BYD COMPANY: Strong Sales and Export Growth, Q4 Consensus Revenue Forecast at 236.08~426.10B Yuan, YoY -14.1%~55.0%

Deep News12-04

1. What are the Q4 performance expectations for BYD COMPANY? As of December 4, 2025, according to quarterly performance forecast data: - Consensus revenue is projected at 236.08~426.10 billion yuan, with a YoY change of -14.1%~55.0%. - Consensus net profit is estimated at 8.92~19.51 billion yuan, a YoY change of -40.6%~29.9%. - Adjusted net profit is forecasted at 13.78~17.06 billion yuan. Investors should monitor whether actual results exceed expectations upon earnings release.

2. Latest analyst views on BYD COMPANY: **Dongwu Securities highlights**: - November sales reached 480,000 units, up 8.7% MoM, with cumulative sales at 4.182 million units (+11% YoY). - Overseas sales surged, with November exports at 132,000 units (+326% YoY) and cumulative exports at 913,000 units (+182% YoY). - Full-year sales are projected at 4.7~4.9 million units (+10~15% YoY), with exports expected to hit 1.05 million units (+152% YoY). - Pure EV passenger vehicles accounted for 50% of sales (+42.3% YoY), while premium model sales doubled YoY. Full-year premium model sales are estimated at 350,000~400,000 units (+80%+ YoY). - Battery installations rose 23% YoY, with full-year installations forecast at 290~300GWh (+50% YoY). External battery supply installations grew 213% YoY, projected at 30~35GWh for the year.

**Southwest Securities notes**: - BYD leads in NEV market share, backed by technological advantages and economies of scale. Overseas sales grew 150.4% YoY. - H1 2025 market share reached 29.4%, with R&D spending up 50.8% YoY. - Annual sales exceeded 3 million units, with per-vehicle profit up 9.9% YoY. - Policy support for NEVs is expected to further solidify BYD’s market position.

*Risk Warning: Data and cases herein are for reference only and should not guide future investments. Stock investments carry risks, including market volatility, corporate performance, and policy impacts. Investors should assess risks independently.*

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