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Citi Research

initiated

$174

2025-11-14

Reason

Citi Research has placed BYD COMPANY on a 90-day upside catalyst watch due to several key factors. Firstly, the firm's FY2026 net profit is expected to have a significantly reduced correlation with domestic NEV (New Energy Vehicle) sales, decreasing from over 50% in the past to potentially just 13%. This suggests a diversification in revenue sources, which could stabilize profits. Additionally, Citi believes that market expectations for BYD's domestic NEV business performance have reached a low point, indicating potential for recovery. With the introduction of a new model cycle in China in 1Q26, the risk-reward scenario from ongoing de-stocking is seen as favorable. Consequently, Citi has rated BYD COMPANY as a "Buy" and set a target price of $174, making it their top pick in the sector.

Citi Research

Price Target

$174

2025-11-14

initiated

Citi Research has placed BYD COMPANY on a 90-day upside catalyst watch due to several key factors. Firstly, the firm's FY2026 net profit is expected to have a significantly reduced correlation with domestic NEV (New Energy Vehicle) sales, decreasing from over 50% in the past to potentially just 13%. This suggests a diversification in revenue sources, which could stabilize profits. Additionally, Citi believes that market expectations for BYD's domestic NEV business performance have reached a low point, indicating potential for recovery. With the introduction of a new model cycle in China in 1Q26, the risk-reward scenario from ongoing de-stocking is seen as favorable. Consequently, Citi has rated BYD COMPANY as a "Buy" and set a target price of $174, making it their top pick in the sector.

Goldman Sachs

maintain

$141

2025-11-10

Reason

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.

Goldman Sachs

Price Target

$141

2025-11-10

maintain

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.

DBS

DBS Research

Buy

downgrade

$150 -> $140

2025-11-05

Reason

The analyst rating for BYD COMPANY (01211.HK) is maintained as a Buy by DBS Research, despite a trimmed target price from HKD150 to HKD140. The reasoning behind this rating includes the company's rapid expansion into overseas markets to counteract narrowing margins in the domestic market, with overseas sales growing significantly by 134% year-over-year. The expectation that the proportion of exports will increase substantially in the coming years further supports the positive outlook. Additionally, the analyst suggests that while short-term volatility in share price may occur, investors should consider buying on dips, as scale and cost efficiency are anticipated to improve following the initial investment phase of new product launches and international expansion.

DBS

Buy

Price Target

$150 -> $140

2025-11-05

downgrade

The analyst rating for BYD COMPANY (01211.HK) is maintained as a Buy by DBS Research, despite a trimmed target price from HKD150 to HKD140. The reasoning behind this rating includes the company's rapid expansion into overseas markets to counteract narrowing margins in the domestic market, with overseas sales growing significantly by 134% year-over-year. The expectation that the proportion of exports will increase substantially in the coming years further supports the positive outlook. Additionally, the analyst suggests that while short-term volatility in share price may occur, investors should consider buying on dips, as scale and cost efficiency are anticipated to improve following the initial investment phase of new product launches and international expansion.

Goldman Sachs

Buy

maintain

$130 -> $141

2025-11-04

Reason

The analyst rating from Goldman Sachs is based on the expectation that overseas markets will become a significant growth engine for BYD COMPANY over the next decade. They have raised their sales forecast for the carmaker's overseas markets outside the US by 5-14%, anticipating sales of 1.5-3.5 million cars by 2026-2035. The report highlights that BYD's electric vehicle penetration in key overseas markets is currently lagging behind China by about four years, but it is expected to catch up by 2028, leading to a projected market size of 28 million cars by 2035. This positive outlook has led Goldman Sachs to raise its target price for BYD COMPANY by 8% to HKD141, maintaining a Buy rating.

Goldman Sachs

Buy

Price Target

$130 -> $141

2025-11-04

maintain

The analyst rating from Goldman Sachs is based on the expectation that overseas markets will become a significant growth engine for BYD COMPANY over the next decade. They have raised their sales forecast for the carmaker's overseas markets outside the US by 5-14%, anticipating sales of 1.5-3.5 million cars by 2026-2035. The report highlights that BYD's electric vehicle penetration in key overseas markets is currently lagging behind China by about four years, but it is expected to catch up by 2028, leading to a projected market size of 28 million cars by 2035. This positive outlook has led Goldman Sachs to raise its target price for BYD COMPANY by 8% to HKD141, maintaining a Buy rating.

CMS

Overweight

downgrade

$145 -> $130

2025-11-03

Reason

The analyst rating for BYD COMPANY remains "Overweight" despite a cut in net profit forecasts and a decrease in target price. The reasoning behind this rating is attributed to the company's rebound in gross profit margin (GPM) and an increase in gross profit per unit due to a slowdown in the price war. However, the analysts acknowledge that the anti-involution campaign will limit BYD's expansion in the domestic market, shifting growth potential to overseas markets, with a recovery in growth momentum expected only after 2026.

CMS

Overweight

Price Target

$145 -> $130

2025-11-03

downgrade

The analyst rating for BYD COMPANY remains "Overweight" despite a cut in net profit forecasts and a decrease in target price. The reasoning behind this rating is attributed to the company's rebound in gross profit margin (GPM) and an increase in gross profit per unit due to a slowdown in the price war. However, the analysts acknowledge that the anti-involution campaign will limit BYD's expansion in the domestic market, shifting growth potential to overseas markets, with a recovery in growth momentum expected only after 2026.

Morgan Stanley

Overweight

downgrade

$130 -> $126

2025-10-31

Reason

The analyst rating for BYD COMPANY was influenced by several factors outlined in the Morgan Stanley report. The key reasons for the lowered sales forecasts for 2025-27 include: 1. Decline in Domestic Demand: There is an anticipated decrease in domestic demand for BYD's vehicles, attributed to increased competition in the market. 2. Increased NEV Purchase Tax: The introduction of a new purchase tax for New Energy Vehicles (NEVs) in 2026 is expected to further dampen sales. 3. Adjusted Average Selling Price (ASP) Assumptions: The adjustments in sales forecasts led to a corresponding reduction in revenue forecasts by 4% for the same period. 4. Revised Gross Margin Forecasts: The gross margin forecasts were lowered due to ongoing competition and the expectation of lower margins from overseas production as it ramps up. 5. Trimming of Net Profit and EPS Forecasts: As a result of the above factors, the broker reduced BYD's net profit and earnings per share (EPS) forecasts for 2025-27 by 7%/8%/7%. Overall, these adjustments reflect a more cautious outlook on BYD's performance in the coming years, leading to a reduction in the target price from HKD130 to HKD126, while maintaining an Overweight rating.

Morgan Stanley

Overweight

Price Target

$130 -> $126

2025-10-31

downgrade

The analyst rating for BYD COMPANY was influenced by several factors outlined in the Morgan Stanley report. The key reasons for the lowered sales forecasts for 2025-27 include: 1. Decline in Domestic Demand: There is an anticipated decrease in domestic demand for BYD's vehicles, attributed to increased competition in the market. 2. Increased NEV Purchase Tax: The introduction of a new purchase tax for New Energy Vehicles (NEVs) in 2026 is expected to further dampen sales. 3. Adjusted Average Selling Price (ASP) Assumptions: The adjustments in sales forecasts led to a corresponding reduction in revenue forecasts by 4% for the same period. 4. Revised Gross Margin Forecasts: The gross margin forecasts were lowered due to ongoing competition and the expectation of lower margins from overseas production as it ramps up. 5. Trimming of Net Profit and EPS Forecasts: As a result of the above factors, the broker reduced BYD's net profit and earnings per share (EPS) forecasts for 2025-27 by 7%/8%/7%. Overall, these adjustments reflect a more cautious outlook on BYD's performance in the coming years, leading to a reduction in the target price from HKD130 to HKD126, while maintaining an Overweight rating.

Goldman Sachs

maintain

$130

2025-10-31

Reason

The analyst rating from Goldman Sachs for BYD COMPANY is a "Buy" due to a combination of factors. Despite a 3% drop in revenue year-over-year and quarter-over-quarter, which was 11% lower than expectations, the company's gross profit margin (GPM) improved to 17.6%, surpassing both the broker's expectation of 17.4% and the previous quarter's 16.3%. This improvement in GPM is attributed to ongoing optimization of material costs. The target price set by Goldman Sachs is HKD130, indicating a positive outlook despite the recent revenue decline.

Goldman Sachs

Price Target

$130

2025-10-31

maintain

The analyst rating from Goldman Sachs for BYD COMPANY is a "Buy" due to a combination of factors. Despite a 3% drop in revenue year-over-year and quarter-over-quarter, which was 11% lower than expectations, the company's gross profit margin (GPM) improved to 17.6%, surpassing both the broker's expectation of 17.4% and the previous quarter's 16.3%. This improvement in GPM is attributed to ongoing optimization of material costs. The target price set by Goldman Sachs is HKD130, indicating a positive outlook despite the recent revenue decline.

UBS

Buy

maintain

$160

2025-10-31

Reason

The analyst rating from UBS is reaffirmed at "Buy" due to encouraging signs in BYD COMPANY's 3Q25 results, specifically highlighting a 23% rebound in net profit from the 2Q25 trough, despite a year-over-year decline in net profit. This recovery in net profit margin contributed to UBS's positive outlook, leading to a target price of $160.

UBS

Buy

Price Target

$160

2025-10-31

maintain

The analyst rating from UBS is reaffirmed at "Buy" due to encouraging signs in BYD COMPANY's 3Q25 results, specifically highlighting a 23% rebound in net profit from the 2Q25 trough, despite a year-over-year decline in net profit. This recovery in net profit margin contributed to UBS's positive outlook, leading to a target price of $160.

Nomura

maintain

HKD132

2025-10-31

Reason

The analyst rating for BYD Company (01211.HK) is maintained as "Buy" by Nomura, despite the company's recent operational challenges. The reasons for this rating include: 1. Mediocre Performance: BYD reported a 3Q25 revenue decline of 3% year-over-year and quarter-over-quarter, with shipments also down by 2% and 3%, indicating overall weak performance. 2. Stable ASP: The average selling price (ASP) of cars remained stable, influenced by the "anti-involution" trend in the Chinese automotive market and the introduction of new models. 3. Operational Challenges: Nomura noted that BYD is facing operational challenges, particularly due to a lack of success in its intelligent driving strategy this year. 4. Future Potential: The broker believes that a turnaround may be possible once BYD announces its new development strategy in 1Q26, suggesting that there is potential for improvement in the future. Overall, while there are current challenges, the expectation of a future strategy and potential recovery supports the "Buy" rating with a target price of HKD132.

Nomura

Price Target

HKD132

2025-10-31

maintain

The analyst rating for BYD Company (01211.HK) is maintained as "Buy" by Nomura, despite the company's recent operational challenges. The reasons for this rating include: 1. Mediocre Performance: BYD reported a 3Q25 revenue decline of 3% year-over-year and quarter-over-quarter, with shipments also down by 2% and 3%, indicating overall weak performance. 2. Stable ASP: The average selling price (ASP) of cars remained stable, influenced by the "anti-involution" trend in the Chinese automotive market and the introduction of new models. 3. Operational Challenges: Nomura noted that BYD is facing operational challenges, particularly due to a lack of success in its intelligent driving strategy this year. 4. Future Potential: The broker believes that a turnaround may be possible once BYD announces its new development strategy in 1Q26, suggesting that there is potential for improvement in the future. Overall, while there are current challenges, the expectation of a future strategy and potential recovery supports the "Buy" rating with a target price of HKD132.

BofA Securities

Buy

downgrade

$141 -> $137

2025-10-31

Reason

The analyst rating for BYD COMPANY (01211.HK) is maintained at "Buy" despite a reduction in revenue and earnings forecasts. The reasoning behind this rating is based on the expectation that the company will implement a series of measures to stimulate demand, which could positively impact its performance in the future. Additionally, while there was a decline in revenue and net profit, the improvement in gross profit margin on a quarter-over-quarter basis suggests potential for recovery.

BofA Securities

Buy

Price Target

$141 -> $137

2025-10-31

downgrade

The analyst rating for BYD COMPANY (01211.HK) is maintained at "Buy" despite a reduction in revenue and earnings forecasts. The reasoning behind this rating is based on the expectation that the company will implement a series of measures to stimulate demand, which could positively impact its performance in the future. Additionally, while there was a decline in revenue and net profit, the improvement in gross profit margin on a quarter-over-quarter basis suggests potential for recovery.

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