机构：招银国际 4Q25 outlook. BYD continued to cut its inventories at dealers in 3Q25,which could pave the way for 4Q25 sales volume. We cut our FY25E salesvolume forecast from 4.9mn units to 4.61mn units, or 1.34mn units for4Q25E. We also expect GPM in 4Q25 to recover gradually QoQ to 18.0%despite year-end bonus and rebates. Accordingly, we project net profit pervehicle to rise to about RMB7,700 in 4Q25. Previous high earnings quality, industry-leading technologies key toearnings in FY26-27E. We believe the declin ...