Citigroup: BYD COMPANY (01211) sets global benchmark for battery charging speed in mass production, reiterates "buy" rating.

Citigroup releases research report stating that BYD COMPANY (01211) officially launched its second-generation blade battery yesterday (5th), setting a new global benchmark for charging speed in mass-produced batteries. The firm reiterates its "buy" rating for BYD Company Limited, expecting that the destocking in March, the gradual release of new car models from now to the second quarter, and the momentum of export growth in March and April will serve as the next catalyst, with a target price of HK$174. The report points out that BYD Company Limited's new battery and charging technology are currently ahead of the market by at least 1 year, and competitors will find it difficult to replicate; With strong charging performance even in low-temperature environments, BYD Company Limited will be able to further penetrate the northern China market and seize market share from traditional fuel vehicles; The new strategy will integrate its electric vehicle battery and energy storage system battery business, allowing the two to complement each other, which is believed to enhance the operational leverage of long-term battery production and potentially further reduce cost curves; The second-generation blade battery establishes new safety standards and maximum capacity attenuation limits for batteries.