Goldman Sachs keeps Buy rating on BYD Company with HK$134 target price

Deep News10-15 16:24

Goldman Sachs has released a research report stating that BYD Company (01211) is scheduled to announce its third-quarter results on October 29. The investment bank maintains its "Buy" rating on BYD Company (which remains on its Conviction Buy List), with the H-share target price kept at HK$134.

The bank forecasts that BYD Company's third-quarter revenue will reach RMB 242.936 billion, representing a 25% year-on-year increase and a 25% quarter-on-quarter rise. Net profit is projected at RMB 11.5 billion, up 47% year-on-year and up 39% quarter-on-quarter. This strong performance is mainly driven by a 19% year-on-year and quarter-on-quarter increase in sales volume, while its domestic new energy vehicle retail market share climbed from 22% in the second quarter to 25% in the third quarter.

The report notes that the European Commission has confirmed it will limit Chinese imports of hybrid electric vehicles (including HEVs and PHEVs) to 350,000 units per year starting December 1, 2026, for a period of four years. However, vehicles assembled locally by Chinese brands in the region will be exempt. BYD Company's plant in Hungary is expected to begin production by the end of 2026, with a planned capacity of 300,000 units, which is expected to leverage local production capacity to support overseas sales growth.

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The investment bank maintains its \"Buy\" rating on BYD Company (which remains on its Conviction Buy List), with the H-share target price kept at HK$134.The bank forecasts that BYD Company's third-quarter revenue will reach RMB 242.936 billion, representing a 25% year-on-year increase and a 25% quarter-on-quarter rise. Net profit is projected at RMB 11.5 billion, up 47% year-on-year and up 39% quarter-on-quarter. This strong performance is mainly driven by a 19% year-on-year and quarter-on-quarter increase in sales volume, while its domestic new energy vehicle retail market share climbed from 22% in the second quarter to 25% in the third quarter.The report notes that the European Commission has confirmed it will limit Chinese imports of hybrid electric vehicles (including HEVs and PHEVs) to 350,000 units per year starting December 1, 2026, for a period of four years. However, vehicles assembled locally by Chinese brands in the region will be exempt. 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