Just now, BYD's total market value has returned to 1 trillion yuan.

On March 23, BYD’s A-shares stock price defied the market trend and surged significantly, with its total market value once again approaching 1 trillion yuan. By midday, the stock closed at 108.89 yuan per share, up 5.69%, with a trading volume of 14 billion yuan. The stock price has increased by over 20% this month.

In terms of news, the situation in the Middle East has driven up refined oil prices. At 24:00 on March 23, domestic oil prices will undergo a new round of adjustments. Multiple institutions predict that this price increase is now inevitable.

From an industry perspective, Aijian Securities stated that China’s new energy vehicle market penetration has surpassed the 50% critical point. Industry competition is shifting from pure price wars relying on profit compression to a focus on core technology, supply chain resilience, and ecosystem building. Meanwhile, accelerating overseas expansion has become a key driver for leading automakers to achieve excess profits and maintain high growth.

Specifically, Aijian Securities pointed out that, unlike common perceptions, BYD is not just a pure new energy vehicle company. It is building a comprehensive energy ecosystem that is difficult for competitors to match, including photovoltaic power generation, energy storage systems, fast-charging stations, and electric vehicles. The company’s growth is driven by three main factors: first, the launch of new models equipped with the second-generation blade batteries and fast-charging technology, which helps regain technological premium and market share; second, the substantial release of overseas production capacity and restructuring of profit models, with continuous high growth in monthly export data; third, the ongoing growth of energy storage and external battery supply businesses, with sustained profit release. It is expected that from 2025 to 2027, the company’s net profit attributable to shareholders will be 34.3 billion, 44.8 billion, and 56.5 billion yuan respectively, with corresponding P/E ratios of 27, 21, and 17, leading to a “Buy” rating.

Public information shows that BYD’s main businesses include new energy vehicles, mobile phone components and assembly, secondary rechargeable batteries, and photovoltaic energy. The company also actively expands into urban rail transit through its technological advantages. The February 2026 production and sales report indicates that BYD sold 190,200 new energy vehicles in February, exported 100,600 units, and had a total installed capacity of approximately 18.773 GWh for new energy vehicle batteries and energy storage batteries.

(Disclaimer: The content of this article is for reference only and does not constitute investment advice. Investors operate at their own risk.)