Goldman Sachs: Lowers BYD's target price to HK$428 and maintains a "buy" rating.

Goldman Sachs released a report stating that BYD's performance in the first quarter of this year met expectations. Looking ahead, the bank views the company as one of the most resilient automotive contract manufacturers under macroeconomic instability and ongoing competition. The bank maintains its forecast of annual sales of 5.5 million units and anticipates that gross profit in the second quarter of this year may be under pressure, potentially decreasing by 3 percentage points. It is expected that the operating profit margin will improve by 1 percentage point to 4.3% on a quarterly basis. The bank has adjusted its earnings per share forecast for BYD from this year to 2027 by 1% to 3%, and has lowered the target price of H shares from HKD 437 to HKD 428, while reiterating a "buy" rating.