Citibank: Raises BYD's target price to HK$727. The export pattern of passenger cars in the first four months is more favorable to it.

Citigroup released a report stating that, after raising the target price for BYD to 688 Hong Kong dollars on February 15th, the current situation of China's passenger car exports in the first four months of this year is more favorable for BYD. The bank explained that the astonishing export growth of plug-in hybrid cars has not yet become a market consensus; BYD's market share of pure electric car exports has increased significantly from 23% in 2024 to 38% in the first four months of this year; the catalyzed third quarter of the Chinese domestic market; and being in the best position for price reductions in 2026. The bank has raised its target price from 688 Hong Kong dollars to 727 Hong Kong dollars.