002594.SZ, 1211.HK · A-shares · Hong Kong
002594.SZ / 1211.HK BYD: vertical integration and battery spillover
BYD Vertically integrated EV leader; PHEV mix lifts units but cuts kWh/vehicle, pressuring battery install share—third-party battery supply and exports are the fix. See [[article:china
Cite a section with a deep link, e.g. /en/r/byd-002594-research#thesis
Snapshot
- Price
- CNY 100
- Mkt cap
- CNY 850.0B
- Revenue
- CNY 700.0B
- PHEV mix impact
- 0.85
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
BYD Vertically integrated EV leader; PHEV mix lifts units but cuts kWh/vehicle, pressuring battery install share—third-party battery supply and exports are the fix. See battery landscape.
Business
Model: vehicles + Blade LFP (captive/3rd party) + electronics. Flagships: Dynasty/Ocean; Blade; overseas auto. Edge: cost/integration. Strategy: premiumization, exports, open battery supply.
Value chain
Auto+battery midstream; upstream materials/chips; downstream consumers/fleets. Risks: price war; tariffs; battery wholesale pace.
Valuation
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 约 100 | 002594.SZ · 以包内 kpi_snapshot 时点为准 |
Valuation & return · ~3y
Interactive chart available in the reader.
Auto+battery dual multiple; sensitive to volume guides and NI margin.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 见最新披露 | 以 OCF 与负债率为准 |
| 经营现金流 | 见中报 / 季报 | 与净利润匹配度 |
| 资产负债率 | 见最新资产负债表 | 有息负债 vs 现金 |
| 流动性 | 见流动比率 | 货币资金与短债 |
| 审计意见 | 无保留（常规预期） | 半年报未经审计 |
Operations
Volume: auto units + battery GWh; price: ASP; cost: integration and opex.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| 电池份额 H1'26 | 约 17% | 同比下滑 | 插混结构+外供不足 |
| 整车 | 销量高位 | 价格战 | 利润率关键 |
| 刀片电池 | LFP 成本优势 | 外供扩张中 | 份额弹性 |
| 出口 | 增长中 | 关税风险 | 第二曲线 |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| 比亚迪 | 垂直一体 | 中 | 成本 | 外供弱 |
| 宁德 | 外供龙头 | 中 | 客户广 | 无整车 |
| 特斯拉 | 全球品牌 | 中高 | 软件溢价 | 中国份额战 |
| 理想等 | 新势力 | 中 | 产品定义 | 规模差距 |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长 | 王传福 | 长期 | 战略强主导 |
| 汽车/电池事业 | 核心高管 | 稳定 | 执行力强 |
| CFO | 财务负责人 | 在任 | 披露连续 |
Stability: Founder-controlled; high execution continuity.
Outlook
Track monthly sales, unit GM, wholesale battery GWh, export regions/tariffs.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
References
Issuer / key sources:
- https://www.byd.com/
- https://investor-web.linchen19921016.workers.dev/r/china-power-battery-competition-2026 {#references}
- Latest company filings / IR (see issuer website)
- Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
- Related on-site notes via wiki-links in the body
Not investment advice; defer to latest company filings.
Tracking
Check next earnings for:
- Next-quarter revenue & margin vs guide
- OCF vs CapEx / payout
- Competitive share shifts
- Valuation vs historical mid-cycle
- Key policy / supply-chain variables
Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.
Comments
Sign in to comment