East Asia Securities: Upgrade BYD COMPANY (01211) to "buy" rating with a target price of HK$310.

East Asia Securities released a research report stating that they have a "buy" investment rating for BYD Company (01211), with a target price of 310 Hong Kong dollars, equivalent to earnings per share of 16.2 RMB in 2025, and a target P/E ratio of approximately 17.7 times. The firm predicts that BYD Company Limited's new energy vehicles will maintain high sales growth in 2025, mainly due to the launch of new vehicles with the fifth generation DM technology and the continued rapid increase in overseas sales contributions. Additionally, they believe that economies of scale resulting from increased sales and production, an expected increase in the proportion of high-end vehicle sales, and the implementation of smart driving applications will help to increase prices, estimating that its gross margin can be maintained at a level higher than the industry average.