投資概要
銷量強勢延續，提前達成目標
比亞迪 12 月的汽車銷量 23.5 萬輛，同比+150%（已是連續十二個月錄得三位數增
幅），遠高於國內新能源車的整體漲幅（+47%），環比+2%，其中純電 11.2 萬輛，同
比+132%，環比-2%，插電混 12.3 萬輛，同比+176%，環比+6%。
全年新能源乘用車銷量累計 186.3 万輛，同比+208.64%，超额完成 150 萬台的年度銷
量目標。其中純電動累計+184%，插混累計增速 247%。在刀片電池、DM-i 超級混動、
e 平臺 3.0 和 CTB 電池車身一體化等技術的基礎上，公司丌斷推出的新品競爭力顯著，
在終端市場呈現供需兩旺的格局。

Investment Summary
Continuing the Strong Sales Momentum, the Company Reaches the Target Ahead of
Schedule
BYD sold 235 thousand vehicles in December, +150% yoy (It has recorded a triple-digit
growth for 12 consecutive months), far higher than the overall increase of domestic new
energy vehicles (about +47%), and + 2% mom, including 112 thousand pure electric vehicles,
+132% yoy and down 2% mom, and 123 thousand plug-in hybrid electric vehicles, +176% yoy
and +6% mom.
For 2022, BYD’s new energy passenger vehicles reported a cumulative sales volume of 1,863
thousand units, +208.64% yoy, exceeding its annual sales target of 1,500 thousand units. On
a closer look, the cumulative growth rate of pure electric vehicles was 184%, and that of
plug-in hybrid electric vehicles was 247%. On the basis of the blade battery, the DM-i super
hybrid technology, the e-platform 3.0 and the CTB battery body integration technology, new
products constantly launched by the Company were significant in the competitive strength,
showing a pattern of prosperous supply and demand in the terminal market.

投資概要
銷量一路飆升，六月同比+163%
最新的銷售數據顯示，比亞迪六月份新能源汽車銷量再創歷史新高：共銷售新能源汽
車 134036 台，同比+163%，環比+17%，預計將高於國內新能源車的整體漲幅。前六個
月累計銷量為 641350 台，按年升 314.9%，完成其年度銷量目標 150 萬台的 43%。
分類別看，新能源商用車六月的銷量為 274 輛，同比/環比分別-78%/-64%。純電乘用
車銷售 69544 台，同比+247%，環比+30%；插電混乘用車 64218 台，同比+219.5%，環
比+5.6%，前六個月累計分別為 323519，314638 台，按年+246%，+454%。前者主要由
深圳工廠擴產帶動，後者環比增幅略低則因受長沙工廠停工調查影響。
多款車型持續熱銷，新車密集發佈
六月隨著復工復產持續推進，整體車市回暖。憑藉極強的產品競爭力，王朝系列中的
旗艦車型“漢”持續熱銷，已連續幾個月錄得大幅上漲，六月更是連續兩個月突破 2 萬
+，銷量達到 25439 台，同比+203%，其中漢 DMI 交付同比+386%，漢 EV 交付接近 1.3
萬台。首六個月的累計銷售超 25 萬輛，繼續領跑同級別轎車細分市場。
王 朝 系 列 的 其 他 車 型 銷 量 亦 十 分 強 勁 ： 唐 / 秦 / 宋 / 元 系 列 的 單 月 銷 量 分 別 為
8134/26623/32077/19731 台，同比增幅達到了+159%/+71.7%/+113%/+1494%，前六個
月累計銷售分別 55825/146737/163356/78662 台。
另外，驅逐艦 05/海豚/e 系列則分別錄得 7464/10376/3918 台的銷量。
今明兩年是比亞迪的產品大年，預計合計將推出包括改款車在內的不少於 20 款新車，
今年已經上市了驅逐艦 05、海豹、騰勢 D9、22 款唐 EV、22 款漢 EV、DM-i、DM-p 及
秦 PlusDM-i，下半年及明年，比亞迪將繼續發佈騰勢 SUV、軍艦系列、海獅、海鷗，
產品矩陣進一步完善，同時從目前樂觀的預售情況來看，產品單價預計亦將不斷向上
突破。
政策堅定支持下，產能不斷釋放
5 月以來，中國政府宣佈開展新一輪新能源車下鄉活動，6 月召開的國常會明確支持新
能源汽車消費，並考慮延長免征新能源汽車購置稅的優惠政策，共涉及 26 家車企共
69 款車型，覆蓋面相較 2021 年進一步擴大（2021 年涉及 18 個品牌的 52 款車型）；

Investment Summary
Sales Volume Soars by 163% YoY in June
The latest sales data show that BYD's new energy vehicle sales hit another record high in
June: a total of 134,036 new energy vehicles were sold, up163% yoy and 17% mom, which is
expected to be higher than the overall rise in domestic new energy vehicles. The cumulative
sales volume for the first six months was 641,350 units, up 314.9% yoy, reaching 43% of the
annual sales target of 1,500thousand units.
From the perspective of different types, the sales volume of new energy commercial
vehicles was 274 units in June, down 78% yoy and 64% mom. The sales volume of pure
electric passenger vehicles was 69,544 units, up 247% yoy and 30% mom, while the sales
volume of plug-in hybrid electric vehicles was 64,218 units, up 219.5% yoy and 5.6% mom.
The cumulative sales volume for the first six months was 323,519 and 314,638 units,
respectively, up 246% yoy and 454% yoy. The former was mainly driven by the expansion of
production at the Shenzhen plant, while the latter's slightly lower yoy growth was due to the
impact of the shutdown of the Changsha plant for investigation..
A Number of Models Continue to Be Sold Well, and New Vehicle Models Are Launched
Intensively
The overall vehicle market picked up in June as the resumption of work and production
continued. With strong product competitiveness, the flagship model of the Dynasty series,
Han, saw hot sales, recording sharp increases for several months in a row. In June, its sales
volume exceeded 20 thousand units for two consecutive months, reaching 25,439 units, up
203% yoy, of which the delivery of Han DMI was up 386% yoy and that of Han EV closed to
13 thousand units. The cumulative sales volume for the first six months exceeded 250
thousand units, continuing to lead the sedan segment of the same class.
The sales of other models of the Dynasty series was also high: 8,134/26,623/32,077/19,731
units of the Tang/Qin/Song/Yuan series were sold in June, up 159%/71.7%/113%/1494% yoy,
with a cumulative sales volume of 55,825/146,737/163,356/78,662 units in the first six
months.
In addition, the Destroyer 05/Dolphin/e series recorded a sales of 7,464/10,376/3,918 units,
respectively.
This year and next are major product years for BYD, which is expected to launch no less than
20 new vehicle models in total, including facelifts. This year, the Destroyer 05, Seal, Denza
D9, 22 Tang EVs, 22 Han EVs, DM-i, DM-p and Qin Plus DM-i have already been launched,
and in the second half of the year and next year, BYD will continue to launch Denza SUVs,
the Warship series, Sea Lion and Seagull. The product matrix will be further improved and,
judging from the current optimistic pre-sale situation, the product unit price is expected to
continue to see upward breakthrough