Nomura: BYD's overseas sales may lead revenue growth, maintaining a buy rating.

Nomura analysts said in a report that BYD's overseas sales may account for nearly 50% of its automotive business revenue this year, and may surpass this threshold next year. They stated that as BYD continues to expand overseas and concerns about rising fuel prices intensify, global in-store traffic and order trends are increasing. At the same time, they said the company's top priorities in the domestic market are reducing inventory and increasing production capacity of its next-generation battery called Blade Battery 2.0. Nomura lowered its shipment forecast for 2026 by 13%. The brokerage maintained its buy rating on the stock, but lowered its target price from RMB 133.00 to RMB 123.00.