Lyon: Bullish on BYD COMPANY (01211) Overseas Business Consolidation, Highly Confident of Outperforming the Market Rating.

Lyon releases research report, continues to be optimistic about BYD COMPANY (01211) as its product and technology cycle is returning to the right track, and has established a solid business foundation in overseas markets; rating is outperform market with a target price of 130 Hong Kong dollars. Although facing challenges in the domestic market, Chinese electric vehicles are gaining significant momentum in international markets and maintaining high profit margins, indicating that challenges in the domestic market have been fully reflected in the stock price, while peripheral markets provide more upside potential. Overall, the bank expects total passenger car and electric vehicle sales to reach 29.6 million and 18.6 million respectively by 2026, based on an electric vehicle penetration rate of 62.8%.