Jinwu Financial News | Goldman Sachs stated that BYD (01211) experienced a year-on-year sales increase of 59% in November, with the highest year-on-year increase in market share, reaching 1.7 percentage points. The average Trade price also remained stable, increasing by 1% month-on-month. BYD started deliveries of two high-end models in November 2024—Denza Z9 GT (711 units) and Equation Leopard 08 (2,500 units).

Looking ahead, the firm expects that with 1) the continuous increase in production of Denza Z9 GT and Equation Leopard 08; 2) the delivery of another high-end model, Denza Z9, starting on December 6; 3) the company continues to adjust production capacity to meet the growing demand, the monthly delivery volume and average selling price will increase.

The firm rated BYD as 'Buy', with a Target Price of 376 RMB / 359 HKD. Risks include: (1) Intensifying competition in the electric vehicle market; (2) Slower than expected progress in overseas expansion; (3) External Battery sales below expectations.