According to a research report published by Lyon, BYD has completed the bottom line. It is expected that its dominant position will return in the second half of this year, and free up room for growth in overseas markets and energy storage systems. Lyon pointed out that in the first half of this year, BYD sold 792,200 vehicles overseas, an increase of 71% over the previous year. With the expansion of channels and the promotion of new models, overseas export momentum is expected to accelerate in the second half of the year. The annual sales volume is expected to exceed 1.8 million units in 2026 and reach a record high of about 2.5 million units in 2027, contributing about 80% of profits. In the domestic market, production capacity for second-generation flash charging models is expected to be gradually released in the second half of the year. It is expected to account for about 30% of total deliveries in 2026, and the average premium for new models will reach 5,000 yuan to 20,000 yuan, which is enough to offset current cost inflation. Furthermore, the bank mentioned that BYD has a leading edge in the field of energy storage systems, and its flash charging technology ecosystem is 6 to 12 months ahead of the industry. Lyon predicts that BYD's revenue for the second quarter will reach 212.6 billion yuan, an increase of 42% over the previous quarter; net profit will rise to 7.2 billion yuan, an increase of 76.7% month-on-month, mainly due to a strong overseas product portfolio and high-end development. The bank reaffirmed its “Highly Confident Outperform” rating and maintained the target price of HK$120 for H shares and $120 for A shares.

According to a research report published by Lyon, BYD has completed the bottom line. It is expected that its dominant position will return in the second half of this year, and free up room for growth in overseas markets and energy storage systems. Lyon pointed out that in the first half of this year, BYD sold 792,200 vehicles overseas, an increase of 71% over the previous year. With the expansion of channels and the promotion of new models, overseas export momentum is expected to accelerate in the second half of the year. The annual sales volume is expected to exceed 1.8 million units in 2026 and reach a record high of about 2.5 million units in 2027, contributing about 80% of profits. In the domestic market, production capacity for second-generation flash charging models is expected to be gradually released in the second half of the year. It is expected to account for about 30% of total deliveries in 2026, and the average premium for new models will reach 5,000 yuan to 20,000 yuan, which is enough to offset current cost inflation. Furthermore, the bank mentioned that BYD has a leading edge in the field of energy storage systems, and its flash charging technology ecosystem is 6 to 12 months ahead of the industry. Lyon predicts that BYD's revenue for the second quarter will reach 212.6 billion yuan, an increase of 42% over the previous quarter; net profit will rise to 7.2 billion yuan, an increase of 76.7% month-on-month, mainly due to a strong overseas product portfolio and high-end development. The bank reaffirmed its “Highly Confident Outperform” rating and maintained the target price of HK$120 for H shares and $120 for A shares.