Goldman Sachs: Maintains "buy" rating on BYD COMPANY (01211) and raises target price to 415 Hong Kong dollars.

Goldman Sachs released a research report stating that it maintains a "buy" rating on BYD COMPANY (01211) with a target price raised from HK$364 to HK$415. It is estimated that BYD Company Limited's revenue in the fourth quarter of last year increased by 47% year-on-year to 26.5 billion yuan, with net profit increasing by 79% year-on-year to 16 billion yuan. The average selling price excluding VAT was 129,000 yuan, and the net profit forecast for 2024-2026 was raised by 6%-9%. Goldman Sachs pointed out that BYD Company Limited delivered 1.52 million new energy vehicles in the last quarter, a year-on-year increase of 61% and a quarter-on-quarter increase of 34%. The bank expects that the growth in sales volume will drive the gross profit margin, gross profit margin of the automotive business, and EBIT profit margin to increase quarter-on-quarter.