Yamato released a research report saying that competition in the domestic market is fierce, and BYD Co., Ltd. (01211.HK) sells more premium models overseas to reduce the pricing pressure on Volkswagen models. According to management, the minimum export profit is 20,000 yuan per vehicle, while the profit from sales in the mainland is less than 10,000 yuan. Premium models, on the other hand, have a gross margin of at least 30%, while Volkswagen models are only 20%. The bank reaffirmed the “buy” rating and maintained the target price of HK$320.