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Bella Lu Yifei ... (+2)
  • Bella Lu Yifei
  • Ken Lee

BYD Company (1211 HK): 1Q25: Earnings double yoy, in line. Maintain BU...

BYD’s 1Q25 net profit came in as expected at Rmb9,155m (+100% yoy/-39% qoq). The buoyant earnings growth was driven by a 60% yoy sales volume growth and a 41% yoy spike in net profit per vehicle. Looking ahead, BYD’s earnings will be driven by new product launches and expansion in overseas markets. We maintain our 2025- 27 net profit forecasts at Rmb55.8b/Rmb65.7b/Rmb75.8b respectively. Maintain BUY. Target price: HK$510.00.

Bella Lu Yifei ... (+2)
  • Bella Lu Yifei
  • Ken Lee

China Automobile: Weekly: Takeaways from Shanghai Auto Show 2025. 1Q25...

This week, we have takeaways from the 2025 Shanghai Auto Show. OEMs like BYD and Geely showcased promising new models, eg Ocean-S, Galaxy Warship. BYD’s 1Q25 net profit doubled yoy, in line with expectations. GWM’s 1Q25 earnings missed estimates on margins. We downgrade GWM from BUY to SELL. EVE Energy’s 1Q25 results beat estimates on shipments and margins. We upgrade EVE Energy from SELL to BUY. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV.

Bella Lu Yifei ... (+9)
  • Bella Lu Yifei
  • Claire Wang Kelai
  • Ejann Hiew
  • Greater China Research Team
  • Ken Lee
  • Kenny Yong Hui Lim
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Ziv Ang Sze Champ

Greater China Daily: Monday, April 28, 2025

Sector Automobile This week, we have takeaways from the 2025 Shanghai Auto Show. OEMs like BYD and Geely showcased promising new models, eg Ocean-S, Galaxy Warship. BYD’s 1Q25 net profit doubled yoy, in line with expectations. GWM’s 1Q25 earnings missed estimates on margins. We downgrade GWM from BUY to SELL. EVE Energy’s 1Q25 results beat estimates on shipments and margins. We upgrade EVE Energy from SELL to BUY. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV. Consumer The Politb...

Anas Fitri Bin Ahmad ... (+17)
  • Anas Fitri Bin Ahmad
  • Bella Lu Yifei
  • Claire Wang Kelai
  • Ejann Hiew
  • Jonathan Koh
  • Kampon Akaravarinchai
  • Kasemsun Koonnara
  • Ken Lee
  • Kenny Yong Hui Lim
  • Kitpon Praipaisarnkit
  • Lester Siew
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Wei Xiang Ku
  • Willinoy Sitorus
  • Ziv Ang Sze Champ

Regional Morning Notes - Monday, April 28, 2025

GREATER CHINA Sector Automobile: Weekly: Takeaways from Shanghai Auto Show 2025. 1Q25 results review for BYD, GWM and GAC. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV. Consumer: Politburo meeting: Emphasising income improvement and service consumption; prefer consumer companies with strong cost control and domestic focus. Results BYD Company (1211 HK/BUY/HK$397.00/Target: HK$510.00): 1Q25: Earnings double yoy, in line. Maintain BUY. Target price: HK$510.00. EVE Energy (300014 HK/BU...

Bella Lu Yifei ... (+2)
  • Bella Lu Yifei
  • Ken Lee

China Automobile Weekly: PEV sales surge continues, BYD leads as compe...

China’s PV insurance registrations rose 13% yoy and 4% wow in the 15th week of 2025, with PEV market share climbing to 53.0% as EV sales surged and ICE-cars demand softened. Galaxy and Zeekr underperformed amid rising competition from BYD’s DiPilot models and broader EV price cuts. Management will adjust pricing and launch five new models at two-month intervals, with major upgrades in July-August. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV.

Anas Fitri Bin Ahmad ... (+15)
  • Anas Fitri Bin Ahmad
  • Bella Lu Yifei
  • Benjaphol Suthwanish
  • Claire Wang Kelai
  • Ejann Hiew
  • Jonathan Koh
  • Julia Pan Mengyao
  • Ken Lee
  • Lester Siew
  • Ming San Soong
  • Philip Wong
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Tham Mun Hon

Regional Morning Meeting Notes: Friday, April 11

GREATER CHINA Economics Inflation Deflationary pressures remain. Sector Automobile Weekly: Direct impacts from US tariffs contained; indirect spillovers uncertain. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Update Anta Sports (2020 HK/BUY/HK$81.55/Target: HK$108.80) 1Q25 sales me...

AS7 ANTA SPORTS PRODUCTS LTD.
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SOP SARAWAK OIL PALMS BERHAD
PREIT PARKWAYLIFE REAL ESTATE
KIML KIM LOONG RESOURCES BHD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
GENP GENTING PLANTATIONS BHD
DBB DUOPHARMA BIOTECH BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
09618 JD.COM INC. CLASS A
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
SDG SD GUTHRIE BHD
Bella Lu Yifei ... (+2)
  • Bella Lu Yifei
  • Ken Lee

China Automobile Weekly: Direct impacts from US tariffs contained; ind...

US tariffs on Chinese autos (up to 150%) have limited direct impact but raise global trade tensions, posing risks to demand and earnings. China’s auto sales grew 25% yoy but fell 30% wow in the 14th week of 2025, mainly due to Qingming Festival. PEV market share remained at 50.1%. BYD and Geely respectively guide for 86-119% yoy and 205-233% yoy spike in 1Q25 earnings, beating expectations. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV.

Bella Lu Yifei ... (+2)
  • Bella Lu Yifei
  • Ken Lee

China Automobile Weekly: Solid growth in PV sales. Maintain MARKET WEI...

China’s auto sales increased wow in the 13th week of 2025, with PEVs accounting for 50.1% of the market. BYD achieved strong EV sales growth in March and 1Q25, driven by record overseas deliveries and new model launches. Geely's March sales surged 54% yoy, driven by strong EV growth. The US’ 25% tariff has limited impact on Chinese OEMs but would hit auto parts companies’ 2025 earnings by 2.5-8%. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao, CATL and Desay SV.

 PRESS RELEASE

比亞迪儲能在中國推出工商儲能系統 Chess Plus

比亞迪儲能在中國推出工商儲能系統 Chess Plus 北京, April 02, 2025 (GLOBE NEWSWIRE) -- BYD Energy Storage(比亞迪儲能)作為比亞迪股份有限公司旗下的可再生能源解決方案供應商,於 3 月 26 日推出新一代商業和工業(工商)儲能系統 Chess Plus,旨在應對競爭激烈的市場中安全性、效率及盈利能力方面的挑戰。 比亞迪儲能 Chess Plus 透過其電芯到系統 (CTS) 防護框架,樹立能源儲存的新標準。 其核心為帶有陶瓷端子的「厚刀片電池」,可杜絕漏電風險並提升抗腐蝕性。 這些電池已通過極端壓力測試,包括熱失控模擬 (-20~55℃) 和 260% 過度充電臨界值測試。 Chess Plus 的獨特之處,在於其 2 小時防火的電池外殼和內置氣溶膠滅火系統。 系統級防護包括 8.0 級抗震能力、配備斜頂以利排水的 IP55 外殼,以及 AI 驅動的風險預測演算法,有助提前偵測熱異常情況。 Chess Plus 具備超長壽命電池芯,支持超過 10,000 次循環,確保長期穩定運行。 其雙模式冷卻系統(電池採用液體冷卻,電子設備採用智能強制風冷),可降低 20% 輔助功耗,同時提升熱一致性。 此設計可將組件壽命延長 30%。 Chess Plus 整合了高性能邊緣運算,用於即時 SOC 優化與故障預測...

 PRESS RELEASE

比亚迪储能发布工商业储能新品 Chess Plus

比亚迪储能发布工商业储能新品 Chess Plus 北京, April 02, 2025 (GLOBE NEWSWIRE) -- 3 月 26 日,比亚迪股份有限公司旗下可再生能源解决方案提供商比亚迪储能在北京重磅推出新一代工商业储能系统 Chess Plus,直击安全、效率和盈利三大痛点,应对激烈的市场竞争。 比亚迪储能的 Chess Plus 采用电芯到系统一体化 (CTS) 技术构建严密保护框架,树立储能领域新标杆。 作为新品核心的“厚刀电芯”采用陶瓷材料极柱,在增强耐腐蚀性的同时,杜绝漏液风险。 电芯已通过多次极端压力测试,包括热失控模拟 (-20~55℃) 和过充测试 (过充 260%)。 Chess Plus 的独特之处在于其电池包外壳可以耐火 2 小时,而且内置气溶胶消防系统。 此外,Chess Plus 具有多重系统级保护,包括 8 级抗震能力、具备 IP55 防护等级的外壳、利于排水的柜体斜顶设计,以及 AI 驱动的风险预测算法,可以提前检测到热异常。 Chess Plus 采用高能效长循环电芯,系统循环寿命超过 10,000 次,显著提升耐用性以确保稳定运行。 另外,该产品采用电池液冷、电气智能风冷的双模式冷却系统,令辅助功耗降低了 20%,同时增强了电池温度一致性。 这种设计将组件使用寿命延长了 30%。 Chess Plus 集成了高算力...

 PRESS RELEASE

A BYD Energy Storage piacra dobja Kínában a Chess Plus rendszert a ker...

A BYD Energy Storage piacra dobja Kínában a Chess Plus rendszert a kereskedelmi és ipari energiatárolás elősegítése érdekében PEKING, March 31, 2025 (GLOBE NEWSWIRE) -- A BYD Energy Storage, megújuló energiamegoldások szolgáltatója és egyben a BYD vállalat egyik üzleti divíziója március 26-án mutatta be a Chess Plust, a következő generációs kereskedelmi és ipari (C&I) rendszerét, amelynek célja a biztonság, hatékonyság és nyereségesség fokozása a versenypiac kiélezett körülményei között. A BYD Energy Storage Chess Plus rendszere új nézőpontot honosít meg az energiatárolás terén a „tele...

 PRESS RELEASE

BYDエネルギーストレージ (BYD Energy Storage)、中国でC&Iエネルギー貯蔵「チェス・プラス (Chess Plus)」...

BYDエネルギーストレージ (BYD Energy Storage)、中国でC&Iエネルギー貯蔵「チェス・プラス (Chess Plus)」を発表 北京発, April 01, 2025 (GLOBE NEWSWIRE) -- BYDカンパニー・リミテッド (BYD Company Limited) の事業部門であるBYDエネルギーストレージは3月26日、再生可能エネルギーソリューションのプロバイダーとして、激しい競争が続く市場の中で安全性、効率性、収益性の課題に対処するために設計された次世代商用・産業用 (C&I) エネルギー貯蔵システム「チェス・プラス」を発表した。 BYDエネルギーストレージのチェス・プラスは、セル・トゥ・システム (CTS) の保護フレームワークにより、エネルギー貯蔵の新たなパラダイムを確立する。 その中核となるのが、セラミック端子を備えた「厚型ブレードバッテリー (Thick Blade Battery)」セルで、耐腐食性を高めながら漏電リスクを解消している。 これらのセルは、熱暴走シミュレーション (-25~55℃) や260%の過充電しきい値など、過酷なストレステストに合格している。 チェス・プラスは、2時間耐火性のバッテリーケーシングと内蔵のエアゾール消火システムを備えたユニークな存在となっている。 マグニチュード8.0の耐震性、排水...

 PRESS RELEASE

BYD Energy Storage Meluncurkan Chess Plus untuk Penyimpanan Energi Kom...

BYD Energy Storage Meluncurkan Chess Plus untuk Penyimpanan Energi Komersial dan Industri di Tiongkok BEIJING, April 01, 2025 (GLOBE NEWSWIRE) -- BYD Energy Storage, divisi bisnis BYD Company Limited, sebagai penyedia solusi energi terbarukan, mengungkapkan pada 26 Maret sistem penyimpanan energi komersial dan industri (Commercial and Industrial, C&I) generasi terbarunya, Chess Plus, yang dirancang untuk mengatasi tantangan dalam hal keamanan, efisiensi, dan profitabilitas di tengah persaingan pasar yang ketat. Chess Plus BYD Energy Storage menetapkan paradigma baru dalam penyimpanan e...

 PRESS RELEASE

BYD 에너지 스토리지, 중국 C&I 에너지 스토리지용 Chess Plus 출시

BYD 에너지 스토리지, 중국 C&I 에너지 스토리지용 Chess Plus 출시 베이징, April 01, 2025 (GLOBE NEWSWIRE) -- 재생 에너지 솔루션 기업이자 BYD Company Limited의 사업 부문인 BYD 에너지 스토리지 (BYD Energy Storage)가 치열한 시장 경쟁 구도 가운데 안전성과 효율성, 수익성 문제 해결 차원에서 설계된 차세대 상업용 및 산업용(C&I) 에너지 저장 시스템인 Chess Plus를 지난 3월 26일 공개했다. BYD 에너지 스토리지의 Chess Plus는 셀-투-시스템(CTS) 보호 프레임워크를 통해 에너지 스토리지의 새로운 패러다임을 구축하게 된다. 그 핵심에는 세라믹 단자가 있는 '두꺼운 블레이드 배터리' (Thick Blade Battery) 셀이 있어 누출 위험을 없애고 내식성을 강화하는 특징이 있다. 이 셀은 열 폭주 시뮬레이션(-25~55℃)과 260% 과충전 임계값을 포함한 극한의 스트레스 테스트를 통과하였다. Chess Plus는 2시간 내화성 배터리 케이스와 에어로졸 화재 진압 시스템이 내장된 것이 특징이다. 8.0 진도 내진, 물 배수를 위한 경사진 지붕이 있...

 PRESS RELEASE

BYD Energy Storage Melancarkan Chess Plus untuk C&I Energy Storage di ...

BYD Energy Storage Melancarkan Chess Plus untuk C&I Energy Storage di China BEIJING, April 01, 2025 (GLOBE NEWSWIRE) -- BYD Energy Storage, sebuah bahagian perniagaan BYD Company Limited dan penyedia penyelesaian tenaga boleh diperbaharui telah memperkenalkan sistem storan tenaga komersial dan industri (C&I) generasi baharunya, Chess Plus pada 26 Mac. Sistem ini direka untuk menangani cabaran keselamatan, kecekapan dan keuntungan dalam pasaran yang sangat kompetitif. Chess Plus BYD Energy Storage menetapkan paradigma baharu dalam storan tenaga melalui rangka kerja perlindungan cell-to-...

 PRESS RELEASE

BYD Energy Storage uruchamia system Chess Plus dla magazynów energii C...

BYD Energy Storage uruchamia system Chess Plus dla magazynów energii C&I w Chinach PEKIN, March 31, 2025 (GLOBE NEWSWIRE) -- BYD Energy Storage, oddział biznesowy BYD Company Limited jako dostawca rozwiązań w zakresie energii odnawialnej zaprezentował 26 marca swój komercyjny i przemysłowy (C&I) system magazynowania energii nowej generacji Chess Plus zaprojektowany tak, aby sprostać wyzwaniom związanym z bezpieczeństwem, wydajnością i rentownością na bardzo konkurencyjnym rynku. System Chess Plus firmy BYD Energy Storage ustanawia nowy paradygmat w dziedzinie magazynowania energii dzię...

 PRESS RELEASE

BYD Energy Storage เปิดตัว Chess Plus สำหรับการจัดเก็บพลังงาน C&I ในจี...

BYD Energy Storage เปิดตัว Chess Plus สำหรับการจัดเก็บพลังงาน C&I ในจีน ปักกิ่ง, April 01, 2025 (GLOBE NEWSWIRE) -- BYD Energy Storage ซึ่งเป็นแผนกธุรกิจของบริษัท BYD Company Limited โดยดำเนินงานเป็นผู้ให้บริการโซลูชันพลังงานหมุนเวียน เปิดตัว Chess Plus หรือระบบจัดเก็บพลังงานเชิงพาณิชย์และอุตสาหกรรม (C&I) รุ่นใหม่เมื่อวันที่ 26 มีนาคมที่ผ่านมา ระบบนี้ได้รับการออกแบบมาเพื่อรับมือความท้าทายในด้านความปลอดภัย ประสิทธิภาพ และความสามารถในการทำกำไรท่ามกลางตลาดที่มีการแข่งขันอย่างดุเดือด Chess Plus ของ BYD Energy Storage สร้างกระบวนทัศน์ใหม่ในการจัดเก็บพลังงานผ่านกรอบการทำงานป้องกันจากเซลล์ถึง...

 PRESS RELEASE

BYD Energy Storage Lança Chess Plus para Armazenamento de Energia de C...

BYD Energy Storage Lança Chess Plus para Armazenamento de Energia de C&I na China PEQUIM, March 31, 2025 (GLOBE NEWSWIRE) -- A BYD Energy Storage, uma divisão de negócios da BYD Company Limited, como fornecedora de soluções de energia renovável, anunciou em 26 de março seu sistema de armazenamento de energia comercial e industrial (C&I) de última geração, o Chess Plus, projetado para enfrentar os desafios de segurança, eficiência e lucratividade em meio a um mercado extremamente competitivo. O Chess Plus da BYD Energy Storage estabelece um novo paradigma no armazenamento de energia por...

 PRESS RELEASE

BYD Energy Storage lanserar Chess Plus för C&I Energy Storage i Kina

BYD Energy Storage lanserar Chess Plus för C&I Energy Storage i Kina PEKING, March 31, 2025 (GLOBE NEWSWIRE) -- BYD Energy Storage, en affärsdivision inom BYD Company Limited och leverantör av lösningar för förnybar energi, presenterade den 26 mars nästa generations kommersiella och industriella (C&I) energilagringssystem, Chess Plus. Det är utformat för att möta utmaningarna inom säkerhet, effektivitet och lönsamhet på en marknad med mycket hård konkurrens. BYD Energy Storages Chess Plus etablerar en ny nivå inom energilagring genom dess ramverk för cell till system-skydd (CTS). Grund...

 PRESS RELEASE

BYD Energy Storage, Ticari ve Endüstriyel Enerji Depolamaya Yönelik Ch...

BYD Energy Storage, Ticari ve Endüstriyel Enerji Depolamaya Yönelik Chess Plus Ürününü Çin'de Piyasaya Sürdü PEKİN, March 31, 2025 (GLOBE NEWSWIRE) -- BYD Company Limited'in iş birimlerinden biri ve yenilenebilir enerji çözümleri sunan bir şirket olan BYD Energy Storage, 26 Mart'ta son derece rekabetçi bir pazarda güvenlik, verimlilik ve kârlılık konularındaki zorluklarla başa çıkmak üzere tasarlanan yeni nesil ticari ve endüstriyel (C&I) enerji depolama sistemi olan Chess Plus'ı tanıttı. BYD Energy Storage imzalı Chess Plus, hücreden sisteme (cell-to-system, CTS) koruma çerçevesi saye...

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