead. BYD Australia is tracking ahead of schedule and expects ~90k units inFY26. The order book already covers 4-5 months of deliveries, and June foottraffic remains ~2x Jan/Feb levels prior to the oil price hike. Medium-termambition is 25%+ BYD share of the Australian PV market, with Gen-2 Blade Scalable distribution and fast supply support share gains.BYD took back distribution inAustralia in 2024 and now operates a three-franchisee model led by EV Dealer Group (c.80%of stores, with Eagers Automotive as the core operating entity, covering core metros and keyregional hubs), alongside Harmony Auto and Glory EV. The network has expanded to ~50dealerships currently and targets ~150 by year-end, with a clear push into secondary citiesand regional markets, all under a national fixed pricing scheme. On service, BYD has exited itsMy Car partnership and now requires in-house workshops at new dealerships. However, with Demand remains resilient, with volumes largely secured through Oct.The store managerexpects BYD to sell ~90k units for FY26 (vs. an Australian passenger car TAM of 1.1-1.2m).March saw an order spike driven by higher fuel prices; while foot traffic has sincenormalized, it remains ~2x Jan/Feb levels.The current order book covers 4-5 months of Product lineup and positioning.BYD’s lineup spans entry to higher-value segments The Attoseries anchors volume, with Atto 1 as the lowest priced EV and Atto 2 seeing strong earlytraction, while Atto 3 has the largest installed base. The Sealion series targets higher-valuesegments, with Sealion 7 ramping strongly and Sealion 8 addressing premium 7-seat demandwith a high-spec mix. The Shark PHEV has delivered a solid early ramp in the pickup segment, Channel mix is improving.Novated leasing accounts for ~40% of volume and remainsthe core retail driver, with ~5% additional discounts. On the B2B side, fleet penetrationhas scaled from ~5% to 15%+ and is trending toward a 20-25% steady-state level, withactive engagement across mining and large corporates particularly in coal-site BEV adoption. Financing and residual values.BYD currently partners with Angle Auto Finance, with in-housefinancing a longer-term priority. Residual values have improved, with 18-month-old vehiclesretaining ~70-80% of value, broadly in line with legacy OEMs and helping to close the perceived Xiaoyi Lei * | Equity Analyst852 3767 1126 | xiaoyi.lei@jefferies.comAaron Wang * | Equity Analyst+852 3767 1121 | aaron.wang@jefferies.com BYD Co Ltd (002594 CH 1211 HK / )Equity ResearchJune 25, 2026 Exhibit 6 - BYD ATTO 2 Australia ~AUD 42–45k vsChina Yuan Up ~RMB 100–140k (~AUD 21–30k) Exhibit 5 - BYD ATTO 1 Australia ~AUD 23–25k vsChina Seagull ~RMB 73–90k (~AUD 15–19k) Exhibit 4 - BYD Shark 6 Australia from AUD 57k;export-only (no China pricing) Exhibit 8 - BYD SEALION 7 Australia ~AUD 55–65k vsChina ~RMB 189–239k (~AUD 40–50k) Exhibit 9 - BYD SEALION 8 Australia ~AUD 65–75k vsChina Tang ~RMB 249–309k (~AUD 52–65k) BYD Co Ltd (002594 CH 1211 HK / )Equity ResearchJune 25, 2026 Company Description BYD BYD Company Limited is a China-based company principally engaged in the manufacture and sale of transportation equipment. The companyis also engaged in the manufacture and sale of electronic parts and components and electronic devices for daily use. The company's products Company Valuation/Risks BYD A/H PT of Rmb92/HK$105 based on 24x 2026E PE. Upside risks: 1) stronger-than-expected NEV sales in FY26, 2) margin improvement drivenby overseas sales. Downside risk: slower-than-expected overseas expansion. Analyst Certification:I, Xiaoyi Lei, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views I, Aaron Wang, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views Registration of non-US analysts:Xiaoyi Lei is employed by Jefferies Hong Kong Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst. Registration of non-US analysts:Aaron Wang is employed by Jefferies Hong Kong Limited, a non-US affiliate of Jefferies