It is reported that Bank of America Securities issued a research report, reiterating$BYD COMPANY (01211.HK)$The "Buy" rating, which boosted profits by betting on new energy vehicle sales, improved product mix and wider use of lithium iron phosphate batteries, has a target price of HK $400, with 60 per cent upside from the current price.

The company had previously posted a profit of Rmb160-17 billion last year, up 425 per cent to 458 per cent from a year earlier, in line with the bank's expectations but higher than the market forecast of 14.3 billion yuan. The bank expects BYD to make a net profit of about 10,000 yuan per car in the fourth quarter of last year.

Edit / phoebe