Citigroup: BYD Co., Ltd. (01211.HK) first-quarter net profit meets market expectations and maintains its status as "industry preferred"

According to the Wisdom Financial APP, Citigroup released a research report stating that BYD (01211.HK) had a first quarter net profit of 9.16 billion RMB (below), an increase of 100% year-on-year, in line with market expectations. The bank expects second quarter shipments to increase by 25 to 35% quarterly to at least 1.25 million units. Excluding the profits of BYD Electronics, the bank estimates that BYD's net profit per vehicle in the first quarter of this year is about 8,733 RMB, and expects that BYD's net profit per vehicle in the first half of the year will stabilize at around 9,000 RMB. The bank believes that BYD's three key sales benchmarks (wholesale/domestic retail/export) should all show a month-on-month increase in April. Citigroup maintains BYD as its "industry top pick".