On June 13th, Citigroup released a report, observing the rise of BYD for 30 days and believing that the increase in EU tariffs is slightly bullish for BYD. The bank originally expected tariffs to reach 30%, but now believe that the increased visibility in export growth for Q2 and Q3 of BYD in Europe. Compared with other Chinese companies, BYD's tariffs in the European Union are lower, which means that the group's market share in the European Union has expanded somewhat. According to the bank's analysis, even if EU tariffs are raised to 27.4%, BYD's exports to Europe can still achieve a net income rate of 8.6% at current production levels (assuming 50% of the tariff increase is borne by the customer), which the bank believes is higher than the net profit level per vehicle in the mainland market. The bank expects BYD's net profit per vehicle for Q2 to be at least 8,000 yuan, maintaining its forecast of an average net profit per vehicle of 8,000 to 10,000 yuan for the whole year. The bank has a target price of HKD 475, a "buy" rating, and maintains its forecast of net income of RMB 51.7 billion for the 2025 fiscal year.