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<Research>CMS: BYD COMPANY's New Platform Boosts GPM; Mid-to-long Term Overseas Outlook Positive
China Merchants Securities released a report noting that BYD COMPANY (01211.HK) achieved a net profit of RMB11.61 billion in 3Q, up 11.5% YoY, slightly above market expectations by...
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<Research>CMS: BYD COMPANY's New Platform Boosts GPM; Mid-to-long Term Overseas Outlook Positive
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China Merchants Securities released a report noting that BYD COMPANY (01211.HK)  -3.800 (-1.350%)    Short selling $115.03M; Ratio 14.807%   achieved a net profit of RMB11.61 billion in 3Q, up 11.5% YoY, slightly above market expectations by 3%. The broker maintained the Overweight rating with a TP of $360.

Benefiting from the trade-in policy and the policy promoting the expansion of new energy vehicles in rural areas, the company's domestic and international business growth showed high certainty, making it one of the broker's top recommended stocks in the industry.

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In addition, BYD COMPANY sold around 414,000 vehicles of the DM5.0 model in 3Q, accounting for 36.7% of the total. The DM5.0 platform is priced higher than the lower-priced Glory Edition and has a cost advantage with a stronger integration, which is conducive to improving the overall profit margin. It is expected that the coverage rate of the company's new platform models will increase in 4Q and 2025, while the vehicle GPM will remain stable.

Regarding overseas markets, BYD COMPANY's 1-3Q exports grew by 102% to 294,000 vehicles, according to the report. In 3Q, the export sales ratio slightly dropped to 8.1% due to disturbances from the economic environment and trade protection policies in some overseas regions. However, it is anticipated that there will be robust growth, with a positive medium- to long-term outlook, in 2025 as driven by both export and localization processes.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-11-01 12:25.)

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