Citi published a research report, raising BYD's (01211.HK) sales forecasts for 2025 to 2027 to 5.75 million, 7.03 million, and 8.16 million units, and adjusting the Net income forecasts to 56.5 billion, 84.3 billion, and 99.2 billion yuan respectively. The Net income compound annual growth rate for 2025 to 2027 is projected at 32%, leading to an increase in the Target Price from HKD 500 to HKD 688, indicating that the company has seven catalysts. With improved asset turnover, a slowdown in capital expenditure cycles, adjustments in the sales mix, and the realization of economies of scale, Citi believes that BYD is set to experience seven growth-driving catalysts in the future, including: an increase in electric vehicle penetration in the Industry, month-on-month growth in China's automobile exports in February and March, month-on-month growth in domestic automobile wholesales in February and March, BYD potentially launching seven new models this month, expecting to launch 14 new models in March and April, the release of a new 1000V BEV platform in March, and the introduction of new models Han L and Tang L in the future.