Citi: Maintains "Buy" rating on BYD COMPANY (01211), target price HK$114

Citi issued a research report noting that as of the end of October 2026, battery electric vehicles accounted for 50.9% of BYD COMPANY (01211)'s export sales; during the same period, the blended suggested retail price of BYD Company Limited's globally exported models was RMB337,000, up 3% month-on-month. The bank maintained its "Buy" rating on BYD Company Limited with a target price of HK$114. According to the bank's field research findings, in the UK market, the official price of the Atto 3 remained at approximately GBP37,000, with dealer discounts of 7%, up slightly 0.2 percentage points from last month; the official price of the Dolphin was stable at approximately GBP25,500, with dealer discounts of 6.9%, up 0.4 percentage points from last month. In the Australian market, the official price of the Atto 3 was approximately AUD49,000, with dealers offering a 7.6% discount, up 0.3 percentage points from last month; the official price of the Dolphin was approximately AUD36,900, with dealer discounts of 7.3%, also up 0.3 percentage points from last month. In the Brazilian market, the official price of the Atto 3 remained at BRL229,800, with dealers offering a 10% discount, up 0.4 percentage points from last month; the official price of the Dolphin was BRL149,800, with dealer discounts also at 10%, up 0.7 percentage points from last month. Citi analyzed that BYD Company Limited's pricing in major overseas markets remained stable, but dealer discounts widened slightly.