BYD REPORTS: October Sales of FangChengBao Titanium 7 Exceed 20,000 Units; Total Power/Energy Storage Battery Capacity Surpasses 230 GWh

The analyst rating from CLSA for BYD COMPANY (01211.HK) is based on several key factors. They believe that the company's product and technology cycles are back on track, indicating a positive outlook for its innovation and offerings. Additionally, BYD has established a solid business foundation in overseas markets, which suggests potential for growth outside of China. As a result, CLSA has rated BYD as a High-Conviction Outperform, with a target price of HKD130. This rating reflects confidence in BYD's ability to navigate the challenges in the Chinese electric vehicle market, particularly in light of anticipated declines in domestic auto sales.

The analyst rating from Goldman Sachs for BYD COMPANY is based on several key factors: 1. Long-term Overseas Expansion: The management's confidence in achieving overseas sales of 1.5 million units by 2026 is seen as a significant driver for profit growth. 2. Market Growth Potential: Goldman Sachs expects overseas markets to be the primary growth driver for the company over the next decade, with projected overseas sales (excluding the US) reaching between 1.5 to 3.5 million units from 2026 to 2035. 3. Earnings Growth Forecast: The broker anticipates a compound annual growth rate (CAGR) for earnings of 30% from 2025 to 2028, indicating strong financial performance. 4. Increasing Profit Contribution from Overseas: The forecasted increase in overseas profit contribution from 21% in 2024 to 60% in 2028 suggests a significant shift in the company's revenue sources. 5. Product Competitiveness: The expected increase in NEV (New Energy Vehicle) penetration and BYD's competitive product offerings are likely to enhance its market share. These factors collectively support Goldman Sachs' "Buy" rating and target prices of $141 for H-shares and RMB 144 for A-shares.