Recently, BYD launched the second-generation blade battery and new flash charging technology at the press conference, which attracted great attention from the market.

JPMorgan's latest research report believes that this set of battery innovation, ultra-high safety and scalable ultra-fast charging ecology is becoming a key force in promoting the next stage of electric vehicle popularization - ultra-fast charging, which may be the "disruptor".

The research report specifically reminds investors: Don't get too entangled in the upcoming 2025 results. While short-term earnings forecasts may be lowered, this is only a temporary fluctuation. As long as this hurdle is crossed, BYD will regain strong upward momentum with new product cycles and technological breakthroughs.

Based on this judgment, JPMorgan Chase & Co. continued to give BYD Hong Kong stocks an "overweight" rating and gave a target price of HK$110 (as of the end of 2026), which is nearly 20% higher than the current stock price of about HK$93.

To put it simply, short-term performance is not important, long-term technology is the trump card - JPMorgan Chase & Co. is optimistic that BYD will lead the second half with "fast charging + blade battery".

9 minutes of fast charging, the blade battery evolves again

At the latest technology conference, BYD Chairman Wang Chuanfu showed the hard core strength of the second-generation blade battery, directly refreshing the industry standard for electric vehicle fast charging.

How fast is the charging?

supports up to 8C ultra-fast charging; It takes only 9 minutes to charge from 10% to 97%. The measured model Seal 07 EV was completed in 8 minutes and 44 seconds, setting a record for the fastest mass-produced car in the world.

Can you fast charge in winter?

In the severe cold of minus 20°C in Harbin: it only takes 12 minutes to charge from 20% to 97%, which is only about 3 minutes longer than at room temperature - which directly solves the problem of "slow charging in winter" of new energy vehicles.

Performance has been fully upgraded: the energy density has been increased to about 200Wh/kg, which is 50% higher than the first generation, which is close to the level of mainstream ternary lithium batteries; The cycle life reaches 4,000 times, and according to ordinary cars, it can be used for about 15 years.

Safety is even more full: after 500 flash charges, the needle prick experiment is still smoke-free and fire-free; The thermal runaway test standard has been greatly tightened: it can only be triggered if 4 cells are short-circuited at the same time; The impact resistance of the bottom reaches 10 times that of the new national standard, and it can withstand complex road conditions.

To put it simply, BYD's new blade battery not only charges quickly and does not drop the chain in winter, but is also more durable and safer - this is not just an upgrade, but a redefinition of the "ceiling" of electric vehicle energy replenishment.

|20,000 flash charging stations to build a moat

JPMorgan Chase & Co. particularly praised BYD's large-scale layout in charging infrastructure, believing that ultra-fast charging is becoming a key force in changing the industry pattern.

At the press conference, BYD simultaneously launched the "Flash Charging China" strategy: 4,239 flash charging stations have been built; It is planned to expand to 20,000 by the end of 2026; The ultimate goal is to have 90% of urban areas in the country have a flash charging station within 5 kilometers - basically saying goodbye to "difficult to find piles".

What's even more powerful is that BYD deploys the world's most powerful mass-produced charging pile (1.5 megawatts per gun), and each station is equipped with an energy storage system, which can effectively reduce the impact on the power grid and avoid the "pulling gate" of peak electricity consumption.

JPMorgan concluded: "BYD's 'combination punch' - battery technology + ultimate safety + self-built supercharging network - has firmly stood in the leading position in the next stage of electric vehicle popularization."

It's not enough to have a fast charging battery, you have to have a pile available. BYD is using 20,000 flash charging stations to build a moat that is difficult for others to cross.

New car + going to sea, BYD is full of firepower

JPMorgan Chase & Co. pointed out in the research report that with technological breakthroughs and intensive launch of new models (10 new cars are expected to be delivered from April and May), BYD's sales will rebound strongly: about 700,000 units will be sold in the first quarter of 2026; It is expected to soar to 1.1 million to 1.2 million units in the second quarter, a significant increase from the previous quarter.

At present, investors can focus on a key signal: whether the passenger flow of BYD stores before and after the Beijing Auto Show on April 24 will rebound significantly - this will be a leading indicator of a recovery in demand.

In the longer term, 2026 will be an important turning point in BYD's globalization: the four overseas factories in Thailand, Indonesia, Brazil and Hungary will gradually release production capacity; BYD no longer relies on "low prices to fight the world", but relies on hard-core technologies that can be mass-produced and implemented on a large scale (such as blade batteries + flash charging) to steadily play in the global market.

Based on cash flow and comprehensive valuation models, JPMorgan Chase & Co. calculated that the long-term reasonable stock price range of BYD's Hong Kong stocks is HK$94–121, and the target price of HK$110 given is a clear optimism about its future growth potential.

Short-term fluctuations are opportunities, and long-term logic is harder

For Hong Kong stock investors (01211. HK): If the short-term profit forecast for 2025 is lowered and corrected, it will be a good opportunity to lay out; JPMorgan Chase & Co.'s valuation range is HK$94–121, and the target price of HK$110 implies an endorsement of the technical premium.

Focus on two catalysts: auto show order data in April; Flash charging station construction progress and user utilization.

Mapping of the industrial chain: the blade battery supply chain (such as CATL's competitive bid, separator/electrolyte leader) benefited; Supercharging equipment, liquid-cooled charging piles, and energy storage integrators ushered in a new wave of demand.

Risk warning: If other car companies quickly follow up on 8C overcharging, the technology leading window may be narrowed; Policy risks in overseas markets (such as EU countervailing investigations) still need to be tracked.