Lyon: Maintain BYD COMPANY (01211) "highly confident of outperforming the market" rating, raise target price to HKD 483.

Lyon released a research report stating that it maintains a "highly confident of outperforming the market" rating for BYD COMPANY (01211) and has raised the target price of BYD Company Limited H shares from 443 Hong Kong dollars to 483 Hong Kong dollars. The bank stated that BYD Company Limited's stock price has more than 32% upside potential, as the current valuation has not fully reflected the technology moat of BYD Company Limited and the revaluation trend brought by the increase in export profits. Lyon pointed out that BYD Company Limited's increasingly leading position in the Chinese market and strong export momentum will drive short-term profits beyond expectations and lay the foundation for long-term success. One month after the release of BYD Company Limited's intelligent driving technology, the bank saw that its strategy successfully alleviated competitive pressure, with shipments in the first quarter of this year increasing by about 60% year-on-year and market share continuing to increase. In terms of profitability, the bank estimates that BYD Company Limited's export volume in the first quarter of this year increased by 104% year-on-year, driving the profit per vehicle to reach 9,000 Chinese yuan.