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<Research>CICC Foresees BYD's Overseas Sales to Top Guidance This Yr; Rating Outperform
Recommend 22 Positive 38 Negative 12 |
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BYD COMPANY (01211.HK)(002594.SZ) sold 344,000 units in July, remaining roughly flat YoY, with a total of 2.49 million units from January to July, marking a 27% YoY upswing, achieving rapid growth, CICC's research report said. Among these, overseas sales totaled 524,000 units, reflecting a YoY rally of 1.24 times, on the back of the deepening layout in multiple regional markets and the gradual establishment of overseas brand momentum. In July, sales of Fangchengbao and Denza were 14,000 and 11,000 units respectively, representing YoY leap of 6.7 times and 10%, achieving rapid growth. In terms of overseas markets, the company has introduced several executives who previously worked in overseas car companies starting in 2024, and started adjusting product strategies at the end of 2024 by introducing multiple PHEV models. In terms of channels, the company aims to establish 500 sales points in Europe by the end of 2025, with approximately 250 by March 2024. The broker viewed that the company's overseas sales in 2025 are likely to topple the initial targets set at the beginning of the year, and was optimistic about the company's medium- to long-term growth in overseas markets. It maintained an Outperform rating and kept the target prices for A-shares and H-shares unchanged at RMB161.3 and HKD178 respectively. AASTOCKS Financial News Website: www.aastocks.com |
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