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<Research>BOCOMI Raises BYD COMPANY (01211.HK) TP to HKD138.53, Maintains Buy Rating
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14
Positive
21
Negative
7
BOCOMI report wrote that BYD COMPANY (01211.HK) faced margin pressure in 4Q25 under industry competition, with the gross margin briefly pressured to 17.4%. However, stringent cost control ensured a solid earnings base. Looking ahead, the rollout of next-generation hybrid technology and the ramp-up of production capacity overseas (Southeast Asia, Latin America, and Europe) will serve as key profit catalysts. The company's global expansion is accelerating.

The broker noted that BYD achieved revenue of RMB237.7 billion and a net profit attributable to parent of RMB9.29 billion in 4Q25. The broker was bullish about the profit enhancement from overseas and high-end market expansion, raising BYD's EPS forecasts for 2026-27 by 7.1% and 8.8%, respectively, and increasing the target price to HKD138.53, while maintaining a Buy rating.

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