China Merchants Securities released a research report stating that it maintains the “gain” rating of BYD shares (01211.HK), with a target price of HK$300. Although the market is still concerned that competition in the middle- and low-end markets will affect the company's profitability, the bank believes that with outstanding integration advantages, technology-driven and large-scale capabilities, rapid export growth and increased share of high-end models can all improve profitability.