Glory Times on November 4th | Bocom Intl released research reports stating that BYD Company Limited's third-quarter net profit increased by 11.5% to 11.6 billion yuan on an annual basis, with a quarterly growth of 28.1%. Revenue also increased by 24% and 14.2% annually and quarterly, respectively, with a gross margin reaching 21.9%, all exceeding expectations. Benefiting from the decline in lithium carbonate prices, economies of scale, and the mass production of the DMI 5.0 model, the gross margin of autos improved significantly on a quarterly basis, also surpassing market expectations. Looking forward to the fourth quarter as the peak season, the bank predicts that with the continuous promotion of the DMI 5.0 model, BYD auto sales in the fourth quarter are expected to increase to between 1.3 million and 1.5 million vehicles, compared to 1.13 million vehicles in the third quarter. With economies of scale, the gross margin may further improve, and as overseas factories gradually begin production, overseas market sales are expected to rise. In anticipation of the expected increase in sales volume, Bocom Intl has raised profit forecasts for BYD from 2024 to 2026 by 14%, 19.4%, and 23.3% respectively, with the listed in Hong Kong target price raised from 306.48 Hong Kong dollars to 379.22 Hong Kong dollars, maintaining a "buy" rating.