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<Research>Citi Names BYD COMPANY, GEELY AUTO as Top Picks; Rapid Rise in NEV Sales Penetration Favors CN Auto Leaders
Recommend 11 Positive 16 Negative 6 |
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After scrutinizing Thinkercar's weekly wholesale data (domestic plus exports), Citi found that BYD COMPANY (01211.HK) recorded a 3% MoM rebound in average daily shipments in the first 26 days of April, outperforming the overall industry's 5.8% MoM decline. Performance in the past week also improved significantly from the roughly 18% MoM drop seen in the first 19 days of April. Data also showed that GEELY AUTO (00175.HK) posted a 17% MoM increase in average daily shipments over the same period, substantially outperforming peers. The sales penetration rate of new energy vehicles (NEVs) rose sharply in both export and domestic markets, which the report stressed should benefit leading domestic automakers and further erode the market share of joint-venture brands in 2H26. Citi's top picks include BYD COMPANY, GEELY AUTO, LEAPMOTOR (09863.HK), and NIO-SW (09866.HK). BYD COMPANY's rating remains Buy, along with a target price of HKD142. Auto-translated by AI AASTOCKS Financial News |
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