After watching the conference, JPMorgan is even more optimistic about BYD: Don’t worry about the 2025 performance, flash charging is expected to disrupt the industry!

J.P. Morgan is firmly optimistic about BYD, believing that the combination of the second-generation Blade Battery and the Flash Charging Network is pushing BYD to the leading position in the next stage of electric vehicle popularization.

On March 5, according to a WallstreetCN article, BYD released its second-generation Blade Battery and Flash Charging technology. On March 6, according to the Chasing Wind Trading Desk, the latest report from J.P. Morgan explicitly pointed out that this integrated solution, combining battery innovation, ultimate safety, and a scalable charging ecosystem, is becoming the absolute leader in the next stage of electric vehicle adoption, with ultra-fast charging as the disruptive factor.

The report notes that J.P. Morgan believes the core signal is: do not overly worry about the risk of downward earnings revisions that may come with the soon-to-be-announced 2025 results. Their analysts emphasized, as long as BYD gets past short-term earnings disturbances, its stock price is expected to regain upward momentum driven by a new product cycle and strong technological breakthroughs.

J.P. Morgan maintains its “Overweight” rating on BYD H-shares, and gives a target price of up to HK$110.00 through December 31, 2026, nearly 20% higher than the current HK$93.

(Source: Wind)

Flash charging in 9 minutes, redefining industry standards

According to the WallstreetCN article, at the March 5 Technology Day launch, BYD Chairman Wang Chuanfu showcased core data of the second-generation Blade Battery: supports up to 8C charging rate, charging from 10% to 97% takes just 9 minutes, setting a record for the fastest charging of mass-produced vehicles worldwide. The on-site test for BYD Seal 07EV took a total of 8 minutes and 44 seconds.

Even more noteworthy is its low-temperature performance — in Harbin at minus 20 degrees Celsius, charging from 20% to 97% takes just 12 minutes, only about 3 minutes more than at normal temperatures, directly addressing the key pain point of energy replenishment for new energy vehicles in winter.

In terms of energy density, the new battery reaches about 200Wh/kg, about 50% higher than the first generation, reaching the standard of mainstream ternary lithium batteries; its theoretical cycle life can reach 4,000 cycles, equating to around 15 years of vehicle use.

Safety testing also exceeds national standards: After 500 flash charge cycles, the needle test shows no smoke or fire; the thermal diffusion test raises trigger conditions to simultaneous short-circuiting of four cells; impact standards at the bottom reach ten times the new national standard.

Infrastructure: 20,000 flash charge stations, building a moat

J.P. Morgan highly evaluates BYD’s ambitions in charging network construction, ultra-fast charging will become a disruptive factor.

On that day, BYD also launched the “Flash Charging China” strategy, with 4,239 flash charge stations now built, and plans to expand to 20,000 stations by the end of 2026, ultimately ensuring that 90% of urban areas have a flash charge station within 5 kilometers.

J.P. Morgan notes that BYD is deploying the world’s largest mass-production charging piles (each with 1.5 megawatts power output), all integrated with energy storage systems to reduce grid impact.

"BYD’s integrated solution — combining battery innovation, advanced safety, and a scalable charging ecosystem — makes it the leading player in the next stage of electric vehicle adoption."

Firmly optimistic about BYD

The report states that, based on these technological breakthroughs and intensive new model launches (with 10 new models expected to begin deliveries in April and May), J.P. Morgan predicts BYD’s sales will rebound strongly from about 700,000 units in Q1 2026 to 1.1–1.2 million units in Q2. For the current market, investors should closely watch the rebound in store visitors around the Beijing Auto Show on April 24.

Looking further ahead, J.P. Morgan believes 2026 will be an important turning point in BYD’s global strategy. Four overseas bases in Thailand, Indonesia, Brazil, and Hungary will gradually ramp up production. BYD is responding confidently in global markets with mass-producible, scalable, hardcore technology rather than just price wars.

Based on discounted cash flow and comprehensive valuation methods, J.P. Morgan calculates its long-term reasonable price range is HK$94–121, with the HK$110 target price reflecting strong confidence in its future value.

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The above outstanding content is from Chasing Wind Trading Desk.

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