BOCOM INTL: Maintains "buy" rating on BYD COMPANY (01211) with target price raised to HK$138.53

BOCOM INTL released a research report stating that it maintains a "buy" rating for BYD COMPANY (01211), optimistic about the increased profits brought by overseas expansion and upgrading to higher-end products. It has raised its earnings forecasts by 7.1% and 8.8% for the years 2026-2027, and raised the target price to HKD 138.53. BYD Company Limited achieved revenue of 237.7 billion RMB in the fourth quarter of last year, with a net profit attributable to mothers of 9.29 billion RMB. The report mentions that the gross profit margin of BYD Company Limited in the fourth quarter of last year was 17.4%, with strict cost control ensuring a stable profit base. Looking ahead, competition in the mainland Chinese market will continue, but the transition to the new generation of hybrid technology and the ramp-up of production capacity overseas (Southeast Asia/Latin America/Europe) will be the key profit catalysts. With the pricing power brought by deep vertical integration, the company's global footprint is accelerating.