According to the report released by Nikko, they reiterated the "buy" rating for BYD Company (01211), with the estimated CAGR of sales volume, revenue, and profit being 18%, 17%, and 20% respectively from fiscal year 2023 to 2026. The target price has been raised from HKD 276 to HKD 305.

The report pointed out that, in the challenging automotive market environment in mainland China, BYD Company is believed to continue to maintain its leading position in the electric vehicle market, especially in the mass market segment with prices below 200,000 yuan. Its overseas business plan also has prospects. Nomura slightly raised the predicted electric vehicle sales volume for BYD in the fiscal year of 2024 and 2025 by 1.8% and 2.7% respectively, and the gross margin by 0.6 and 0.7 percentage points. The predicted operating profit margin was lowered by 0.8 and 0.9 percentage points respectively.