According to the Dongwu Securities Research Report, BYD sold 464,000 units in September, an increase of 5%, and there was a clear month-on-month recovery in the region. Sales are expected to be 4.5 to 5 million units in '26, including 1.8 to 1.9 million units overseas. High export growth continues to hedge against domestic sales pressure. High-end brands continued to grow rapidly, and Equation Bao contributed a major increase, and second-generation blade switching is expected to continue to drive local sales. Second-generation blade battery switching is accelerating. It is expected that all models will be switched by the end of 26, and supercharged models will continue to be launched, which is expected to continue to drive a recovery in local sales. The margin of pressure on lithium oxide costs is expected to decrease, and the share of exports remains high to support profit improvement. The company's bicycle profits are expected to continue to improve as second-generation blade models switch, domestic sales pick up, and cost pressure eases. Maintain the company's estimated net profit of 404/506/63.7 billion yuan in 26-28, +24%/+25%/+26% year-on-year, corresponding PE of 19/15/12x, maintaining the “buy” rating.

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