Description of the event
On August 8, 2024, BYD Auto's 2025 SEAL & SEAL 07 DM-i was officially launched. The new version ushered in a major upgrade in terms of intelligent and electrified systems. The SEAL EV added a lidar and was equipped with an e platform of 3.0 Evo, with a total of 4 models, priced at 0.1758—0.2398 million yuan; the SEAL 07DM-i upgraded the DM5.0 plug-in hybrid system, with a total of 5 models priced at 0.1398-0.1958 million yuan.
Incident comments
2025 Seal: A total of 4 models, the 510 Standard Edition/650 Long Endurance Edition/650 Smart Driving Edition/600 4WD Smart Drive Edition sold at 17.58, 0.1898, 0.2168, and 0.2398 million yuan respectively. Compared with the 2024 550KM Honor Elite Edition, the price of the top model was reduced by 0.01 million yuan compared to the 2024 650KM Honor Edition four-wheel drive performance version, but the range decreased by 40KM and 100KM respectively ; Seal 07 DM-i: A total of 5 models, 1.5L 70KM Elite/1.5L 125KM Elite/1.5L 125KM Deluxe/1.5L 125KM Premium/1.5T 125KM flagship model are priced at 13.98, 15.58, 0.1658, 0.1758, 0.1958 million yuan respectively; a 70KM elite entry model has been added. The price of the new 125KM Elite model has increased by 6000 yuan compared to the old model, 125KM in the top version The price of the flagship model is 3000 yuan higher than the old model. In terms of rights, it will be decided before August 31, up to 0.026 million yuan replacement subsidy (national subsidie+enterprise subsidy), three-power lifetime warranty, and six maintenance times in six years.
Getting started is high specification, and technology accelerates iteration and continues to create popular cars. As of June 2024, the cumulative sales volume of SEAL EVs was 0.17 million units, and the total sales of the SEAL DM-i exceeded 0.07 million units. The new model replacement is expected to continue to boost the SEAL family's sales. 2025 SEAL:
Upgraded to the e-platform 3.0 Evo architecture, equipped with an 800V high-voltage platform, the world's mass-produced highest-speed motor, a maximum speed of 0.023 millionrpm, maximum speed of 240 km/h, zero hundred acceleration in 3.8 seconds, and intelligent global smart charging; upgraded to the smart cockpit and advanced smart driving system, equipped with lidar and diPilot 300 advanced intelligent driving assistance systems to support L2+ high-speed smart driving; added dark space black, sky purple, Atlantis gray, and rosemary gray. The interior uses a new family cockpit design with orange. Seal 07 DM-i: Upgraded to a DM5.0 plug-in hybrid system, with 1.5L+EHS160 and 1.5T+EHS200 power, a loss of 3.4L of fuel consumption per 100 kilometers, and a comprehensive range of more than 2000km. The 1.5L engine has the highest thermal efficiency of 46.06%; smart driving continues to be upgraded. All models are equipped with diPilot intelligent driving assistance systems as standard, and advanced smart driving functions such as ILCA paddle shift have been added. The cockpit has been upgraded with a new crystal electronic stopper, HUD head-up display (50 inches), and Dan Take the sound system, etc.
Technology and scale construction surpass the competitiveness of the industry, and advance overseas and high-end efforts to reach a new peak. The company will usher in a big year of new technology and new products in 2024. With the support of the DM5.0 and e4.0 platforms, Dynasty Ocean Network will usher in a facelift, continue to upgrade its product capabilities, and stand firm in the mainstream market. Tension, Looking, and Equation Panther are rich in model reserves, speeding up the deployment of the high-end market. Overseas travel continues to gain strength, and overseas channels and model matrices will be further improved. Supported by the scale effect, with overseas expansion and high-end expansion, profitability is expected to remain high without fear of competition. The company's net profit from 2024-2026 is estimated to be 38.6, 51.1, and 65 billion yuan, corresponding to PE 17X, 13X, and 10X, maintaining a “buy” rating.
Risk warning
1. Weak market demand caused sales of new energy vehicles to fall short of expectations; 2. The cost reduction of power batteries fell short of expectations.