Guohai Securities: Maintains BYD's "buy" rating, overseas sales continue to rise in March, domestic market awaits vehicle model cycle.

Guohai Securities research report pointed out that BYD's overseas sales in March continued to increase, while the domestic market is waiting for the vehicle model cycle. In March 2026, the company sold 300,200 vehicles, with a year-on-year/hourly increase of -20.5% / + 57.9%. This month, the company's overseas sales reached 120,100 vehicles, with a year-on-year/hourly increase of +65.1% / +19.4%. In 2025, BYD's sales of new energy vehicles reached 4.6 million vehicles, ranking among the top five global auto companies; exports reached 1.05 million vehicles, covering 119 countries and regions; R&D investment reached 63.4 billion yuan, a year-on-year increase of 16.97%. In the non-automobile business, revenue from cell phone components and other sources reached 155.237 billion yuan, with installed battery capacity of 285.63GWh, a year-on-year increase of 46.7%, with a self-developed and coordinated full chain, multiple tracks reserve for the second growth curve. The company also announced the launch of 1500kW fast-charging stations and the "Fast Charging China" strategy, with plans to build 20,000 fast-charging stations by the end of 2026, creating a convenient and efficient energy replenishment network. Looking ahead, with the surge in deliveries of high-end models and expansion in overseas markets, the company's profitability per vehicle is expected to receive further support. Despite the pressure on the company's performance in Q4 2025, improvements on a level comparison are expected, considering the acceleration of going global and the positive impact of new vehicle deliveries in the domestic market, maintaining a "buy" rating.