Yamato: Raise the target price of BYD Company (01211) to HKD 484 and maintain a "buy" rating.

Daiwa released a research report stating that it has raised the target price of BYD Company Limited (01211) by 12.3%, from 431 Hong Kong dollars to 484 Hong Kong dollars, while maintaining a "buy" rating. Daiwa expects good sales prospects for 2025-2027, with market share increasing from joint venture brands JV in overseas expansion and the electric and intelligent environment. It has raised the company's sales forecast for 2025-2026 by 5% to 5.5-6.3 million vehicles, while also increasing its net profit forecast for 2025-2026 by 10%. Daiwa stated that the preliminary data for the first quarter of 2025 for BYD Company Limited indicates strong performance, benefiting from a good product mix and 20% overseas sales contribution, with a year-on-year net profit increase of 85-118% to 8.5-10 billion yuan. The profit margin per vehicle is already very strong. BYD Company Limited recently introduced flash charging technology and the super e-platform, with a maximum charging rate of 10C. The company is likely to introduce 10C fast charging into mass market models, and Daiwa believes this will be integrated into popular models by 2026. The company's overseas expansion is still ongoing, and due to not directly selling new energy vehicles to the US, it is not directly affected by the China-US trade tensions.