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Outperform  表现优异

Price Target 目标价格

BYD: A Deep Dive into BYD's Cost Advantage and Sustainability
比亚迪：深入探讨比亚迪的成本优势和可持续性

BYD has a superior cost structure that enabled it to offer EVs of better value-for-money, and achieve leading market share and margin performance. In this report, we explore the sources of BYD's cost advantage, and discuss the sustainability of this competitive edge.
比亚迪拥有卓越的成本结构，使其能够提供更具性价比的电动汽车，并实现领先的市场份额和利润率表现。在本报告中，我们探讨比亚迪成本优势的来源，并讨论这种竞争优势的可持续性。
Building an EV that's cheaper. BYD's cost advantage comes from 1) lower battery costs, 2) more advanced EV platform & architecture, 3) competitive local supply chain, 4) its vertical integration capability, and 5) scale, among others. Battery costs can be c.40-50% cheaper in BYD's EVs because of the adoption of its proprietary LFP blade battery, cell-tobody (CTB) technology, and lighter vehicles. BYD deploys a modular EV platform & more zonal architecture design that reduce complexity and weight (i.e. labor and parts). BYD also benefits from the vertical integration of battery & auto parts, and its market positioning & scale enables it to achieve operating leverage and more advantageous supplier pricing.
构建一个价格更低的电动汽车。比亚迪的成本优势来自于 1）更低的电池成本，2）更先进的电动汽车平台和架构，3）竞争力强的本地供应链，4）垂直整合能力，以及 5）规模等因素。由于采用了其专有的 LFP 刀片电池、电芯至整车（CTB）技术和更轻的车辆，比亚迪的电动汽车电池成本可能会便宜约 40-50%。比亚迪采用了模块化的电动汽车平台和更多分区的架构设计，降低了复杂性和重量（即劳动力和零部件）。比亚迪还受益于电池和汽车零部件的垂直整合，其市场定位和规模使其能够实现运营杠杆效应和更有利的供应商定价。
To what extent is BYD's cost advantage sustainable? Global EV players will try to play catch up on battery, EV technology, and supply chain competitiveness, but the time frame could be at least several years out. BYD can likely sustain the lead further due to its investment in vertical integration and its market positioning & scale, which was built up over a long time frame. R&D and cost-cutting is also a strong focus at BYD and is ingrained in its culture. We think it is difficult to replicate BYD's success easily.
BYD 的成本优势能持续到什么程度？全球电动汽车制造商将努力在电池、电动汽车技术和供应链竞争力方面迎头赶上，但时间跨度可能至少要几年。由于 BYD 在垂直整合方面的投资以及长期建立起来的市场定位和规模，BYD 很可能能够进一步保持领先地位。研发和成本削减也是 BYD 的重点，并已融入公司文化之中。我们认为要轻松复制 BYD 的成功是困难的。
Localizing production in Europe will be instrumental to bring scale and appease geopolitical tensions. The vehicle gross margin at the Hungary plant will likely be lower than exporting from China, but the higher COGS (c. ) will be cushioned by avoiding the import tariff (i.e., ) and ocean freight shipping, and lower dealer incentives and overhead from a larger scale, and still far more profitable than domestic sales.
在欧洲本地化生产将对扩大规模和缓解地缘政治紧张局势起到关键作用。匈牙利工厂的车辆毛利率可能低于从中国出口，但更高的成本费用（约 ）将通过避免进口关税（即 ）和海运费用、更大规模带来的较低经销商激励和间接费用来缓解，仍然比国内销售更具盈利性。
Close Date 关闭日期 16-May-2024 2024 年 5 月 16 日
1211.HK Close Price (HKD)
1211.HK 收盘价（港币）		 221.60
Price Target (HKD) 目标价（港币） 325.00
Upside/(Downside) 上行/(下行)
52-Week Range 52 周价格范围
ASIAX
FYE Dec
Div Yield 股息率
Market Cap (HKD) (M)
市值（港元）（百万）		 670,798
(HKD) (M)  （港币）（百万） 584,452
Performance 绩效 YTD
Absolute (%) 绝对值 (%) 3.4 8.0 (9.3)
ASIAX (%) ASIAX（%） 7.2 8.0 10.8 8.0
Relative (%) 相对 (%) (3.8) (17.3)
Source: Bloomberg, Bernstein estimates and analysis.
来源：彭博社，伯恩斯坦估计和分析。
Price Performance, 1YR 价格表现，1 年

Investment Implications 投资影响

We rate BYD Outperform with price target for 1211.HK at HK .
我们将比亚迪评级为“表现优异”，1211.HK 的目标价为港币 。
Reported EPS 报告的每股收益 (EPS) F23A F24E F25E Financials F23A F24E F25E CAGR Valuation Metrics 估值指标 F23A F24E F25E
1211.HK (CNY) 1211.HK（人民币） 10.32 13.37 17.42 Revenues (M) 收入（百万美元） 602,315 727,146 888,728 Reported P/E (x) 报告市盈率 (x) 19.8 15.3 11.8
002594.CH (CNY) 002594.CH（人民币） 10.32 13.37 17.42 Gross Profit (M) 毛利润（百万美元） 121,757 157,097 192,446 EV/Sales (x) EV/销售额（倍） 0.9 0.7 0.6
Operating Earnings (M) 运营收益（百万美元） 38,103 48,876 63,546 Adjusted P/E (x) 调整后的市盈率 (x) 19.8 15.3 11.8
Net Earnings (M) 净收益（百万美元） 31,344 40,641 52,959 PEG Adjusted (x) PEG 调整后 (x) 0.2 0.5 0.4
11.3 (9.9) 10.5
EV/EBITDA (x) EV/EBITDA（倍） 7.0 5.5 4.3
EV/EBIT (x) EV/EBIT（倍） 16.3 12.7 9.2

DETAILS 细节

2023: LEADING MARGIN PERFORMANCE BY BYD, AMID CHALLENGING PRICING ENVIRONMENT
2023 年：在具有挑战性的定价环境中，比亚迪（BYD）实现了领先的利润率表现

We estimate BYD's EV margin reached c. in 2023 , up from c. in 2022. This was achieved amid the challenging pricing environment in China's EV market. In fact, BYD was among the few OEMs which managed to expand its gross margin, with a significantly lower ASP at c.US only (which was down c. YoY). Tesla's auto gross margin (ex. credits) arrived at , which declined from a year ago. Tesla's ASP was US in 2023. (Exhibit 1)
我们估计比亚迪的电动汽车毛利率在 2023 年达到约 ，较 2022 年的约 有所增长。这是在中国电动汽车市场具有挑战性的定价环境下实现的。事实上，比亚迪是少数几家成功扩大毛利率的汽车制造商之一，其平均销售价格仅为约 美元（较去年同期下降约 ）。特斯拉的汽车毛利率（不含积分）为 ，较一年前的 有所下降。特斯拉的平均销售价格为 2023 年的 美元。（附件 1）

SUPERIOR COST STRUCTURE: BUILDING AN EV THAT'S 50% CHEAPER THAN COMPARABLE VEHICLES, AS WELL AS A US$10K EV PROFITABLY
卓越的成本结构：建造一辆比可比车辆便宜 50%的电动汽车，以及盈利 10,000 美元的电动汽车

BYD has a superior EV cost structure. Not only can BYD build a compact SUV for cheaper than its peers, it can also manufacture a US small hatchback - Seagull - profitably. (Exhibit 2 - Exhibit 4) Seagull's dimensions run at and the entry version (RMB US ) has a CLTC range of , while the higher-end one (RMB US ) can go for . We estimate BYD's Seagull that costs US can achieve a mid-single digit gross margin. The company has commented that Seagull is profitable on the bottom-line. We believe BYD allocates operating expenses disproportionately for each model. Nonetheless, even with minimal allocation of operating expenses, it is still an impressive result for Seagull.
比亚迪拥有卓越的电动汽车成本结构。比亚迪不仅可以比同行更便宜地制造一款紧凑型 SUV，还可以盈利地生产一款美国小型掀背车 - 海鸥（Seagull）（展示 2 - 展示 4）。海鸥的尺寸为 ，入门版（人民币 美元 ）的续航里程为 ，而高端版（人民币 美元 ）的续航里程可达 。我们估计比亚迪的海鸥成本为 美元，可以实现中单位数的毛利率。公司已经表示海鸥在底线上是盈利的。我们认为比亚迪为每个型号不成比例地分配了运营费用。尽管如此，即使运营费用的分配很少，对于海鸥来说仍然是一个令人印象深刻的结果。

COMPARING BYD'S COST STRUCTURE WITH PEERS
将比亚迪的成本结构与同行进行比较

The COGS of a car can be divided into two parts, Bill of Materials (BOM) costs which include all physical parts and components assembled in the vehicle, and production costs which include direct labor and manufacturing overhead. BOM cost makes up of COGS, and battery represents c. of BOM cost.
汽车的 COGS 可以分为两部分，即材料清单（BOM）成本，其中包括车辆中组装的所有物理部件和组件，以及生产成本，其中包括直接劳动和制造间接费用。 BOM 成本占 COGS 的 ，电池占 BOM 成本的约 。
Exhibit 3 illustrates the cost structure of a compact electric SUV by BYD, and how it compares with a comparable model manufactured in Europe. We find that on average, EVs made in China is cheaper in terms of BOM cost. As for production costs such as labor and manufacturing overhead, Capex for production facilities in Europe is estimated to be 1-2 times higher than that in China, inflating the depreciation and amortization overhead by similar scale. In addition, higher labor and utility costs (e.g. electricity, water, gas etc.) in Europe also lifted the operating costs of plants. This not only flows into manufacturing overhead of the EV, but also the BOM cost of EV parts. We estimate production costs in China could be cheaper by , depending on which European country we are comparing against.
第三展示了比亚迪生产的一款紧凑型电动 SUV 的成本结构，以及与欧洲制造的一款类似车型进行比较。我们发现，就 BOM 成本而言，中国制造的电动汽车平均便宜 。至于劳动力和制造间接费用等生产成本，欧洲生产设施的资本支出估计比中国高 1-2 倍，从而使折旧和摊销间接费用也相应增加。此外，欧洲更高的劳动力和公用事业成本（如电力、水、燃气等）也提高了工厂的运营成本。这不仅影响了电动汽车的制造间接费用，还影响了电动汽车零部件的 BOM 成本。我们估计，与欧洲国家相比，中国的生产成本可能便宜 。

SOURCES OF BYD'S COST ADVANTAGE
比亚迪成本优势的来源

We think BYD's cost advantage comes from 1) lower battery costs, 2) more advanced EV platform & architecture, 3) a more competitive local supply chain, 4) its vertical integration capability, and 5) scale, among others. Some of the factors also reinforce one another.
我们认为比亚迪的成本优势来自于 1）更低的电池成本，2）更先进的电动汽车平台和架构，3）更具竞争力的本地供应链，4）其垂直整合能力，以及 5）规模等因素。其中一些因素也相互加强。
  1. Lower battery cost: Battery costs in BYD's EVs can be c.40-50% cheaper than in comparable vehicles. BYD adopts the a) LFP battery that is b) manufactured in-house, c) the cell-to-body (CTB) technology, and that d) BYD's EVs are lighter vehicles.
    降低电池成本：比亚迪（BYD）电动汽车的电池成本可能比类似车辆便宜约 40-50%。比亚迪采用 a）自家生产的 LFP 电池，b）采用自家生产的 LFP 电池，c）采用电芯直接连接车身（CTB）技术，以及 d）比亚迪的电动汽车是较轻的车辆。
  • In 2023, the average price for LFP battery packs produced in China was c.US$110/kWh and NMC packs at c.US$135/ kWh. We estimate that producing battery packs outside China (e.g. in Europe) brings costs up by c.US pack. For BYD, we assume it saves on gross margin by manufacturing its proprietary LFP battery in-house, and thus the battery costs c.US internally. In other words, BYD sources LFP batteries that are c. cheaper than OEMs that source LFP from other battery manufacturers in China, and c.35-40% cheaper that source from outside China. (Exhibit 5)
    2023 年，中国生产的 LFP 电池组的平均价格约为每千瓦时 110 美元，NMC 电池组约为每千瓦时 135 美元。我们估计，在中国以外（例如在欧洲）生产电池组会使成本增加约每组 0 美元。对于比亚迪（BYD），我们假设通过自家生产 LFP 电池，可节省 毛利，因此电池内部成本约为每组 2 美元。换句话说，比亚迪采购的 LFP 电池比其他中国电池制造商采购的 OEM 的便宜约 ，比在中国以外采购的便宜 35-40%。（附件 5）
  • But BYD's battery cost savings per vehicle vs. comparable vehicles could be more significant. While BYD adopts its proprietary LFP blade battery produced in-house, some peers are adopting a larger and more expensive NMC battery for a similar driving range. For e.g., BYD Yuan Plus' battery cost per range is c. less than VW China ID.4X's and c. less than ID.4s produced in Europe or U.S. (Exhibit 7)
    但比亚迪每辆车的电池成本节省与可比车辆相比可能更为显著。虽然比亚迪采用自家生产的 LFP 刀片电池，而一些同行则采用成本更高的 NMC 电池，尽管行驶里程相似。例如，比亚迪元 PLUS 的每单位行驶里程电池成本比大众中国 ID.4X 低约 ，比欧美生产的 ID.4 低约 （见附件 7）。
  • BYD can afford to use a smaller battery for the same range partly because its vehicles are of lighter weight (Exhibit 6 ) (in addition to other factors such as an efficient thermal management system). For e.g. BYD adopts the cell-to-body (CTB) technology. The top cover of the battery serves as the floor, thereby removing a layer of metal and weight. BYD also adopts a modular platform & architecture design (more below).
    比亚迪之所以能够在相同续航里程下使用更小的电池，部分原因是其车辆重量较轻（见附件 6）（除了其他因素，如高效的热管理系统）。例如，比亚迪采用了电芯对车身（CTB）技术。电池的顶部盖作为地板，因此去除了一层金属和重量。比亚迪还采用了模块化平台和架构设计（详见下文）。
  1. More advanced EV platform & architecture: BYD deploys a modular EV platform and more zonal E/E architecture design that reduce complexity and weight, and thus lower cost (i.e., on parts & labor). For example, BYD adopts network ECUs for body electronics. BYD also has a highly integrated 8 -in-1 electric powertrain that combines the vehicle control unit (VCU), battery management system (BMS), power distribution unit (PDU), DC/DC converter, e-motor, motor controller, & transmission and on-board charger (OBC). By reducing complexity, BYD can use fewer parts including fasteners, connectors, and wiring harness, that helps bring down curb weight of the car and labor hours per vehicle.
    更先进的电动汽车平台和架构：比亚迪采用模块化电动汽车平台和更多分区的电子/电气架构设计，降低了复杂性和重量，从而降低成本（即零部件和人工成本）。例如，比亚迪采用网络 ECU 用于车身电子。比亚迪还拥有高度集成的 8 合 1 电动动力总成，结合了车辆控制单元（VCU）、电池管理系统（BMS）、电力分配单元（PDU）、DC/DC 转换器、电动机、电机控制器、变速器和车载充电器（OBC）。通过降低复杂性，比亚迪可以使用更少的零部件，包括紧固件、连接器和布线束，有助于降低车辆的整备重量和每辆车的人工工时。
  2. Price competitive local supply chain: China also has a mature & more price competitive supply chain. To illustrate the cost difference, we note that an air suspension system from Germany's Vibracoustic would cost US , whereas China's Baolong or Zhongding could offer the same for just over US$1k. In addition, suppliers are often willing to offer more competitive pricing to EV manufacturers that they deem promising and / or with larger scale. BYD has a whopping market share in China's EV market in 2023, and its strong market positioning reinforces that it can get the best pricing from suppliers.
    价格竞争激烈的本地供应链：中国也拥有成熟且价格竞争力更强的供应链。为了说明成本差异，我们注意到，德国 Vibracoustic 的气悬挂系统售价为美元 ，而中国的宝龙或中鼎则可以提供相同产品，售价仅为 1,000 美元以上。此外，供应商通常愿意向他们认为有前途和/或规模更大的电动汽车制造商提供更具竞争力的定价。比亚迪在 2023 年中国电动汽车市场占有率高达 ，其强劲的市场定位进一步强调了它可以从供应商那里获得最优惠的定价。
  3. Vertical integration of battery & auto parts. BYD has a high degree of vertical integration. Not only does it make its own batteries, it also makes e-motors, power electronics, lights, fenders, etc. It is estimated that BYD manufactures of its BOM in-house, according to Caresoft's teardown experts. If the BOM cost of an EV is US and suppliers make gross margin on average, BYD saves on US per vehicle by manufacturing key auto parts in-house. Other than cost savings, vertical integration also bring other advantages such as the ability to make updates and iterate quickly.
    电池和汽车零部件的垂直整合。比亚迪具有很高的垂直整合程度。它不仅生产自己的电池，还生产电动马达、动力电子、灯具、车轮罩等。据 Caresoft 的拆解专家估计，比亚迪在内部制造其 BOM 的 。如果一辆电动汽车的 BOM 成本为美元 ，供应商平均获得 的毛利润，比亚迪通过内部制造关键汽车零部件每辆车可节省美元 。除了成本节省外，垂直整合还带来其他优势，如能够快速更新和迭代。
  • We estimate BYD's BEV margin reached c.20% in and has at least c. 10 percentage points gross margin advantage over peers for a BEV that is priced around c. and with a battery. Most savings - 6 percentage points - come from BYD's in-house LFP battery manufacturing. (Exhibit 10, Exhibit 13)
    我们估计比亚迪的纯电动车辆（BEV）毛利率在 年达到约 20%，并且相较于同行，针对售价约为 ，电池容量为 的 BEV，至少有约 10 个百分点的毛利率优势。大部分节省（6 个百分点）来自比亚迪自家的磷酸铁锂（LFP）电池制造。（附件 10，附件 13）
  • BYD's PHEV margin was boosted in to by our estimate because of its higher premium mix. For a RMB PHEV with a battery, we estimate BYD can achieve a c. gross margin and also has c. 10 percentage points of margin advantage over peers. BYD earns higher margin due to its powertrain design, vertical integration of the supply chain, and scale. Most savings come from BYD's simpler one-gear powertrain design that is largely made inhouse, that lowers cost by c.RMB 5-10k compared with other OEMs' more complex double or triple gear designs. (Exhibit 11, Exhibit 12)
    根据我们的估计，BYD 的 PHEV 边际在 年至 年间得到提升，这是由于其更高的高端产品组合。对于一款售价为人民币 的 PHEV，配备 电池，我们估计 BYD 可以实现约 的毛利率，并且比同行公司多约 10 个百分点的边际优势。BYD 由于其动力总成设计、供应链的垂直整合和规模而获得更高的边际。大部分节省来自于 BYD 更简单的单速动力总成设计，这主要是在内部制造，与其他 OEM 公司更复杂的双速或三速设计相比，降低了成本约人民币 5-10 千元。（展示 11，展示 12）
  1. Scale: BYD's scale & market positioning enables it to achieve operating leverage and more advantageous pricing from suppliers. BYD sold over units in 2023 , which is more than the second through fourth places combined. BYD also has high sales volume per model and platform, hence a lot of parts can be shared and that boosts scale benefit. The power of scale is significant. Over the past two years, BYD's COGS ex. battery per unit continues to come down as sales volume increases (Exhibit 14 - Exhibit 17)
    规模：比亚迪的规模和市场定位使其能够实现运营杠杆，并从供应商那里获得更有利的定价。比亚迪在 2023 年销售了超过 辆车，超过了第二到第四名的总和。比亚迪每款车型和平台的销售量也很高，因此可以共享很多零部件，从而提升规模效益。规模的力量是巨大的。过去两年，比亚迪的单位成本（不含电池）随着销售量的增加而持续下降（展示 14 - 展示 17）。
EXHIBIT 1: We estimate BYD's EV margin reached c. in 2023, up from c. in 2022 amid the challenging pricing environment - and surpassed Tesla's (which saw a decline from a year ago)
展示 1：我们估计比亚迪的电动汽车利润率在 2023 年达到约 ，较 2022 年的约 有所增长，尽管面临挑战性的定价环境 - 并超过了特斯拉的 （特斯拉的利润率从一年前的 下降）。
2022 vs. 2023: Gross margin comparison by EV player
2022 年对 2023 年：电动汽车制造商的毛利率比较
*For Polestar, 2023 data is as of Q3 2023 reporting; BYD's gross margin is estimated by excluding BYDE and battery business
对于 Polestar，2023 年的数据截至 2023 年第三季度报告；BYD 的毛利率估计不包括 BYDE 和电池业务
Source: Company reports, Bernstein estimates and analysis
来源：公司报告、伯恩斯坦估计和分析
EXHIBIT 2: BYD has an enviable EV cost structure; its COGS per unit is roughly of some of its peers in 2023
展示 2：比亚迪拥有令人羡慕的电动汽车成本结构；2023 年每单位的成本费用大约是其部分同行的
2023: Vehicle COGS comparison by EV player
2023 年：电动汽车制造商的车辆成本比较
EXHIBIT 3: We estimate BYD can manufacture a compact SUV for cheaper than its EU peers
展示 3：我们估计比亚迪可以比其欧盟同行更便宜 制造一款紧凑型 SUV
Source: Bernstein estimates and analysis
来源：伯恩斯坦估计和分析
EXHIBIT 4: Cost breakdown of Seagull (Glory version, RMB 69.8k/ US$10k, 305km range) - the cheapest model in BYD's product portfolio; we estimate that the model can potentially earn mid-single digits of gross margin
展示 4：海鸥（荣耀版，人民币 69.8 千/美元 10 千，305 公里续航里程）的成本分解 - 比亚迪产品组合中最便宜的型号；我们估计该型号有望实现中位数的毛利润。
BYD Seagull (Glory version, RMB 69.8k): Cost breakdown
比亚迪海鸥（荣耀版，人民币 69.8 千元）：成本分析
EXHIBIT 5: We estimate BYD saves on LFP battery cost (produced in-house) vs. OEMs that source from battery manufacturers in China, and c. vs. battery manufacturers outside China, e.g. in Europe
展示 5：我们估计比亚迪（BYD）自家生产的 LFP 电池成本比从中国电池制造商采购的 OEM 节省 ，比如在欧洲等中国以外地区的电池制造商节省约 。
2023: Battery pack price comparison
2023 年：电池组价格比较
Baiinfo, Bernstein estimates and analysis
百智信息，伯恩斯坦估计和分析
EXHIBIT 7: Hence BYD's battery cost savings per vehicle is significant, as some peers adopt a larger & more expensive NMC battery for the same range; BYD Yuan Plus' battery cost per range is less than VW China ID.4X's
展示 7：因此比亚迪每辆车的电池成本节省是显著的，因为一些同行为了相同的续航里程采用了更大更昂贵的 NMC 电池；比亚迪元 Plus 的每单位续航里程电池成本比大众中国 ID.4X 低 。
BYD vs. VW: Battery cost comparison
比亚迪 vs 大众：电池成本比较
EXHIBIT 8: VW plans to cut its China EV cost by by 2026, by adopting an LFP battery, using a more centralized architecture, and cooperating with more local suppliers
展示 8：大众计划到 2026 年将其中国电动汽车成本降低 ，采用 LFP 电池，使用更集中的 架构，并与更多本地供应商合作
Source: Bernstein estimates and analysis
来源：伯恩斯坦估计和分析
EXHIBIT 10: We estimate BYD's overall BEV margin reached in ; of which percentage points is driven by battery produced in-house
展示 10：我们估计比亚迪的整体纯电动车辆（BEV）利润率在 年达到 ；其中 个百分点是由内部生产的电池推动的

BYD: BEV gross margin breakdown
比亚迪：电动汽车毛利率细分

Above illustration is based on a BEV equipped with a LFP battery manufactured in-house
以上插图基于一辆配备 升自家生产的 LFP 电池的 BEV
Source: Bernstein estimates and analysis
来源：伯恩斯坦的估计和分析
EXHIBIT 9: Of VW's planned cost reduction, battery, E/ architecture, and domestic supply chain each would contribute to , and of the cost savings
展示 9：大众计划的成本削减中，电池、E/ 架构和国内供应链各自将贡献 和 的成本节约
Source: Company presentation, Bernstein estimates and analysis
来源：公司介绍，伯恩斯坦估计和分析
EXHIBIT 11: BYD's PHEV margin was boosted in 2H 2023 because of its higher premium mix; we estimate BYD earns higher margin due to its powertrain design, vertical integration of the supply chain, and scale
展示 11：比亚迪（BYD）的插电混动汽车（PHEV）边际利润在 2023 年下半年得到提升，因为其更高的高端产品组合；我们估计比亚迪由于其动力总成设计、供应链的垂直整合和规模效应而获得更高的利润率

BYD: PHEV gross margin
比亚迪：PHEV 毛利率

breakdown
Above illustration is estimated based on a PHEV priced around RMB150k and
以上插图是基于一辆售价约为人民币 150,000 元的 PHEV 进行估算的
equipped with a LFP battery
配备了 的 LFP 电池
Source: Bernstein estimates and analysis
来源：伯恩斯坦估计和分析
EXHIBIT 12: As for PHEV, we estimate BYD has c. 10 percentage points of cost advantage over peers for a c.RMB150k PHEV; most savings come from BYD's simpler one-gear powertrain design that is largely made in-house, that lowers cost by c.RMB 5-10k compared with other OEMs' more complex double or triple gear designs
展示 12：至于插电混合动力车型（PHEV），我们估计比亚迪在售价约为人民币 150,000 元的 PHEV 上，比同行公司拥有约 10 个百分点的成本优势；大部分节省来自比亚迪更简单的单速动力传动设计，该设计主要在内部制造，与其他原始设备制造商更复杂的双速或三速传动设计相比，降低了成本约 5,000 至 10,000 元人民币。

BYD vs. peers: PHEV gross margin estimates
比亚迪与同行公司比较：插电混合动力汽车毛利率估计

EXHIBIT 13: We estimate BYD has at least a c. 10 percentage points' gross margin advantage over peers for a BEV that is priced around c. and with a battery; most savings come from BYD's vertical integration of batteries
展示 13：我们估计比亚迪在价格约为 美元且配备 电池的电动汽车方面，至少比同行具有约 10 个百分点的毛利率优势；大部分节省来自比亚迪对电池的垂直整合。
BYD vs. peers: BEV gross margin estimates
比亚迪对比同行：电动汽车毛利率估计
EXHIBIT 14: The power of scale - BYD's COGS ex. battery per unit continues to come down as sales volume increases
展示 14：规模的力量 - 比亚迪的单位成本除电池外的销售成本继续随销售量增加而下降
2022-2024 Q1: BYD's quarterly sales volume vs. COGS ex. battery per unit
2022 年至 2024 年第一季度：比亚迪的季度销量与单位除电池成本之比
COGS per unit would also vary by sales mix, which we did not adjust for in the above analysis; Premium brands contributed to of sales volume in Q1 24 , vs. in Q1 23 and in Q4 23
每单位的销售成本也会因销售组合而有所不同，在上述分析中我们没有进行调整；高端品牌在 24 年第一季度销售量中贡献了销售额的 ，而在 23 年第一季度为 ，在 23 年第四季度为 。
Source: Company reports, Bernstein estimates and analysis
来源：公司报告、伯恩斯坦估计和分析
EXHIBIT 15: BYD sold over 3mn units in 2023, which is more than the second through fourth places combined; BYD's market positioning brings operating leverage and better material pricing from suppliers, and is difficult to replicate
展示 15：比亚迪在 2023 年销售了超过 3 百万辆车，这比第二到第四名的总和还要多；比亚迪的市场定位带来了经营杠杆和更好的供应商物料定价，难以复制
2023: Top selling brands by global EV sales volume
2023 年：全球电动汽车销量最高的品牌
EXHIBIT 16: BYD has high sales volume by model ...
展示 16：比亚迪按车型销量较高...
Source: Company reports and Bernstein analysis
来源：公司报告和伯恩斯坦分析
EXHIBIT 17: ... and also very impressive sales volume by platform
展示 17：... 平台销售量也非常令人印象深刻
Quarterly sales volume of Tesla vs. BYD - by platform, from first delivery
特斯拉与比亚迪的季度销量-按平台，从首次交付
Source: Company reports and Bernstein analysis
来源：公司报告和伯恩斯坦分析
TO WHAT EXTENT IS BYD'S COST ADVANTAGE SUSTAINABLE?
比亚迪的成本优势能持续到什么程度？
Global EV players will try to play catch up on battery, EV platform and architecture technology, and supply chain competitiveness, but the time frame could be at least several years out. Case in point: VW announced that it is adopting XPeng's platform & architecture for its future EV lineup in China, but SOP will take until 2026, which by then, Chinese EV manufacturers will likely have moved the goalpost forward.
全球电动汽车制造商将努力迎头赶上电池、电动汽车平台和架构技术以及供应链竞争力，但时间框架可能至少需要数年。一个例子是：大众宣布将采用小鹏汽车的平台和架构用于其未来在中国的电动汽车产品线，但实际生产交付（SOP）要等到 2026 年，届时中国的电动汽车制造商可能已经将目标前移。
BYD can likely sustain the lead further, thanks to its investment in vertical integration and its market positioning & scale. To maintain the benefit from vertical integration, BYD will have to manage capacity utilization through cycles, and keep abreast of the latest technology & innovation in the industry. Although some OEMs have announced plans to build their own batteries, we
比亚迪可能会进一步保持领先地位，这要归功于其在垂直整合和市场定位与规模方面的投资。为了保持垂直整合带来的好处，比亚迪将不得不通过周期管理产能利用率，并紧跟行业最新技术与创新。尽管一些原始设备制造商已宣布计划自行生产电池，我们
think it is difficult to replicate BYD's success easily. BYD's capability to vertically integrate batteries & auto parts manufacturing to such a large degree took place over a long time frame. R&D and cost-cutting is also a strong focus at BYD and is ingrained in its culture. Although BYD is leading the industry, it continues to invest heavily in the R&D of autos & battery which was up YoY. At the same time, it enjoys significant scale benefit and the R&D per unit is still low. (Exhibit 18 - Exhibit 19) Back when BYD started as a battery manufacturer back in 1995, instead of importing machines for manufacturing, the CEO Wang Chuan-fu built a semi-automated production line by relying on cheap labor in China to bring costs down.
我认为要轻松复制比亚迪的成功是困难的。比亚迪在垂直整合电池和汽车零部件制造方面的能力是在很长时间内逐步建立起来的。研发和成本削减也是比亚迪的重点，并已融入其文化之中。尽管比亚迪在行业中处于领先地位，但其对汽车和电池研发的投资仍在持续增加，同比增长 。与此同时，它享受着显著的规模效益，每单位的研发成本仍然较低。（展示 18 - 展示 19）回顾比亚迪 1995 年作为电池制造商起步时，CEO 王传福没有选择进口机器进行制造，而是依靠中国廉价劳动力建立了半自动化生产线，以降低成本。

Localizing production in Europe will be instrumental in bringing scale and appease geopolitical tensions
在欧洲本地化生产将对扩大规模和缓解地缘政治紧张局势起到关键作用

BYD has accelerated its overseas expansion by planning overseas production capacity. BYD's plants in Thailand and Uzbekistan are expected to be put into use in 2024, Brazil in 2025, and Hungary in 2026. Indonesia and Mexico are reportedly under discussion too. The overseas manufacturing bases will likely start with a Knocked-Down (KD) mode in Uzbekistan, Thailand and Brazil, with potentially gradual addition in local capacity for battery and other auto parts over time. We expect the Hungary plant will have more localization to start with, i.e. Built-Up (BU) mode, as BYD wants to showcase that it is creating job opportunities and bringing economic value add to the region. BYD has commented that it is already engaging with local suppliers.
比亚迪计划加速海外扩张，通过规划海外生产能力。预计比亚迪在泰国和乌兹别克斯坦的工厂将于 2024 年投入使用，巴西将于 2025 年投入使用，匈牙利将于 2026 年投入使用。印度尼西亚和墨西哥据报道也正在讨论中。海外制造基地可能会从乌兹别克斯坦、泰国和巴西的散装组装模式开始，随着时间的推移，可能逐渐增加本地电池和其他汽车零部件的产能。我们预计匈牙利工厂将从更多本地化开始，即组装模式，因为比亚迪希望展示其正在创造就业机会并为该地区带来经济增值。比亚迪已表示正在与当地供应商合作。
Under the Knocked-Down mode, most of the key auto parts will be shipped from China and assembled locally. Labor costs & Capex in Uzbekistan and Thailand are low, and hence we don't expect BYD to see much margin dilution.
在击倒模式下，大多数关键汽车零部件将从中国运送并在当地组装。乌兹别克斯坦和泰国的劳动力成本和资本支出较低，因此我们不指望比亚迪会遭受太大的利润稀释。
Under the Built-Up mode, we expect vehicle gross margin will be lower than under the export mode, but the impact on overall profitability will be cushioned by avoiding the import tariff and cross-ocean shipping, and lower dealer incentives and overhead from a larger scale. We assume COGS to go up by 40-50% - from BOM cost rising and labor & overhead by . On the other hand, BYD saves on import tariff and cross-ocean shipping that could be EUR 500 . Localizing production in Europe is also instrumental in bringing scale, which can lead to lower dealers' incentives and other local overhead costs. Last but not least, the political goodwill that could be gained should not be understated. (Exhibit 20 - Exhibit 22)
在建立模式下，我们预计车辆毛利率将低于出口模式，但通过避免进口关税和跨洋运输，以及规模更大带来的较低经销商激励和间接费用，对整体盈利能够起到一定缓冲作用。我们预计成本费用将增加 40-50% - 从 BOM 成本上升 ，劳动力和间接费用上升 。另一方面，比亚迪节省了 进口关税和跨洋运输费用，可能为 500 欧元。在欧洲本地化生产也对扩大规模起到关键作用，可以降低经销商激励和其他本地间接费用。最后但同样重要的是，不应低估可能获得的政治好感。（展示 20 - 展示 22）
EXHIBIT 18: BYD continues to double down on its R&D investment in autos and battery which was up YoY ...
展览 18：比亚迪继续加大对汽车和电池研发投资的力度，同比增长 …
For BYD, it only includes autos and battery business. We assume the R&D capitalization rate for autos and related business is the same as that for the entire company
对于比亚迪（BYD），它仅包括汽车和电池业务。我们假设汽车及相关业务的研发资本化率与整个公司相同。
Source: Company reports, Bernstein estimates and analysis
来源：公司报告，伯恩斯坦估计和分析
EXHIBIT 19: ... while enjoys scale benefit on a R&D per unit basis
第 19 展示：...在每单位研发基础上享受规模效益

2021-2023: BYD and Tesla R&D expense per unit
2021-2023 年：比亚迪和特斯拉每单位研发费用

3.0
For BYD, it only includes autos and battery business. We assume the R&D capitalization rate for autos and related business is the same as that for the entire company
对于比亚迪（BYD），它仅包括汽车和电池业务。我们假设汽车及相关业务的研发资本化率与整个公司相同。
Source: Company reports, Bernstein estimates and analysis
来源：公司报告、伯恩斯坦估计和分析
EXHIBIT 20: Localizing manufacturing in Europe would bring higher COGS, but BYD would save on import tariff and cross ocean freight transportation, we also assume dealer incentives and overhead would come down with enlarged scale
展示 20：在欧洲本地化制造将会带来更高的成本，但比亚迪将节省进口关税和跨洋货运成本，我们还假设随着规模扩大，经销商激励和间接费用会降低
 MSRP 美元等值
MSRP
USD equivalent

比亚迪元 PLUS / Atto 3 紧凑型 SUV 欧洲（出口）
BYD Yuan Plus / Atto 3
Compact SUV
Europe (export)
Europe (local mfg.) 欧洲（本地制造） Notes
% MSRP % 建议零售价 % MSRP % 建议零售价 MSRP
USD 17,987 USD 41,381 USD 41,381
Import duty 进口关税 - n/a EUR 3,800 - n/a Currently for EU; Tariff hike is under discussion
目前欧盟 ；关税上调正在讨论中
Value added tax 增值税 CNY EUR EUR 7,600 Varies by country, est. to be c. of vehicle price plus duty
根据国家而异，预计为车辆价格的约 加关税
Revenue/ unit 每单位收入 CNY 112,926 EUR 25,840 EUR 30,400
Dealer margin 经销商保证金 CNY 5,192 EUR 5,700 EUR 3,800

经销商的激励为约 人民币和约 欧元；我们假设比亚迪在中国拥有低于市场利率，约 在欧洲市场进入时，以及随着规模的扩大，约 随时间增长。
Dealers' incentives is c. in CN and c. in EU; we assume BYD has below-
market rates in CN, c. during market entry in EU, and c. over time with scale
Freight transportation 货运运输 - nil EUR 500 - nil

每辆比亚迪的运输成本为人民币 1 千元；否则，"经验法则"为每辆美元 ；我们估计每辆欧元 500
Shipping costs RMB1k/unit per BYD; otherwise, the "rule of thumb" is USD unit; we
estimate EUR 500/unit
Overseas overhead 海外开支
-
nil EUR 500 EUR 300 Assume overhead per unit to come down with scale
假设单位制造成本随规模扩大而降低
Vehicle contribution/ unit*
车辆贡献/单位*		 CNY 7,734 EUR 4,490 EUR 4,325
Incremental profit / unit*
每单位的增量利润*		 Bern stein est. 斯坦估计。 CNY 28,000 CNY 26,000
  • Note: Profit calculation above does not include allocation of R&D expenses or other SG&A overhead.
    注意：上述利润计算不包括研发费用或其他销售、一般和行政费用的分配。
Source: Bernstein estimates and analysis
来源：伯恩斯坦估计和分析
EXHIBIT 21: BYD's plants in Thailand are expected to SOP in 2024, Brazil in 2025, and Hungary in 2026 BYD overseas capacity
展览 21：比亚迪在泰国的工厂预计将于 2024 年开始运营，巴西工厂将于 2025 年开始运营，匈牙利工厂将于 2026 年开始运营。比亚迪海外产能
Country
 装配类型
Type of
assembly
Expected SOP 预期 SOP
 产能（单位）
Capacity
(in units)
Uzbekistan CKD 2024E 50,000
Thailand KD 2024E 150,000
Brazil CKD/CBU 150,000
Hungary CBU 2026E 150,000
Indonesia Potential project reportedly under discussion
据报道，潜在项目正在讨论中
Italy Potential project reportedly under discussion
据报道，潜在项目正在讨论中
Mexico Potential project reportedly under discussion
据报道，潜在项目正在讨论中
*CBU stands for "Completely Build Up" and CKD stands for "Completely Knocked Down
CBU 代表“完全组装”，CKD 代表“完全散装”
Source: Company announcements, Bernstein estimates and analysis
来源：公司公告、伯恩斯坦估计和分析
EXHIBIT 22: We estimate BYD earns c.5-10 percentage points higher in vehicle gross margin for its exports, vs. its domestic sales, and premium brands to earn c. 10-15 percentage points higher
展示 22：我们估计比亚迪出口车辆毛利率比国内销售高出约 5-10 个百分点，而高端品牌则高出约 10-15 个百分点。
BYD: Gross margin comparison by segment
比亚迪：各业务板块毛利率比较

BERNSTEIN TICKER TABLE 伯恩斯坦股票代码表

O - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage Suspended
O - 跑赢市场，M - 市场表现，U - 表现不佳，NR - 未评级，CS - 覆盖暂停
Source: Bloomberg, Bernstein estimates and analysis.
来源：彭博社，伯恩斯坦估计和分析。

I. REQUIRED DISCLOSURES I. 必要披露

References to "Bernstein" or the "Firm" in these disclosures relate to the following entities: Bernstein Institutional Services LLC (April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1, 2024 onwards), Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司, Sanford C. Bernstein (Canada) Limited, Sanford C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited and Sanford C. Bernstein Japan KK (ササンフォード・[・バーンスタイン株式会社).
这些披露中对“伯恩斯坦”或“公司”的提及涉及以下实体：伯恩斯坦机构服务有限责任公司（2024 年 4 月 1 日起）、桑福德·C·伯恩斯坦及公司有限责任公司（2024 年 4 月 1 日前）、伯恩斯坦自主有限责任合伙公司、BSG 法国有限公司（2024 年 4 月 1 日起）、桑福德·C·伯恩斯坦（香港）有限公司、桑福德·C·伯恩斯坦（加拿大）有限公司、桑福德·C·伯恩斯坦（印度）私人有限公司（SEBI 注册号 INH000006378）、桑福德·C·伯恩斯坦（新加坡）私人有限公司和桑福德·C·伯恩斯坦日本株式会社。
On April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venture in which their respective cash equities and research businesses operate in a new business combination. Although their respective ownership percentages in the joint venture differ between North America and the rest of the world, the creation, production and publication of research is handled collaboratively on a global basis across the two research brands, "Bernstein" and "Autonomous". Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein's "affiliates" relate to both and and their respective affiliates.
2024 年 4 月 1 日，Société Générale（SG）和 AllianceBernstein，L.P.（AB）完成了一项交易，创建了一个新的合资企业，在该企业中，它们各自的现金股票和研究业务以一种新的业务组合运作。尽管它们在合资企业中在北美和世界其他地区的各自持股比例有所不同，但在全球范围内，两个研究品牌“Bernstein”和“Autonomous”的研究的创建、生产和发布是协作进行的。除非另有特别说明，就这些披露而言，对 Bernstein 的“关联公司”的引用涉及 和 及其各自的关联公司。

VALUATION METHODOLOGY 估值方法论

BYD Co Ltd 比亚迪股份有限公司

We value BYD based on SOTP valuation. For the EV business, we analysed its valuation with , and sales approaches. For the battery business, we valued it with DCF, P/E, and EV/EBITDA methods. For handset component and assembly business, we use current market capitalization of BYDE ( , not covered) in the calculation. For semiconductor, we benchmarked against the last transaction value of BYD Semiconductor in our calculation.
我们根据 SOTP 估值法对比亚迪进行估值。对于电动汽车业务，我们采用 和 销售方法进行估值分析。对于电池业务，我们采用现金流折现法、市盈率和企业价值与息税折旧摊销前利润比率进行估值。对于手机零部件和组装业务，我们使用比亚迪电子（ ，未涵盖）的当前市值进行计算。对于半导体业务，我们在计算中参照了比亚迪半导体的最近交易价值。
We rate BYD Outperform with price target for at and for at RMB 295.00 , based on SOTP that correlates to P/E.
我们将比亚迪评级为“表现优异”， 的目标价格为 ， 的目标价格为人民币 295.00，基于与 市盈率相关的 SOTP。

RISKS 风险

BYD Co Ltd 比亚迪股份有限公司

Key risks to our target price relate to sales volume missing expectation, issues arise with product quality and potential recalls, deteriorating competitive landscape, technological disruption, and unfavourable government policies. A-share listed stocks may be relatively more volatile than their -share listed counterparts, and downside risks could come from Chinese government policies as China looks to control the rate of growth of its economy in general, or capital markets in particular. These policies may manifest in market rules that affect - and - shares differently.
我们目标价格的关键风险包括销售量未达预期、产品质量问题和潜在召回、竞争格局恶化、技术颠覆以及不利的政府政策。A 股上市股票可能比其 -股上市对应物更具波动性，下行风险可能来自中国政府政策，因为中国希望控制其经济总体增长速度，或者特定资本市场。这些政策可能体现在影响 -和 -股不同的市场规则上。

RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION
评级定义、基准和分配

Bernstein brand 伯恩斯坦品牌

The Bernstein brand rates stocks based on forecasts of relative performance for the next 6-12 months versus the S&P 500 for stocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap Price Return Index (EDM) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia Pacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JP) for stocks listed on the Japanese exchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian (ex-Japan) exchanges -unless otherwise specified.
Bernstein 品牌根据对未来 6-12 个月相对表现的预测，对在美国和加拿大交易所上市的股票，与标普 500 指数相比进行评级；对在欧洲交易所上市的股票和亚太地区以外的新兴市场交易所上市的股票，与彭博欧洲发达市场大中盘价格回报指数（EDM）相比进行评级；对在日本交易所上市的股票，与彭博日本大中盘价格回报指数美元（JP）相比进行评级；对在亚洲（除日本外）交易所上市的股票，与彭博亚洲（除日本外）大中盘价格回报指数（ASIAX）相比进行评级- 除非另有规定。
The Bernstein brand has three categories of ratings:
伯恩斯坦品牌有三类评级：
  • Outperform: Stock will outpace the market index by more than
    跑赢市场：股票将超过市场指数 以上
  • Market-Perform: Stock will perform in line with the market index to within +/-15 pp
    市场表现：股票将与市场指数表现一致，波动范围在+/-15 个百分点内
  • Underperform: Stock will trail the performance of the market index by more than
    表现不佳：股票将比市场指数表现低 以上
Coverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targets are suspended temporarily, are no longer current, and should therefore not be relied upon.
暂停覆盖：Bernstein 研究品牌下公司的覆盖已暂停。评级和价格目标暂时中止，不再是最新的，因此不应依赖。
Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accurately predicted, at the present time. The covering analyst may continue to publish research reports on the company to update investors on events and developments
未评级：当股票无法准确估值或公司绩效无法准确预测时分配的评级。覆盖分析师可能会继续发布关于公司的研究报告，以更新投资者有关事件和发展。

Autonomous brand 自主品牌

The Autonomous brand rates stocks as indicated below. As our benchmarks we use the Bloomberg Europe 500 Banks And Financial Services Index (BEBANKS) and Bloomberg Europe Dev Mkt Financials Large and Mid Cap Price Ret Index EUR (EDMFI) index for developed European banks and Payments, the Bloomberg Europe 500 Insurance Index (BEINSUR) for European insurers, the S&P 500 and S&P Financials for US banks and Payments coverage, S5LIFE for US Insurance, the S&P Insurance Select Industry (SPSIINS) for US Non-Life Insurers coverage, and the Bloomberg Emerging Markets Financials Large, Mid and Small Cap Price Return Index (EMLSF) for emerging market banks and insurers and Payments. Ratings are stated relative to the sector (not the market).
Autonomous 品牌将股票评级如下所示。我们使用 Bloomberg 欧洲 500 银行和金融服务指数（BEBANKS）和 Bloomberg 欧洲发展市场金融大中市价回报指数欧元（EDMFI）指数作为我们的基准，用于发达欧洲银行和支付领域，Bloomberg 欧洲 500 保险指数（BEINSUR）用于欧洲保险公司，S&P 500 和 S&P 金融用于美国银行和支付领域，S5LIFE 用于美国保险，S&P 保险选择行业（SPSIINS）用于美国非寿险保险领域，以及 Bloomberg 新兴市场金融大中小市价回报指数（EMLSF）用于新兴市场银行、保险公司和支付领域。评级相对于该行业（而非市场）陈述。
The Autonomous brand has three categories of ratings:
Autonomous 品牌有三类评级：
  • Outperform (OP): Stock will outpace the relevant index by more than
    跑赢大盘（OP）：股票将超过相关指数 以上
  • Neutral (N): Stock will perform in line with the market index to within +/-10 pp
    中性（N）：股票表现将与市场指数相符，波动范围在+/-10 个百分点内
  • Underperform (UP): Stock will trail the performance of the relevant index by more than
    表现不佳（UP）：股票的表现将比相关指数落后 以上
Coverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targets are suspended temporarily, are no longer current, and should therefore not be relied upon.
暂停覆盖：Bernstein 研究品牌下公司的覆盖已暂停。评级和价格目标暂时中止，不再是最新的，因此不应依赖。
Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accurately predicted, at the present time. The covering analyst may continue to publish research reports on the company to update investors on events and developments.
未评级：当股票无法在当前时间准确估值，或者公司的表现无法准确预测时分配的评级。覆盖分析师可能会继续发布关于公司的研究报告，以更新投资者关于事件和发展的信息。
Those denoted as 'Feature' (e.g., Feature Outperform FOP, Feature Under Outperform FUP) are our core ideas. Not Rated (NR) is applied to companies that are not under formal coverage.
被标记为“特色”（例如，特色跑赢 FOP，特色跑输 FUP）的是我们的核心观点。未评级（NR）适用于未被正式覆盖的公司。

Horizon and classification
视野和分类

For both brands, recommendations are based on a 12-month time horizon.
对于两个品牌，建议基于 12 个月的时间范围。

DISTRIBUTION OF RATINGS/INVESTMENT BANKING SERVICES
评级/投资银行服务的分配

Rating

市场滥用监管（MAR）和 FINRA 规则 2241 分类
Market Abuse Regulation (MAR) and
FINRA Rule 2241 classification
Count Percent Count* 计数* Percent* 百分比*

超越市场表现（伯恩斯坦品牌）
Outperform
Market-Perform (Bernstein Brand)
BUY 502 2
Neutral (Autonomous Brand)
中性（自主品牌）		 HOLD 342 3
Underperform 表现不佳 SELL 133 0

PRICE CHARTS/ RATINGS AND PRICE TARGET HISTORY
价格图表/评级和价格目标历史

BYD Co Ltd (002594.CH) Rating History for Bernstein as of 05/15/2024
比亚迪股份有限公司（002594.CH）伯恩斯坦的评级历史截至 2024 年 5 月 15 日。

CONFLICTS OF INTEREST 利益冲突

Bernstein and/or affiliates have received compensation for non-investment banking securities-related products or services in the previous twelve months from the following clients: BYD Co Ltd.
伯恩斯坦及/或其关联公司在过去十二个月内从以下客户处获得了非投资银行证券相关产品或服务的补偿：比亚迪股份有限公司。

OTHER MATTERS 其他事项

The legal entity(ies) employing the analyst(s) listed in this report, and their location, can be determined by the country code of their phone number, as follows:
本报告中列出的分析师所在的法律实体及其位置可以通过其电话号码的国家代码确定，如下所示：
+1 Bernstein Institutional Services LLC; New York, New York, USA
+1 Bernstein 机构服务有限责任公司；美国纽约州纽约市
+44 Bernstein Autonomous LLP; London UK
+44 Bernstein Autonomous LLP；伦敦英国
+33 BSG France S.A.; Paris, France
+33 BSG 法国有限公司；法国巴黎
+49 BSG France S.A.; Frankfurt, Germany
+49 BSG 法国有限公司；德国法兰克福
+91 Sanford C. Bernstein (India) Private Limited; Mumbai, India
+91 印度孟买 Sanford C. Bernstein (India) Private Limited; 印度
+852 Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司; Hong Kong, China
+852 Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司; 香港，中国
+65 Sanford C. Bernstein (Singapore) Private Limited; Singapore
+65 桑福德·C·伯恩斯坦（新加坡）私人有限公司；新加坡
+81 Sanford C. Bernstein Japan KK; Tokyo, Japan
+81 桑福德 C.伯恩斯坦日本有限公司；日本东京
Where this report has been prepared by research analyst(s) employed by a non-US affiliate, such analyst(s), is/are (unless otherwise expressly noted below) not registered as associated persons of Bernstein Institutional Services LLC or any other SEC-
本报告由非美国关联公司雇佣的研究分析师准备，该分析师（除非下文另有明确说明）未注册为伯恩斯坦机构服务有限责任公司或任何其他 SEC 相关人员
registered broker-dealer and are not licensed or qualified as research analysts with FINRA. Accordingly, such analyst(s) may not be subject to FINRA's restrictions regarding (among other things) communications by research analysts with a subject company, interactions between research analysts and investment banking personnel, participation by research analysts in solicitation and marketing activities relating to investment banking transactions, public appearances by research analysts, and trading securities held by a research analyst account.
注册经纪商，不具备 FINRA 认可或资格作为研究分析师。因此，此类分析师可能不受 FINRA 关于研究分析师与受访公司之间的沟通、研究分析师与投资银行人员之间的互动、研究分析师参与与投资银行交易相关的招揽和营销活动、研究分析师公开露面以及研究分析师账户持有的证券交易等方面的限制。

CERTIFICATION 认证

Each research analyst listed in this report, who is primarily responsible for the preparation of the content of this report, certifies that all of the views expressed in this publication accurately reflect that analyst's personal views about any and all of the subject securities or issuers and that no part of that analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views in this publication.
本报告中列出的每位研究分析师，他们主要负责准备本报告的内容，证实本出版物中表达的所有观点准确反映了该分析师对任何主题证券或发行人的个人观点，并且该分析师的任何部分报酬与本出版物中的具体建议或观点无直接或间接关联。

II. ADDITIONAL GLOBAL CONFLICT DISCLOSURES
II. 其他全球冲突披露

It is at the sole discretion of the Firm as to when to initiate, update and cease research coverage. The Firm has established, maintains and relies on information barriers to control the flow of information contained in one or more areas (i.e., the private side) within the Firm, and into other areas, units, groups or affiliates (i.e., public side) of the Firm.
公司有权自行决定何时开始、更新和终止研究覆盖范围。公司已建立、维护并依赖信息壁垒来控制公司内一个或多个区域（即私人方面）中包含的信息流动，并将其传递到公司的其他区域、部门、团队或关联公司（即公共方面）。

III. OTHER IMPORTANT INFORMATION AND DISCLOSURES
III. 其他重要信息和披露

Separate branding is maintained for "Bernstein" and "Autonomous" research products.
保持“Bernstein”和“Autonomous”研究产品的独立品牌。
  • Bernstein produces a number of different types of research products including, among others, fundamental analysis and quantitative analysis under both the "Autonomous" and "Bernstein" brands. Recommendations contained within one type of research product may differ from recommendations contained within other types of research products, whether as a result of differing time horizons, methodologies or otherwise. Furthermore, views or recommendations within a research product issued under one brand may differ from views or recommendations under the same type of research product issued under the other brand. The Research Ratings System for the two brands and other information related to those Rating Systems are included in the previous section.
    伯恩斯坦生产多种不同类型的研究产品，包括基本分析和量化分析，分别在“Autonomous”和“Bernstein”品牌下。一个类型的研究产品中的建议可能与其他类型的研究产品中的建议不同，这可能是由于不同的时间跨度、方法论或其他原因。此外，在一个品牌下发布的研究产品中的观点或建议可能与在另一个品牌下发布的相同类型的研究产品中的观点或建议不同。两个品牌的研究评级系统以及与这些评级系统相关的其他信息包括在前一部分中。
  • Autonomous operates as a separate business unit within the following entities: Bernstein Institutional Services LLC, Bernstein Autonomous LLP, Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司 and Sanford C. Bernstein (India) Private Limited. For information relating to "Autonomous" branded products (including certain Sales materials) please visit: www.autonomous.com. For information relating to Bernstein branded products please visit: www.bernsteinresearch.com.
    Autonomous 在以下实体内作为独立的业务部门运营：Bernstein Institutional Services LLC、Bernstein Autonomous LLP、Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司和 Sanford C. Bernstein (India) Private Limited。有关“Autonomous”品牌产品（包括某些销售材料）的信息，请访问：www.autonomous.com。有关 Bernstein 品牌产品的信息，请访问：www.bernsteinresearch.com。
Analysts are compensated based on aggregate contributions to the research franchise as measured by account penetration, productivity and proactivity of investment ideas. No analysts are compensated based on performance in, or contributions to, generating investment banking revenues.
分析师的报酬是基于对研究特许经营的整体贡献，衡量标准包括账户渗透率、生产力和投资理念的主动性。没有分析师是基于在产生投资银行收入方面的表现或贡献而获得报酬的。
This report has been produced by an independent analyst as defined in Article 3 (1)(34)(i) of EU 596/2014 Market Abuse Regulation ("MAR") and the same article of MAR as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.
本报告由独立分析师根据欧盟 2014 年市场滥用条例第 3 条(1)(34)(i)定义制作，并根据 2018 年欧盟(退出)法案的规定，作为英国国内法的一部分。
To our readers in the United States: Bernstein Institutional Services LLC, a broker-dealer registered with the U.S. Securities and Exchange Commission ("SEC") and a member of the U.S. Financial Industry Regulatory Authority, Inc. ("FINRA") is distributing this publication in the United States and accepts responsibility for its contents. Where this material contains an analysis of debt product(s), such material is intended only for institutional investors and is not subject to the US independence and disclosure standards applicable to debt research prepared for retail investors.
致美国读者：Bernstein Institutional Services LLC 是一家在美国证券交易委员会（"SEC"）注册的经纪商，也是美国金融业监管局（"FINRA"）的成员，正在美国分发本出版物，并对其内容负责。若本材料包含对债务产品的分析，则该材料仅面向机构投资者，不适用于为零售投资者准备的债务研究的美国独立性和披露标准。
Bernstein Institutional Services LLC may act as principal for its own account or as agent for another person (including an affiliate) in sales or purchases of any security which is a subject of this report. This report does not purport to meet the objectives or needs of any specific individuals, entities or accounts.
Bernstein Institutional Services LLC 可能会作为其自有账户的主体或作为另一人（包括关联方）的代理人，在本报告涉及的任何证券的买卖中担任主体。本报告不旨在满足任何特定个人、实体或账户的目标或需求。
To readers in the United Kingdom: This publication has been issued or approved for issue in the United Kingdom by Bernstein Autonomous LLP, authorised and regulated by the Financial Conduct Authority and located at 60 London Wall, London EC2M 5SH, +44 (0)20-7170-5000. Registered in England & Wales No OC343985.
致英国读者：本出版物已由 Bernstein Autonomous LLP 在英国发布或获批发布，该公司受英国金融行为监管局授权和监管，位于伦敦 London Wall 60 号，邮编 EC2M 5SH，电话+44 (0)20-7170-5000。在英格兰和威尔士注册编号为 OC343985。
This document is for distribution only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (d) "“high net worth companies, unincorporated associations,
本文件仅供具有与《金融服务和市场法案 2000 年金融促销法案 2005 年修订版（以下简称“金融促销法案”）第 19(5)条所涉投资事项相关的专业经验的人员（i）和属于第 49(2)(a)至(d)条款的人员“高净值公司，非法人团体”（ii）阅读
etc.") of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons.
根据金融促销条例的规定，本文件仅针对符合以下条件的人士：(i) 是合格投资者，(ii) 不属于金融促销条例的“高净值公司、未经检验的公司和特定人士”（"exempt persons"），(iii) 不在英国境内，或者(iv) 是可以合法接收与发行或销售任何证券相关的投资活动邀请或诱因（根据《金融服务与市场法》第 21 条的定义）的人士（统称为“相关人士”）。本文件仅针对相关人士，不得由非相关人士采取行动或依赖。本文件涉及的任何投资或投资活动仅适用于相关人士，并且仅与相关人士进行。
To readers in Ireland and the member states of the EEA: This publication is being distributed by BSG France SA, which is authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution and Autorité des marchés financiers.
致爱尔兰和欧洲经济区成员国的读者：本出版物由 BSG France SA 分发，该公司受 Autorité de Contrôle Prudentiel et de Résolution 和 Autorité des marchés financiers 授权和监管。
To readers in Hong Kong: This publication is being distributed in Hong Kong by Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司, which is licensed and regulated by the Hong Kong Securities and Futures Commission (Central Entity No. AXC846) to carry out Type 4 (Advising on Securities) regulated activities and subject to the licensing conditions mentioned in the SFC Public Register (https://www.sfc.hk/publicregWeb/corp/AXC846/details)). This publication is solely for professional investors, as defined in the Securities and Futures Ordinance (Cap. 571).
致香港读者：本出版物由香港证监会（中央实体编号 AXC846）授权和监管的盛博香港有限公司分发，该公司持有第 4 类（证券咨询）受监管活动许可，并受证监会公开登记中提及的许可条件约束（https://www.sfc.hk/publicregWeb/corp/AXC846/details）。本出版物仅针对《证券及期货条例》（第 571 章）中定义的专业投资者。
To our readers in Singapore: This publication is being distributed in Singapore by Sanford C. Bernstein (Singapore) Private Limited, only to accredited investors or institutional investors, as defined in the Securities and Futures Act 2001 of Singapore ("SFA"). Recipients in Singapore should contact Sanford C. Bernstein (Singapore) Private Limited in respect of matters arising from, or in connection with, this publication. Sanford C. Bernstein (Singapore) Private Limited is regulated by the Monetary Authority of Singapore and licensed under the SFA as a capital markets services licence holder for dealing in capital markets products that are securities and collective investment schemes and an exempt financial adviser for advising on, issuing and promulgating analyses and reports on securities. Sanford C. Bernstein (Singapore) Private Limited is registered in Singapore with Company Registration No. 20213710W and located at One Raffles Quay, #27-11 South Tower, Singapore 048583, +65-6230-4612.
致新加坡的读者：本出版物由 Sanford C. Bernstein（新加坡）私人有限公司在新加坡分发，仅限认可投资者或机构投资者，如新加坡《证券与期货法案 2001》中所定义。新加坡接收者应就本出版物引起的事项或与之相关的事项与 Sanford C. Bernstein（新加坡）私人有限公司联系。Sanford C. Bernstein（新加坡）私人有限公司受新加坡金融管理局监管，并根据《证券与期货法案》持有资本市场服务许可证，用于交易证券和集体投资计划，并且是豁免的财务顾问，用于就证券发布和传播分析和报告。Sanford C. Bernstein（新加坡）私人有限公司在新加坡注册，公司注册号码为 20213710W，位于新加坡莱佛士码头一号，南塔 27-11，邮编 048583，电话+65-6230-4612。
To our readers in the People's Republic of China: The securities referred to in this document are not being offered or sold and may not be offered or sold, directly or indirectly, in the People's Republic of China (for such purposes, not including the Hong Kong and Macau Special Administrative Regions or Taiwan, the "PRC") in contravention of any applicable laws of the PRC.
致中国人民共和国的读者：本文件提及的证券不得直接或间接在中国人民共和国（不包括香港和澳门特别行政区或台湾，以下简称“中国”）违反中国任何适用法律的情况下进行发行或销售。
This document does not constitute an offer to sell or the solicitation of an offer to buy any securities in the PRC to any person to whom it is unlawful to make the offer or solicitation in the PRC.
本文件不构成向任何在中国大陆境内不得提出要约或邀约购买任何证券的人出售或邀约购买证券的要约。
We do not represent that this document may be lawfully distributed, or that any securities may be lawfully offered, in compliance with any applicable registration or other requirements in the PRC, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by us which would permit a public offering of any securities or distribution of this document in the PRC. Accordingly, the securities are not being offered or sold within the PRC by means of this document or any other document. Neither this document nor any advertisement or other offering material may be distributed or published in the PRC, except under circumstances that will result in compliance with any applicable laws and regulations.
我们不表示本文件可以在中国大陆合法分发，或者任何证券可以依法发行，符合中国大陆的任何适用登记或其他要求，或根据可用的豁免规定，也不承担促进任何此类分发或发行的责任。特别是，我们没有采取任何行动，允许在中国大陆公开发行任何证券或分发本文件。因此，本文件或任何其他文件不会通过本文件或任何其他文件在中国大陆以任何方式提供或出售证券。除非在将导致符合任何适用法律和法规的情况下，否则不得在中国大陆分发或发布本文件或任何广告或其他发行材料。
To our readers in Japan: To our readers in Japan: This publication is being distributed in Japan by Sanford C. Bernstein Japan KK(サンフォード・ロ・メ゙ーーンスタイン株式会社), which is registered in Japan as a Financial Instruments Business Operator with the Kanto Local Finance Bureau (registration number: The Director-General of Kanto Local Finance Bureau (FIBO) No.3387) and regulated by the Financial Services Agency. It is also a member of Japan Investment Advisers Association. This publication is solely for qualified institutional investors in Japan only, as defined in Article 2, paragraph (3), items (i) of the Financial Instruments and Exchange Act.
致日本读者：本出版物由日本 Sanford C. Bernstein Japan KK（サンフォード・ロ・メーンスタイン株式会社）分发，该公司在日本注册为金融工具业务经营者，受关东地方财务局监管（注册编号：关东地方财务局局长（FIBO）第 3387 号），并受金融厅监管。该公司还是日本投资顾问协会的成员。本出版物仅针对日本合格的机构投资者，根据《金融工具交易法》第 2 条第 3 款第（i）项的定义。
For the institutional client readers in Japan who have been granted access to the Bernstein website by Daiwa Securities Group Inc. ("Daiwa"), your access to this document should not be construed as meaning that Bernstein is providing you with investment advice for any purposes. Whilst Bernstein has prepared this document, your relationship is, and will remain with, Daiwa, and Bernstein has neither any contractual relationship with you nor any obligations towards you.
对于通过大和证券集团股份有限公司（“大和”）获准访问伯恩斯坦网站的日本机构客户读者，您对本文件的访问不应被解释为伯恩斯坦为任何目的向您提供投资建议。尽管伯恩斯坦准备了本文件，但您的关系是，并将继续是，与大和的，伯恩斯坦既没有与您签订的合同关系，也没有对您的任何义务。
To our readers in Australia: Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司 is responsible for distributing research in Australia. It is regulated by the Securities and Exchange Commission under U.S. laws, by the Financial Conduct Authority under U.K. laws, which differs from Australian laws. Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司 is exempt from the requirement to hold an Australian financial services license under the Corporations Act 2001 in respect of the provision of the following financial services to wholesale clients:
致澳大利亚读者：盛博香港有限公司负责在澳大利亚分发研究报告。该公司受美国法律下证券交易委员会监管，受英国法律下金融行为监管局监管，与澳大利亚法律不同。盛博香港有限公司在向批发客户提供以下金融服务方面，根据《2001 年公司法》豁免持有澳大利亚金融服务许可证的要求：
  • providing financial product advice;
    提供金融产品建议;
  • dealing in a financial product;
    在金融产品交易;
  • making a market for a financial product; and
    为金融产品做市；并
  • providing a custodial or depository service.
    提供托管或存放服务。
To our readers in Canada: If this publication pertains to a Canadian domiciled company, it is being distributed in Canada by Sanford C. Bernstein (Canada) Limited, which is licensed and regulated by the Canadian Investment Regulatory Organization. If the publication pertains to a non-Canadian domiciled company, it is being distributed by Bernstein Institutional Services LLC, which is licensed and regulated by both the SEC and FINRA, into Canada under the International Dealers Exemption.
致加拿大读者：如果本出版物涉及加拿大注册公司，则由加拿大投资监管机构许可和监管的 Sanford C. Bernstein（加拿大）有限公司在加拿大进行分发。如果出版物涉及非加拿大注册公司，则由受美国证券交易委员会（SEC）和金融业监管局（FINRA）许可和监管的 Bernstein 机构服务有限责任公司，在国际经销商豁免下进入加拿大进行分发。
This document may not be passed onto any person in Canada unless that person qualifies as "permitted client" as defined in Section 1.1 of
本文件可能不得传递给加拿大的任何人，除非该人符合《 》第 1.1 节中定义的“允许客户”资格。
To our readers in India: This publication is being distributed in India by Sanford C. Bernstein (India) Private Limited (SCB India) which is licensed and regulated by Securities and Exchange Board of India ("SEBI") as a research analyst entity under the SEBI (Research Analyst) Regulations, 2014, having registration no. INH000006378 and as a stock broker having registration no. INZ000213537. SCB India is currently engaged in the business of providing research and stock broking services. Please refer to www.bernsteinresearch.in for more information.
致印度的读者：本出版物由 Sanford C. Bernstein（印度）私人有限公司（SCB 印度）在印度分发，该公司持有印度证券交易委员会（“SEBI”）颁发的许可证并受其监管，根据 2014 年 SEBI（研究分析师）条例，注册编号为 INH000006378，并持有注册编号为 INZ000213537 的股票经纪人资格。SCB 印度目前从事提供研究和股票经纪服务的业务。请访问 www.bernsteinresearch.in 了解更多信息。
  • SCB India is a Private limited company incorporated under the Companies Act, 2013, on April 12, 2017 bearing corporate identification number U65999MH2017FTC293762, and registered office at Level 6, 4 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai 400051, Maharashtra, India (Phone No: +91-22-68421401).
    SCB India 是一家私人有限公司，于 2017 年 4 月 12 日根据 2013 年公司法成立，公司注册号为 U65999MH2017FTC293762，注册办公地址位于印度马哈拉施特拉邦孟买东部班德拉库尔拉综合体 Maker Maxity 北大道 4 号 6 楼，邮编 400051，电话号码：+91-22-68421401。
  • For details of Associates (i.e., affiliates/group companies) of SCB India, kindly email scbincompliance@alliancebernstein.com.
    有关渣打银行印度的联营公司（即关联公司/集团公司）的详细信息，请发送电子邮件至 scbincompliance@alliancebernstein.com。
  • SCB India does not have any disciplinary history as on the date of this report.
    SCB 印度在本报告日期之前没有任何违规记录。
  • Except as noted above, SCB India and/or its Associates (i.e., affiliates/group companies), the Research Analysts authoring this report, and their relatives
    除上述情况外，渣打银行印度及/或其关联公司（即附属公司/集团公司）、撰写本报告的研究分析师及其亲属
  • do not have any financial interest in the subject company
    不持有任何对该公司的财务利益
  • do not have actual/beneficial ownership of one percent or more in securities of the subject company;
    不拥有主体公司证券百分之一或更多的实际/有利所有权；
  • is not engaged in any investment banking activities for Indian companies, as such;
    不从事任何印度公司的投资银行业务
  • have not managed or co-managed a public offering in the past twelve months for any Indian companies;
    过去十二个月内未曾管理或共同管理任何印度公司的公开发行
  • have not received any compensation for investment banking services or merchant banking services from the subject company in the past 12 months;
    过去 12 个月内，我们没有从该公司收到任何投资银行服务或商业银行服务的补偿
  • have not received compensation for brokerage services from the subject company in the past twelve months;
    过去十二个月内，我们没有从该公司收到经纪服务的补偿
  • have not received any compensation or other benefits from the subject company or third party related to the specific recommendations or views in this report; and
    本报告中的具体建议或观点并未收到与所述公司或第三方相关的任何补偿或其他利益；
  • do not currently, but may in the future, act as a market maker in the financial instruments of the companies covered in the report.
    目前不会，但将来可能会成为报告中涵盖的公司金融工具的做市商。
  • do not have any conflict of interest in the subject company as of the date of this report.
    截至本报告日期，我在所涉公司没有任何利益冲突。
  • Except as noted above, the subject company has not been a client of SCB India during twelve months preceding the date of distribution of this research report. Neither SCB India nor its Associates (i.e., affiliates/group companies) have received compensation for products or services other than investment banking, merchant banking or brokerage services from the subject company in the past twelve months.
    除上述情况外，主体公司在分发本研究报告日期前的十二个月内未成为渣打银行印度分行的客户。在过去十二个月内，渣打银行印度及其关联公司（即附属公司/集团公司）未从主体公司处获得除投资银行、商业银行或经纪服务以外的产品或服务的补偿。
  • The principal research analyst(s) who prepared this report, members of the analysts' team, and members of their households are not an officer, director, employee or advisory board member of the companies covered in the report.
    准备本报告的首席研究分析师、分析团队成员及其家庭成员，不是报告涵盖公司的董事、董事会成员、雇员或顾问委员会成员。
  • Our Compliance officer / Grievance officer is Ms. Rupal Talati, who can be reached at +91-22-68421451, or scbincompliance@bernsteinsg.com / Scbin-investorgrievance@bernsteinsg.com
    我们的合规主管/投诉主管是 Rupal Talati 女士，联系电话为+91-22-68421451，电子邮件为 scbincompliance@bernsteinsg.com / Scbin-investorgrievance@bernsteinsg.com。
  • The investor charter of SCB India is available on its website and may be accessed at Sanford C. Bernstein (India) Private Limited (bernsteinresearch.in)
    SCB 印度的投资者宪章可在其网站上查看，并可访问 Sanford C. Bernstein（印度）私人有限公司（bernsteinresearch.in）。
  • Disclaimer: Registration granted by SEBI, and certification from NISM, is in no way a guarantee of performance of the intermediary or provide any assurance of returns to investors. Investments in securities market are subject to market risks. Read all the related documents carefully before investing.
    免责声明：SEBI 授予的注册以及 NISM 颁发的认证，并不以任何方式保证中介机构的表现或向投资者提供任何回报的保证。证券市场的投资存在市场风险。在投资前请仔细阅读所有相关文件。
To our readers in Switzerland: This document is provided in Switzerland by or through Bernstein Autonomous LLP, and is provided only to qualified investors as defined in article 10 of the Swiss Collective Investment Scheme Act ("CISA") and related provisions of the Collective Investment Scheme Ordinance and in strict compliance with applicable Swiss law and regulations. The products mentioned in this document may not be suitable for all types of investors. This document is based on the Directives on the Independence of Financial Research issued by the Swiss Bankers Association (SBA) in January 2008.
致瑞士的读者：本文件由 Bernstein Autonomous LLP 在瑞士提供，仅向根据瑞士集体投资计划法案（"CISA"）第 10 条及相关规定以及严格遵守适用瑞士法律和法规的合格投资者提供。本文件提及的产品可能不适合所有类型的投资者。本文件基于瑞士银行家协会（SBA）于 2008 年 1 月发布的有关金融研究独立性的指导方针。
All research publications are disseminated to our clients through posting on the firm's password protected websites, bernsteinresearch.com and autonomous.com. Certain, but not all, research publications are also made available to clients through third-party vendors or redistributed to clients through alternate electronic means as a convenience.
所有研究出版物均通过发布在公司的受密码保护的网站 bernsteinresearch.com 和 autonomous.com 上向我们的客户传播。某些研究出版物也可通过第三方供应商提供给客户，或通过其他电子方式重新分发给客户以方便获取。
This publication has been published and distributed in accordance with the Firm's policy for management of conflicts of interest in investment research, a copy of which is available from Bernstein Institutional Services LLC, Director of Compliance, 1345 Avenue of the Americas, New York, N.Y. 10105. Additional disclosures and information regarding Bernstein's business are available on our website www.bernsteinresearch.com.
本出版物已根据公司投资研究冲突利益管理政策进行发布和分发，可从 Bernstein Institutional Services LLC，合规总监处获取副本，地址为纽约第六大道 1345 号，邮编 10105。有关 Bernstein 业务的其他披露和信息可在我们的网站 www.bernsteinresearch.com 上找到。
The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors where that permission profile is not consistent with the licenses held by the entities noted herein. This document is for distribution only as may be permitted by law. This publication is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of, or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject any of the entities referenced herein or any of their subsidiaries or affiliates to any registration or licensing requirement within such jurisdiction. This publication is based upon public sources we believe to be reliable, but no representation is made by us that the publication is accurate or complete. We do not undertake to advise you of any change in the reported information or in the opinions herein. This publication was prepared and issued by entity referred to herein for distribution to eligible counterparties or professional clients. This publication is not an offer to buy or sell any security, and it does not constitute investment, legal or tax advice. The investments referred to herein may not be suitable for you. Investors must make their own investment decisions in consultation with their professional advisors in light of their specific circumstances. The value of investments may fluctuate, and investments that are denominated in foreign currencies may fluctuate in value as a result of exposure to exchange rate movements. Information about past performance of an investment is not necessarily a guide to, indicator of, or assurance of, future performance.
本文所描述的证券可能不适用于所有司法管辖区或某些类别的投资者，如果该权限配置与所述实体持有的许可证不一致。本文件仅根据法律允许的范围进行分发。本出版物不针对或意在分发给或供任何在任何地方、州、国家或其他司法管辖区内具有公民身份或居住地的个人或实体使用，该分发、出版、可用性或使用将违反法律或法规，或将使得所述实体或其任何子公司或关联公司受到该司法管辖区内的任何注册或许可要求的约束。本出版物基于我们认为可靠的公共来源，但我们并未声明该出版物准确或完整。我们不承诺通知您所报告信息或本文中的意见的任何变化。本出版物由此处提及的实体准备并发行，供合格对手方或专业客户分发。 本出版物并非购买或出售任何证券的要约，也不构成投资、法律或税务建议。本文提及的投资可能不适合您。投资者必须根据自己的具体情况，在与其专业顾问协商的情况下做出投资决策。投资价值可能会波动，以外币计价的投资可能会因暴露于汇率波动而价值波动。有关投资过去表现的信息未必是未来表现的指南、指标或保证。
This report is directed to and intended only for our clients who are "eligible counterparties", "professional clients", "institutional investors" and/or "professional investors" as defined by the aforementioned regulators, and must not be redistributed to retail clients as defined by the aforementioned regulators. Retail clients who receive this report should note that the services of the entities noted herein are not available to them and should not rely on the material herein to make an investment decision. The result of such act will not hold the entities noted herein liable for any loss thus incurred as the entities noted herein are not registered/ authorised/ licensed to deal with retail clients and will not enter into any contractual agreement/arrangement with retail clients. This report is provided subject to the terms and conditions of any agreement that the clients may have entered into with the entities noted herein. All research reports are disseminated on a simultaneous basis to eligible clients through electronic publication to our client portal. The information is private and confidential and for the use of the clients only.
本报告仅针对并仅供我们的客户，即由上述监管机构定义的“合格对手方”、“专业客户”、“机构投资者”和/或“专业投资者”，不得重新分发给由上述监管机构定义的零售客户。收到本报告的零售客户应注意，本报告中提及的实体的服务不对他们开放，不应依赖本报告中的材料做出投资决策。这种行为的结果将不会使本报告中提及的实体对因此而造成的任何损失承担责任，因为本报告中提及的实体未经注册/授权/许可与零售客户打交道，也不会与零售客户签订任何合同/安排。本报告提供时须遵守客户可能与本报告中提及的实体签订的任何协议的条款和条件。所有研究报告通过电子出版同时向合格客户发布到我们的客户门户。信息属于私密和机密，仅供客户使用。
This report has been prepared for information purposes only and is based on current public information that we consider reliable, but the entities noted herein do not warrant or represent (express or implied) as to the sources of information or data contained herein are accurate, complete, not misleading or as to its fitness for the purpose intended even though the entities noted herein rely on reputable or trustworthy data providers, it should not be relied upon as such. Opinions expressed are the author(s)' current opinions as of the date appearing on the material only and we do not undertake to advise you of any change in the reported information or in the opinions herein.
本报告仅供信息目的编制，基于我们认为可靠的当前公开信息，但本报告中所述实体不保证或声明（明示或暗示）信息来源或所含数据准确、完整、不误导或适用于预期目的，即使本报告中所述实体依赖声誉良好或值得信赖的数据提供商，也不应将其视为可靠依据。所表达的意见仅为作者在材料上所载日期的当前意见，我们不承诺通知您所报告信息或本报告中意见的任何变化。
This publication was prepared and issued by the entity referred to herein for distribution to eligible counterparties or professional clients. The information in this report is intended for general circulation and does not constitute an offer to buy or sell any security, investment, legal or tax advice nor a personal recommendation, as defined by any of the aforementioned regulators. It does not take into account the particular investment objectives, financial situations, or needs of individual investors. The report has not been reviewed by any of the aforementioned regulators and does not represent any official recommendation from the aforementioned regulators. The investments referred to herein may not be suitable for you. Investors must make their own investment decisions in
本出版物由此处提及的实体准备并发布，供分发给合格对手方或专业客户。本报告中的信息仅供一般传阅，不构成任何证券、投资、法律或税务建议，也不构成根据前述监管机构定义的个人推荐。它不考虑个别投资者的特定投资目标、财务状况或需求。该报告未经前述监管机构审查，也不代表前述监管机构的任何官方建议。此处提及的投资可能不适合您。投资者必须自行做出其投资决策。
consultation with advice sought from a financial adviser regarding the suitability of the investment product, taking into account the specific investment objectives, financial situation or particular needs of any recipient of the recommendation, before the recipient makes a commitment to purchase the investment product.
在向财务顾问征求意见的咨询中，应考虑投资产品的适用性，包括任何接收推荐的人的具体投资目标、财务状况或特殊需求，然后再接收者承诺购买投资产品。
The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. The information in this report does not constitute, or form part of, any offer to sell or issue, or any offer to purchase or subscribe for shares, or to induce engage in any other investment activity. The value of any securities or financial instruments mentioned in this report may fluctuate subject to market conditions. Information about past performance of an investment is not necessarily a guide to, indicative of, or assurance of future performance. Estimates of future performance mentioned by the research analyst in this report are based on assumptions that may not be realized due to unforeseen factors like market volatility/fluctuation. In relation to securities or financial instruments denominated in a foreign currency other than the clients' home currency, movements in exchange rates will have an effect on the value, either favorable or unfavorable. Before acting on any recommendations in this report, recipients should consider the appropriateness of investing in the subject securities or financial instruments mentioned in this report and, if necessary, seek for independent professional advice.
本分析基于众多假设。不同的假设可能导致截然不同的结果。本报告中的信息不构成任何出售或发行的要约，也不构成任何购买或认购股份的要约，或者诱使从事任何其他投资活动的一部分。本报告中提及的任何证券或金融工具的价值可能会受市场条件影响而波动。关于投资的过往表现的信息不一定是未来表现的指南、指示或保证。本报告中研究分析师提及的未来表现估计是基于可能由于市场波动等不可预见因素而未能实现的假设。关于以客户本币以外的外币计价的证券或金融工具，汇率变动将对价值产生影响，无论是有利还是不利。 在采取本报告中的任何建议之前，接收方应考虑投资于本报告中提到的主题证券或金融工具的适当性，并在必要时寻求独立的专业建议。
The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors where that permission profile is not consistent with the licenses held by the entities noted herein. This document is for distribution only as may be permitted by law. It is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or would subject the entities noted herein to any regulation or licensing requirement within such jurisdiction.
本文所描述的证券可能不适用于所有司法管辖区或某些类别的投资者，如果该权限配置与所述实体持有的许可证不一致。本文件仅可根据法律允许进行分发。本文件不针对或意在分发给或供任何在任何地方、州、国家或其他司法管辖区内具有公民身份或居住地的个人或实体使用，这种分发、发布、可用性或使用将违反法律或法规，或将使所述实体受到该司法管辖区内的任何法规或许可要求的约束。
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. No part of this material may be reproduced, distributed or transmitted or otherwise made available without prior consent of the entities noted herein. Copyright Bernstein Institutional Services LLC Bernstein Autonomous LLP, BSG France S.A., Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司, Sanford C. Bernstein (Canada) Limited, Sanford C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited and Sanford C. Bernstein Japan KK(サンフォード・ロ・バーーンタイン株式会社). All rights reserved. The trademarks and service marks contained herein are the property of their respective owners. Any unauthorized use or disclosure is strictly prohibited. The entities noted herein may pursue legal action if the unauthorized use results in any defamation and/or reputational risk to the entities noted herein and research published under the Bernstein and Autonomous brands.
来源：彭博指数服务有限公司。BLOOMBERG®是 Bloomberg Finance L.P.及其关联公司（统称“Bloomberg”）的商标和服务标记。Bloomberg 或 Bloomberg 的许可方拥有 Bloomberg 指数的所有专有权利。彭博或彭博的许可方不批准或认可本材料，也不保证本处信息的准确性或完整性，也不作任何明示或暗示的保证，对于从中获得的结果，根据法律允许的最大范围，均不承担任何责任或责任，也不对因此而产生的伤害或损害承担任何责任。未经事先得到本文中所述实体的同意，不得复制、分发、传输或以其他方式提供本材料的任何部分。版权归 Bernstein Institutional Services LLC Bernstein Autonomous LLP、BSG France S.A.、Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司、Sanford C. Bernstein (Canada) Limited、Sanford C. Bernstein (India) Private Limited（SEBI 注册号 INH000006378）、Sanford C. Bernstein (Singapore) Private Limited 和 Sanford C. Bernstein Japan KK(サンフォード・ロ・バーーンタイン株式会社)所有。保留所有权利。 以下所含商标和服务标记为其各自所有者的财产。 未经授权使用或披露严格禁止。 如果未经授权使用导致任何对以下实体的诽谤和/或声誉风险，以下实体和在 Bernstein 和 Autonomous 品牌下发布的研究可能会采取法律行动。
  1. Source: Company reports and Bernstein analysis
    来源：公司报告和伯恩斯坦分析
  2. Source: Bernstein estimates and analysis
    来源：伯恩斯坦估计和分析
  3. The above analysis compares BYD against VW China, that sources NMC battery from CATL for its ID. 4 produced in China; VW's battery costs for EVs produced in Europe or US will be even higher
    以上分析将比亚迪与大众中国进行了比较，大众中国为其在中国生产的 ID. 4 从 CATL 采购 NMC 电池；大众在欧洲或美国生产的电动汽车的电池成本甚至更高。
    Source: Autohome, Bernstein estimate and analysis
    来源：Autohome，伯恩斯坦估计和分析
  4. The analysis above demonstrates how BYD's margin benefits from its vertical integration of batteries and auto parts. In comparison, competitors' margins may vary from our estimates above due to factors such as powertrain technology/ complexity, supplier pricing, and scale, etc.
    以上分析表明，比亚迪由于电池和汽车零部件的垂直整合而获益于边际。相比之下，竞争对手的边际可能会因动力总成技术/复杂性、供应商定价和规模等因素而与我们上述的估计有所不同。
    Source: Bernstein estimates and analysis
    来源：伯恩斯坦估计和分析
  5. The analysis above demonstrates how BYD's margin benefits from its vertical integration of batteries and auto parts. In comparison, competitors' margins may vary from our estimates above due to factors such as powertrain technology/ complexity, supplier pricing, and scale, etc.
    以上分析表明，比亚迪由于电池和汽车零部件的垂直整合而获益于边际。相比之下，竞争对手的边际可能会因动力总成技术/复杂性、供应商定价和规模等因素而与我们上述的估计有所不同。
    Source: Bernstein estimates and analysis
    来源：伯恩斯坦估计和分析
  6. BYD's sales volume includes sales from Denza, Fang Cheng Bao, and Yangwang brands Source: Company reports, SNE, and Bernstein analysis
    比亚迪的销售量包括来自德尔斯、方成宝和扬旺品牌的销售。来源：公司报告、SNE 和伯恩斯坦分析
  7. Source: Company reports, Bernstein estimates and analysis
    来源：公司报告、伯恩斯坦估计和分析
    • These figures represent the number and percentage of companies in each category to whom Bernstein and Autonomous provided investment banking services.
      这些数字代表了伯恩斯坦和自主公司为每个类别提供投资银行服务的公司数量和百分比。
    As of May 16 2024. All figures are updated quarterly and represent the cumulative ratings over the previous 12 months.
    截至 2024 年 5 月 16 日。所有数字均每季度更新，代表过去 12 个月的累积评级。