Lyon released a research report stating that BYD Company Limited's net profit in the third quarter increased by 11.5% year-on-year, and the gross margin improved by 3.2 percentage points from the previous quarter, slightly better than market expectations. Excluding income from BYD Electronic (00285.HK), the bank expects a net profit per vehicle of 9,300 RMB in the third quarter, an 8.7% increase from the previous quarter, and anticipates that BYD's net profit per vehicle in the fourth quarter will continue to improve.

Lyon stated that in the long term, BYD Company Limited has great potential for export and profit growth under the promotion of new vehicle models, channel expansion, and more factories. It reiterated its 'outperform the market' rating and set a target price of 380 yuan.