Guotou Securities Research Report points out that BYD (002594.SZ) December sales meet expectations. Based on the retail data from the past four weeks, the company's December retail sales are estimated at about 0.4 million, considering 0.057 million for exports, it is expected that there will be an increase in inventory of 0.03-0.05 million. Total overseas sales for the year reached 0.417 million vehicles, a year-on-year increase of 72%. Since December, all overseas markets have had breakthroughs, with the Sea Lion 07EV launching in Italy, five new vehicles launching in Peru, and local Dealers reaching a strategic partnership, officially entering markets such as Oman and Ethiopia. The company continues to break through in the high-end market: the upcoming Tengshi N9 and Titanium 3 models are expected to drive continuous upgrades in sales structure, bringing significant profit elasticity. The company is given a 2025 18xPE, corresponding to a six-month Target Price of 340.2 yuan/share, maintaining a "Buy-A" rating.