摩根士丹利表示比亚迪新推出的1000kW充电系统无疑是一次引人注目的营销活动，旨在强化其在电池和充电性能方面的领先地位。
Morgan Stanley maintains a "hold" rating on BYD, while expecting the annual penetration rate of new energy Autos in China to reach 50% this year and 75% by 2030. However, the deployment timeline of BYD's new technology, its impact on Battery life, and the cost gap with the existing 800V platform remain uncertain.
Morgan Stanley believes that BYD has taken a crucial step in the development of electric vehicles.
On March 18, Morgan Stanley released a Research Report interpreting BYD's launch of the 1000kW charging system, which can provide a range of 400 kilometers for electric vehicles in just five minutes.
Morgan Stanley stated that BYD's newly launched 1000kW charging system is undoubtedly a remarkable marketing event aimed at reinforcing its leading position in battery and charging performance. At the same time, this technological advancement helps address consumers' concerns about the range and charging experience of electric vehicles.
As of yesterday's close, $BYD COMPANY (01211.HK)$ the year-to-date increase exceeded 55%, reaching 413.8 Hong Kong dollars.
Morgan Stanley believes that breakthroughs in autonomous driving and charging technology are two key factors in overcoming the bottlenecks in the electric vehicle market. Advancements in autonomous driving technology will differentiate the driving experience from traditional RBOB Gasoline vehicles, while breakthroughs in charging technology will make the energy replenishment experience closer to that of traditional RBOB Gasoline vehicles.
Morgan Stanley expects that the annual penetration rate of new energy vehicles in China will reach approximately 50% this year, and by 2030 it will reach 75%, with sales penetration starting to accelerate from 2027.
There are still unknown factors, and Morgan Stanley maintains a 'Hold' rating.
According to BYD's press conference, the new 1000kW charging system will first be applied to BYD's high-end models, such as the Han L and Tang L, with deliveries expected to start in April.
Morgan Stanley believes that price is still a key factor in purchasing vehicles, with BYD's pre-sale price set at 0.27 million yuan (approximately 0.037 million USD), which seems relatively conservative, but the official price announced in April may be significantly lower than the pre-sale price and could pose strong competition to other B-class models priced between 0.2 million and 0.25 million yuan.
In addition, Morgan Stanley believes there are still some unknown factors:
How long will it take for this technology to be deployed at more than 4,000 qualified charging stations?
What will be the extent of its impact on Battery life?
Compared to the existing 800V platform (5C charging, enabling 600 kilometers of range in 10 minutes), what is the cost difference?
Morgan Stanley maintains a 'Hold' rating on BYD while emphasizing the following points:
Upside risks: It is expected that the speed of overseas expansion will accelerate, the demand for New energy Fund will exceed expectations, and the contribution of the Consumer Electronics Business will exceed expectations.
Downside risks: Progress in overseas expansion is hindered, demand for New energy Fund is below expectations, and gross margin is below expectations.
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Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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