Nomura: BYD COMPANY (01211) first quarter profit significantly improved. Rating: Buy.

Nomura released a research report stating that BYD COMPANY (01211) has announced its preliminary performance guidance for the first quarter, with expected profits between 8.5 to 10 billion RMB, a year-on-year growth of 86% to 119%. Nomura rates BYD Company Limited as a "buy" with a target price of 491 Hong Kong dollars. The bank believes that with BYD Company Limited's passenger car sales reaching 986,000 units in the first quarter of 2025, a year-on-year increase of 58%, this indicates a significant improvement in profitability for the first quarter of 2025, with estimated unit net profit of about 8500 RMB, a year-on-year growth of 34%. This is mainly attributed to the expansion of business scale, a less aggressive pricing strategy compared to a year ago, and the increased contribution from overseas markets.