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<Research>Citi Keeps Buy on BYD COMPANY, Anticipates 2Q Core NP Upper Limit at RMB11.3B
Recommend 10 Positive 24 Negative 12 |
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According to a report from Citi, BYD COMPANY (01211.HK)'s 1Q26 net profit of RMB4.1 billion was in line with the broker's expectations, but it fell short of the market consensus of RMB5 billion. The earnings miss was mainly due to RMB2 billion in foreign exchange losses in 1Q26, compared with foreign exchange gains of about RMB1.9 billion in the same period last year. Citi kept a Buy rating and a target price of HKD142 on BYD COMPANY, expecting market focus to shift to order intake and delivery volume in early May and to comparison with GEELY AUTO (00175.HK)'s 1Q26 results. Assuming relevant conditions continue into 2Q26 with unchanged capital expenditure and R&D intensity, the upper limit of BYD COMPANY's core net profit (excluding BYD Electronic and foreign exchange impact) could reach RMB11.3 billion should 2Q26 sales reach 1.12 million vehicles. Auto-translated by AI AASTOCKS Financial News |
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