CITIC Securities: Maintain Buy Rating on BYD Co., Ltd.

China Investment Securities releases a research report on BYD Co., maintaining a "buy" rating. The company reaffirms its overseas export target of 1.6 million vehicles by 2026, with the second generation fast-charging models expected to deliver 20,000 to 30,000 vehicles per month in the second half of the year, accounting for about 30% of the annual sales. With abundant technological reserves, leading layout in L3/L4 intelligent driving, and factories in Indonesia and Hungary set to start production this year to support globalization. Despite short-term delivery pressure, the clear catalysis of new technology and new models drives strong long-term growth momentum.