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<Research>CMS Cuts BYD COMPANY (01211.HK) TP to $145, Rating Overweight
Recommend 17 Positive 31 Negative 21 |
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A research report by CMS wrote that BYD COMPANY (01211.HK) reported a net profit growth of 13.8% YoY to RMB15.5 billion for 1H25, which was below expectations. Revenue rose 23.3% YoY to RMB371.3 billion, missing forecast, and the gross margin ebbed 0.8 ppts YoY to 18%. The broker attributed the 1H25 results miss to price wars eroding margins and high R&D expenses undermining profit. Anti-involution measures have not hindered BYD's growth path, and the company's overseas expansion and high-end positioning will become new growth drivers, the broker opined. BYD's revenue forecasts for 2025/ 26/ 27 were axed by 24%/ 22%/ 24%, and its target price cut from HKD170 to HKD145, with a rating of Overweight. AASTOCKS Financial News Website: www.aastocks.com |
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