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<Research>G Sachs: BYD COMPANY (01211.HK) Confident in Overseas Expansion as Overseas Mkts Key to Future Growth
Recommend 28 Positive 44 Negative 18 |
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BYD COMPANY (01211.HK)(002594.SZ)'s management was confident in long-term overseas expansion, targeting overseas sales of 1.5 million units in 2026, which will drive profit growth, according to Goldman Sachs' research report. Although the management acknowledged uncertainties in China's market demand, the Company still plans to announce key technologies and launch new products in 1Q26, adopting a more flexible pricing strategy. Goldman Sachs expected overseas markets to be the key growth driver for the Company over the next decade, and forecasted 2026-2035 overseas sales excluding the US to reach 1.5-3.5 million units, driven by the increase of NEV penetration rate to a mass adoption phrase supported by increasing supply of model, and BYD COMPANY's market share gain boosted by its product competitiveness. The broker projected the Company's CAGR for earnings in 2025-2028 to reach 30%, with overseas profit contribution rising from 21% in 2024 to 60% in 2028. Therefore, Goldman Sachs kept rating at Buy, with target prices of $141/ RMB144 for H-/ A-shares. AASTOCKS Financial News Website: www.aastocks.com |
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