According to the Western Securities Research Report, BYD (002594.SZ)'s 2023 performance was in line with expectations, with impressive sales in March. Along with the successive releases of new cars and new technology platforms in the second quarter, it is expected to start a new upward cycle and maintain a “buy” rating. In 2023, the company's sales volume exceeded 3 million units, and gross margin was optimized year-on-year. The company's sales volume increased dramatically, driving high revenue and performance and reaching record highs. After the Spring Festival, the company successively launched various Honor models such as the Qin PLUS, and the price was generally reduced by 20,000 to 30,000 yuan. BYD achieved sales of 302,500 units in March, up 147% from February, of which 38,400 units were exported. The bank expects the company to launch a new Qin car/a new Marine Life car in Q2, forming a two-generation partnership with Qin PLUS to seize the A-class market. In terms of new models, new models such as the Sea Lion 07, Upward U7, and Tense Z9GT are expected to contribute to higher sales.