On November 4, BYD released sales figures showing that the company sold 48,000 cars in October, up 16% year-on-year.

Among them, 23,000 new energy vehicles were sold, up 85 percent year-on-year. Fuel vehicle sales were 25,000 units, down 14% year-on-year.

CITIC Securities believes this sales figure from BYD was in line with expectations, with the launch of its flagship Han model this year driving the brand upgrade.

With the company's semiconductor, power battery and other key business spin-off to accelerate the landing, may drive value revaluation, continue to focus on recommendations, maintain a "buy" rating, CITIC Securities said.

BYD shares traded in Hong Kong today rose by 16%, the company's A shares rose by the daily limit of 10%.

CITIC Securities maintains 'buy' rating on BYD as Han models continue to sell well-CnEVPost

CITIC Securities maintains 'buy' rating on BYD as Han models continue to sell well-CnEVPost

Below is CITIC Securities' commentary on BYD's sales figures.

Monthly sales of 23,000 new energy vehicles were in line with expectations

BYD sold 48,000 vehicles in October, up 16% year-on-year and 13% sequentially.

Among them, 23,000 were new energy vehicles, up 85% year-on-year and 17% from previous month.

BYD January-October cumulative sales of 317,000 cars, down 16% year-on-year, a narrower decline; cumulative sales of new energy vehicles 134,000 cars, down 35% year-on-year.

By category, 22,000 new energy passenger cars were sold in October, up 83% year-on-year.

Among them, 15,000 pure electric models, up 97% year-on-year, plug-in hybrid models 0.71 million, up 60% year-on-year, flagship models Han, Tang DM hot sales drive sales pick-up.

October its new energy commercial vehicle sales of 1172 units, commercial vehicle subsidy policy environment picking up, continue to grow significantly 123% year-on-year.

As for fuel vehicles, October sales of 25,000 units, down 14% year-on-year and up 10% from the previous month.

Driven by the rebound in downstream demand, BYD installed 1.51GWh of power and energy storage batteries in October, up 152% year-on-year.

January-October total installed capacity of 8.59GWh, down 23% year-on-year.

"Han" delivered more than 7,500 units in October and continues to sell well

BYD's heavyweight model of the year, the new generation flagship sedan "Han ", was launched in July.

We expect sales of the "Han" EV to exceed 5,000 units in October and sales of the "Han" DM to be around 2,500 units, with sales climbing in line with expectations.

We expect monthly sales of "Han" to exceed 10,000 units in November/December, and sales of Tang DM have recovered significantly after the facelift, with monthly sales of close to 4,000 units in October.

"Han " as BYD high-end models, burst potential is gradually embodied, drive BYD brand power to improve, and lead BYD a new round of model cycle.

October 24 Song PLUS launch, continue to drive Song series fuel model sales climb to 15,000 units.

"Blade battery" to lead the industry

At the end of March this year, BYD released a heavy battery technology - "blade battery", with higher energy density, lower cost, leading the industry.

It was first installed in the new flagship model "Han" and is expected to be extended to the new Qin EV, Qin Pro EV and Song Plus models in the future.

BYD power battery into the 2020 foreign supply began to accelerate, the domestic side, BYD has matched Changan, Xiaokang and other car enterprises, and has entered the BAIC new energy announcement.

In terms of overseas customers, BYD has been appointed by Toyota, and is expected to supply global famous car enterprises such as Ford and Audi.

DM's new platform strategy was released, and its competitiveness is expected to improve.

BYD released the DM new platform strategy in June, will push DM-p and DM-i two platforms, which are characterized by power and economy respectively, and after the fine division of power and economy, it can provide more accurate choices for consumers with different needs.

With the gradual promotion and application of BLADE battery and BYD's new generation electric platform, BYD's EV product competitiveness is expected to improve, while costs will be further reduced to drive BYD's growth.

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