Zhitong Finance APP was informed that Bank of Communications International released a research report saying that it maintained a “buy” rating on BYD shares (01211) with a target price of HK$382. It is believed that the company’s strong new energy vehicle product cycle will drive sales and profitability in the long run. The bank believes its leading plug-in hybrid electric vehicle (PHEV) model should help secure its lead in the mass market. In addition, the company actively promotes new models in overseas markets such as Europe, Japan and Australia, and has won good orders. It is expected that overseas markets will be another growth driver for the company next year.
The report mentioned that the company released the September sales report, and the sales volume of new energy vehicles was 211,300 units, a year-on-year increase of 183.07%. Among them, the export sales of new energy passenger vehicles were 7,736 units, an increase of 52% from the previous month. Among the main models, Han, Tang, Dolphin and other models have strong month-on-month growth, while Seal is constrained by the production capacity of the Changzhou factory, and its sales rate is expected to increase in the fourth quarter.