East Asia Securities released a research report stating that it has given BYD Company (01211) a "Shareholding" investment rating, with a Target Price of 310 Hong Kong dollars, equivalent to earnings per share of 16.2 yuan in 2025, and a target PE of approximately 17.7 times. The firm expects that BYD's New energy Fund will maintain relatively high-speed sales growth in 2025, mainly due to the continuous launch of new vehicles equipped with the fifth-generation DM technology, and the contribution from overseas sales is expected to continue to rise quickly. At the same time, as the scale effect brought about by the increase in sales and production, the sales proportion of high-end models is expected to increase, and the implementation of intelligent driving applications will help increase prices, it is estimated that the gross margin can be maintained at a level above the industry average.