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<Research>Nomura: BYD's Launch of Smart Driving Shows Reduced Aggressiveness in Price Rivalry; Earning Forecasts & TP Hiked
Recommend 7 Positive 12 Negative 10 |
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BYD COMPANY (01211.HK)'s launch of the God’s Eye smart driving system signaled that the China’s electric vehicle (EV) market leader is entering the next phase of auto sector evolution, Nomura said in a report. This development was expected to further enhance BYD’s competitive edge over peers in terms of market development pace. Nomura also viewed such move as an indication that the company aims to dial back its aggressiveness in price competition this year, thereby alleviating pressure on profit margins. The broker revised its forecasts for BYD’s EV deliveries up by 9% and 13% for 2025 and 2026, respectively, projecting 5.5 million and 6.8 million units. Revenue estimates were lifted by 9% and 10% for the same periods, with 2025's GPM and OPM projections adjusted up by 0.3 ppts. Nomura anticipated that BYD’s revenue and earnings between 2023 and 2026 will achieve CAGRs of 23% and 28%. Correspondingly, Nomura raised its target price for BYD’s H-shares from HK$375 to HK$496, maintaining its Buy rating. AAStocks Financial News |
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