After the press conference, JPMorgan is more confident in BYD: don't focus on the 2025 performance, fast charging is expected to revolutionize the industry!

JPMorgan Chase remains optimistic about BYD, believing that the combination of the second-generation blade battery and fast-charging network is pushing BYD to the forefront of the next phase of electric vehicle adoption.

On March 5th, according to Wall Street Insights, BYD announced the release of its second-generation blade battery and fast-charging technology. On March 6th, according to Chase Trading Platform, a recent JPMorgan research report clearly states that this integrated solution, which combines battery innovation, ultimate safety, and scalable charging ecosystem, is becoming the absolute leader in the next stage of EV adoption, with ultra-fast charging as a disruptive factor.

The report points out that JPMorgan believes the most important signal is: don’t overfocus on the potential profit forecast downgrades associated with the upcoming 2025 performance release. The analysts emphasize that as long as short-term performance disruptions are overcome, BYD’s stock price is expected to regain upward momentum driven by new product cycles and technological breakthroughs.

JPMorgan maintains an “Overweight” rating on BYD Hong Kong stocks and sets a target price of HKD 110.00 by December 31, 2026, representing nearly 20% upside from the current HKD 93.

(Source: Wind)

Fast Charging in 9 Minutes, Redefining Industry Standards

According to Wall Street Insights, at the March 5th Technology Day launch, BYD Chairman Wang Chuanfu showcased the core data of the second-generation blade battery: supporting a maximum 8C charging rate, charging from 10% to 97% in just 9 minutes, setting the fastest charging record for mass-produced vehicles globally. During the event, the BYD Seal 07 EV was tested in real-time, completing the full charge in 8 minutes and 44 seconds.

More notably, its low-temperature performance—charging from 20% to 97% in just 12 minutes at -20°C in Harbin—only takes about 3 minutes longer than at room temperature, directly addressing the key winter energy replenishment challenge for new energy vehicles.

In terms of energy density, the new battery reaches approximately 200Wh/kg, about 50% higher than the first generation, reaching mainstream ternary lithium battery levels; its cycle life is theoretically up to 4,000 cycles, corresponding to about 15 years of vehicle use.

Safety tests also surpass national standards: after 500 fast-charging cycles, needle puncture tests showed no smoke or fire; thermal diffusion tests increased the short-circuit trigger conditions to simultaneously short-circuit four cells, and the bottom impact standard reached ten times the new national standard.

Infrastructure: 20,000 fast-charging stations, building a moat

JPMorgan highly praises BYD’s ambitious charging network development, stating that ultra-fast charging will be a disruptive factor.

On the same day, BYD announced the “Fast Charging China” strategy. Currently, 4,239 fast-charging stations have been built, with plans to expand to 20,000 by the end of 2026, ultimately enabling 90% of urban areas to have a fast-charging station within 5 kilometers.

JPMorgan notes that BYD is deploying the world’s largest mass-produced charging pile network (1.5 MW per gun), all integrated with energy storage systems to reduce grid impact.

“BYD’s integrated solution—combining battery innovation, leading safety, and scalable charging ecosystem—makes it the leader in the next stage of EV adoption.”

Confident in BYD

The research report states that based on the above technological breakthroughs and the intensive launch of new models (expected to deliver 10 new models starting in April and May), JPMorgan forecasts BYD’s sales will rebound strongly from about 700,000 units in Q1 2026 to 1.1 to 1.2 million units in Q2. Investors should closely monitor the rebound in store foot traffic around the Beijing Auto Show before and after April 24.

Looking long-term, JPMorgan believes 2026 will be a crucial turning point for BYD’s global strategy. Its overseas production capacity in Thailand, Indonesia, Brazil, and Hungary will gradually ramp up. BYD is competing globally with solid, scalable core technologies rather than just price wars.

Using discounted cash flow and comprehensive valuation methods, JPMorgan estimates its long-term fair stock price range to be HKD 94 to HKD 121, with the target price of HKD 110 reflecting strong confidence in its future value.

All the above highlights are from Chase Trading Platform.

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