According to the Futu Securities app, Goldman Sachs released a research report maintaining a "buy" rating on BYD Company Limited (01211) and raised its net income forecast for the fiscal years 2024 to 2026 by 1% to 6%, and its target price by 5% to HKD 310. The company has seen continued growth in its sales as new car deliveries increased starting in May this year, with August sales reaching a record high of 0.371 million units.

The bank expects BYD to launch at least six new car models in the remaining time this year, which will further drive an increase in monthly deliveries. Therefore, the bank has raised its sales forecast for BYD for the whole year from 3.8 million units to 4 million units. The bank stated that BYD's expanding scale, shift in car sales structure towards new "DM5.0" technology and high-end car brands will continue to bring better economic benefits and profits per unit.

Goldman Sachs expects BYD's sales volume in the third quarter of this year to increase by 10% compared to the previous quarter; the gross margin is expected to recover from 18.7% to 19.7%; and the profit per unit is expected to increase from RMB 9,200 to RMB 9,900.