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<Research> CLSA Rates BYD COMPANY (01211.HK) High-Conviction Outperform; 1Q Earnings and GPM Show Resilience
Recommend 13 Positive 25 Negative 10 |
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CLSA said in a research report that BYD COMPANY (01211.HK) delivered resilient earnings and gross profit margin in 1QYY. During the period, net profit reached RMB4.08 billion, down 55.4% YoY, broadly in line with the brokers and market expectations. The broker noted that BYD COMPANYs leadership in fast-charging technology is expected to lift its China market share to about 16.1% in 2026, compared with 14.8% in 2025. Recent new models equipped with fast-charging technology have seen enthusiastic market response, with the "Datang" receiving 30,000 orders within 24 hours. The broker maintained its sales forecast of 4.9 million vehicles for 2026. Owing to healthier cash flow driven by prudent capital expenditure and R&D investment, it reiterated its forecast of RMB41.8 billion in profit for the group this year. It set a TP of HKD130 for BYD COMPANY (01211.HK) H shares and RMB130 for BYD Company (002594.SZ) A shares, with both rated High-Conviction Outperform. The broker expects cost inflation pressure to persist into the second quarter and weigh on margins, but the end of the price war and sustained momentum in overseas markets will help mitigate the impact. (hc/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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