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<Research>Jefferies Adds BYD COMPANY (01211.HK) TP to $300, Raises Sales & Earnings Forecasts for This Yr
Recommend 36 Positive 9 Negative 32 |
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Jefferies noted in a report that due to the recent strong order trend of BYD COMPANY (01211.HK), especially for DM5.0 models, it has raised its FY24 sales forecast from 3.6 million to 3.8 million, and its full-year earnings forecast to RMB34.4 billion. Jefferies also lifted its target price for BYD H-shares from HK$268 to HK$300 and maintained its Buy rating. According to the broker, although negative factors such as lower average selling price and lower export sales volume affected BYD's profitability in 2FQ, net profit per vehicle is expected to improve to RMB8,000 in the quarter due to lower research and development expenditure. The broker thus forecasted BYD's net profit in 2FQ to elevate 25% YoY to RMB8.5 billion. Jefferies also mentioned that BYD's plans for overseas expansion remain unchanged, with the export target for this year maintained at 400,000 to 500,000 units. The company's export shipments for 1H24 were 200,000 cars. Europe remained a key strategic market for BYD, and it is believed that a temporary tariff of an additional RMB20,000 per vehicle will be levied, which will be shared between the company and its dealers. BYD management told the broker that its strategy in Europe is to capture market share from overseas brands such as those from Japan and Korea. AAStocks Financial News |
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