比亚迪6月销量同比连增，海外表现强劲且唐车型订单爆发

BuyAsia China Autos & Auto Technology June Volume Up 5% YoY, on RecordOverseas Sales and "Great Tang" SUV Bin Wang ResearchAnalyst+852-220-35496Wei Huang Overseas SalesIn line withmarketexpectations,BYDgroup's Junewholesalevolume increased 5%YoYand5%MoMto403,472units,markingthesecondconsecutivemonthofpositiveYoYgrowthrecordedinthepast10months (following0.3%YoYgrowth inMay).Thisperformancewas primarily drivenbyanotherrecord-highoverseas salesvolume,which surged by95%YoYand 9%MoMto175,349units.Concurrently.domesticwholesalevolumedeclined22%YoYbut sawa2%MoM increaseto228,123 units, with the sequential domestic growth attributed to the start ofdeliveries for the"GreatTang"flagship SUV (launched on June 17).Overall,Q2wholesale volumedeclined3%YoYbut increased 58%QoQto1,108,048units. Research Associate+852-2203-7057 Significant JuneNewOrder Surge,Drivenby"GreatTang"SUV's StrongDebutAccordingtoThinkercardata,BYDgroupbooked~47.7k,~45.7k,~106.8k,and ~70.6knewordersinthefirst,second,third,andfourthweeksofJune,respectivelyAsa result,weestimatethegroup'stotalfull-month new orderfor June increased53%MoMto~291kunits.Thisrobustneworderintakeisprimarilyattributedtothesuccessfullaunchofthe"GreatTang"flagshipSUVonJune17,whichisestimatedtohaveaccumulateda non-cancellableorderbacklog>70,o00units andadeliverywaiting period ofoverthreemonths. PoisedforSignificantQ2ProfitGrowthDrivenbyOperatingLeverageandImprovedProductMixAmidstBatteryTransitionGiven BYD's Q2 sales volume increased 58%QoQ to 1,108,048 units,we forecast the company's quarterly net profit to increase 145%QoQtoRMB10 billion in thesecond quarter, largely attributable to meaningful operating leverage and anBlade Battery"supplyhasbeen constrainedby anongoingproductiontransitionfromtheGen-1"longblade"960mmbatterycelltotheGen-2"shortblade"450mmbatterycell.Consequently,vehiclemodels equippedwiththe Gen-2BladeBatterybatterysupplyanddealersarenotofferinganypricediscountsfortheseproducts.Lookingahead,BYDplanstosequentiallyadd~30,000unitsofvehicle-relatedGen-2"Blade Battery"capacityeachmonth,withthe expectation offullyresolvingthegroup's quarterly volume will further increase sequentially to 1.4 million and 1.7 Autos&AutoTechnologyBYD 4.9 million units (up 6% YoY). AmbitionsBYD marked a majormilestone in its intelligent vehicle strategywith the debut of its"Xuanji A3"autonomous driving chip.The development of proprietaryautonomous driving chips,a strategy also pursued by rivals like Nio (ShenjiNX9031),Xpeng (Turing Al chip),and Li Auto (MachM100 chip),hasbecomeessentialforautomakersaimingforseamlesssoftwareandhardwareintegrationandacompetitiveedgeinadvancedautonomousdrivingtechnologies.The"XuanjiA3"chipwasproducedusinga 4-nanometerprocess and incorporates a16-coreCPUdesignoperatingat42OkDMiPS(DhrystoneMillionInstructionsexecutedPerSecond).Its3-coreNPU design can deliverover2,10TOPS (Tera OperationsPerSecond)of computing power when three chipsare clustered,furthersupportedbyup to273 Gigabytes per second of high memorybandwidth.BYD asserts thatthe"Xuanji A3"is capable of enabling Level 3 and Level 4autonomous driving andboastsoutstandingenergyefficiency,consuming20%lesspowerthancompetingchips. Autos &Auto TechnologyBYD Appendix 1 *Other information available upon request rt,importantriskandconflictdisclosurescanalsobefoundathttps://research.db.restronglyenragedtoreviewthisinformationbeforeinvestingImportantDisclosuresRequiredbyU.S.Regulators Disclosures marked with an asterisk mayalso be required by at least one jurisdiction in addition to the United States.See ImportantDisclosuresRequiredbyNon-USRegulatorsandExplanatoryNotes.2.DeutscheBankand/oritsaffiliate(s)mayactasamarketmakerorliquidityproviderinthefinancialinstrumentsissued bythiscompany14.DeutscheBank and/or its affiliate(s)has received compensation from this companywithin thepastyearfor non-investmentbankingrelatedservices.15.This company has been a client of Deutsche Bank Securities Inc.within thepast yearduring whichtime it receivedinvestmentbanking services. ImportantDisclosuresRequiredbyNon-U.S.RegulatorsDisclosures marked with an asterisk mayalsobe required byat least one jurisdiction inaddition to the United States.See ImportantDisclosuresRequiredbyNon-USRegulators andExplanatoryNotes. 2. bythiscompany24.DeutscheBank and/orits affiliate(s)is orhasbeen overtheprevious12monthspartyto anagreementwiththecompanyrelatingtotheprovisionofservicessetoutinSectionsAandBof AnnexIof Directive2014/65/EU,orhasprovisionofservicessetout inSectionsAandBofAnnexiofDirective2014/65/EU. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearchpleaseseethemostrecentlypublishedcompanyreportorvisitourglobal disclosurelook-uppageonourwebsiteathttps://research.db.com/Research/Disclosures/EquityResearchDisclosures.Asidefromwithinthis report,importantriskencouraged to reviewthis information before investing. AnalystCertification Theviews expressed