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<Research>CMS Lowers BYD COMPANY's TP to HKD130; Growth Momentum Expected to Shift to Overseas Mkts
Recommend 25 Positive 46 Negative 18 |
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BYD COMPANY (01211.HK)'s 3Q25 net profit dropped by 32.6% YoY but rose by 23.1% QoQ to RMB7.823 billion, falling short of market expectations, according to CMS' research report. During the period, the carmaker's GPM rebounded by 4.6 ppts YoY or 1.3 ppts QoQ to 17.6%. CMS attributed an increase of 42.7% YoY or 9.5% QoQ in gross profit per unit to the slowdown in the price war. That said, the anti-involution campaign would limit BYD COMPANY's expansion capacity in the domestic market and weigh down its growth, making its growth potential shift from domestic to overseas markets. Its growth momentum is expected to resume only after overseas volumes increase in 2026. CMS cut its 2025-27 net profit forecasts for BYD COMPANY by 19%/ 16%/ 14%. BYD COMPANY's target price also dropped from HKD145 to HKD130, but its Overweight rating remained unchanged. AAStocks Financial News |
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