1. The reversal of confidence, including economic confidence, is an important reason for the sharp decline in the new energy vehicle industry chain.
2. With the recovery of confidence in the capital markets, BYD, which leads in technology and sales volume, should have a higher valuation in 2023.
3. Even if orders from other car companies decline, BYD's orders are still stable. In 2023, there will be a growth trend for the 20+ models, including new cars and upgrades, in the context of economic stabilization.
4. Most importantly, the capital markets continue to greatly undervalue BYD's profitability. The profits in February 2022 are also severely undervalued.
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