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G Sachs Adds BYD TP to $295; Product Mix Upgrade Cements GM
Recommend 7 Positive 14 Negative 4 |
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Goldman Sachs issued a report on BYD COMPANY (01211.HK), of which 1Q24 net profit beat the broker's estimate by 15%, mainly on improved gross margin. Revenue rose only 4% YoY, with sales volume growth partially offset by lower ASP. The broker expected sales volume to grow 31% to 818,000 units in 2Q24 and profit per vehicle to rise further to RMB9,200. A recent channel review showed that after the launch of the Honor Edition in 1Q24, orders and sales have been rosy, and dealers' profits have also escalated YoY. Therefore, there is no expectation to further reduce the recommended retail price. Goldman Sachs lifted its earnings forecast for 2024-26 by 1%-4%, with product mix upgrades leading to strong gross margins. It raised its H-share TP by 2% to $295, and maintained a Buy rating. AAStocks Financial News |
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