BYD (002594.SZ) Hot Analysis: Long-Term Potential Amid 2024 Sales Leadership and 2025 Q3 Performance Adjustment

#1. Executive Summary
This analysis is based on BYD (002594.SZ) being listed on the hot list released by tushare_hot_stocks [0], combined with its 2024 global new energy vehicle sales of 4.27 million units (a year-on-year increase of 41.26%) leading the industry [2], and technological innovations (second-generation blade battery, megawatt fast charging) which have attracted market attention. Despite short-term adjustments in Q3 2025 revenue (194.98 billion yuan, down 3.05% year-on-year) and net profit (7.82 billion yuan, down 32.6% year-on-year) [3], analysts generally remain optimistic about its long-term potential, with an average target price of 129.78 yuan [1].

#2. Comprehensive Analysis
As China’s largest new energy vehicle manufacturer, BYD sold 4.27 million units globally in 2024, surpassing Tesla to become the world’s top-selling new energy vehicle brand [2], with a global market share of 22% [2]. In terms of technology, the second-generation blade battery has a range of over 1000 kilometers, the megawatt fast charging technology enables 400 kilometers of driving with 5 minutes of charging, and solid-state battery technology continues to make breakthroughs [5]. However, Q3 2025 performance declined: revenue fell by 3.05% year-on-year and net profit dropped by 32.6% year-on-year [3], possibly affected by intensified market competition and cost pressures. The current stock price is 96.49 yuan, located in the lower-middle part of the 52-week range (87.40-138.99 yuan), with a market value of 849.08 billion yuan [1].

#3. Key Insights

1. Coexistence of Sales Leadership and Short-Term Performance Decline
   : BYD’s leading position in the global market (22% share) contrasts with its Q3 2025 performance adjustment, reflecting a balance between short-term challenges and long-term advantages amid slowing industry growth.
2. Technology-Driven Long-Term Value
   : The average analyst target price of 129.78 yuan (34% upside from the current price) [1] is mainly based on its continuous innovation in battery technology (blade battery, solid-state battery) and scale advantages.
3. Overseas Market Potential
   : Rapid sales growth in markets such as Europe and the UK provides new momentum for future growth [2].

#4. Risks and Opportunities

: Short-term net profit decline (32.6% year-on-year) [3], intensified market competition (e.g., Tesla’s price reduction strategy), and global supply chain fluctuations.
: Enhanced product competitiveness brought by technological innovations (solid-state battery, megawatt fast charging) [5], overseas market expansion (Europe, Southeast Asia, etc.) [2], and analyst consensus buy rating (28 out of 30 analysts recommend buying) [1].

#5. Key Information Summary
BYD (002594.SZ) is a leader in the global new energy vehicle industry, with 2024 sales of 4.27 million units [2] and obvious technological advantages [5]. Despite short-term performance pressure [3], its long-term growth potential is recognized by analysts [1]. Investors should pay attention to its technological progress and overseas market expansion, while keeping an eye on industry competition and the impact of short-term financial fluctuations.