Citigroup: Expects BYD's megawatt flash charging technology to lead the market for at least six months, maintains a "buy" rating.

Citigroup released a research report stating that they experienced BYD's megawatt flash charging in Shenzhen and summarized the key points from expert conference calls and investor feedback. The bank believes that advanced batteries and charging capabilities require systematic technological advancements that are not easily replicated by competitors, estimating that this could give BYD at least 6 months of market-leading time. Building ultra-fast charging facilities can generate overflow effects by strengthening BYD's brand competitiveness, and the bank believes that this investment is worthwhile. Citigroup maintains its sales forecast for 2026 at 5.39 million vehicles, with overseas sales estimated at 1.5 to 1.6 million vehicles, and domestic sales expected to be around 3.7 to 3.8 million vehicles in 2026. With the advanced technology of ultra-fast charging, the bank expects BYD to focus on high-end brands this year, maintaining a "buy" rating on its H shares with a target price of HK$174.