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BofAS Slightly Lifts BYD COMPANY TP to HKD124; 2Q Net Profit Slightly Beats
2026-08-31 12:58:49
BofA Securities issued a report on BYD COMPANY (01211.HK), of which revenue for 2Q26 sank 3% YoY to RMB195 billion, but elevated 30% QoQ. Net profit advanced 30% YoY to RMB8.2 billion, slightly above the broker's expectations. The broker maintained its Buy rating and raised the H-share TP from HKD123 to HKD124.

After factoring in the 2Q results, the broker lowered revenue forecasts for 2026-28 by 3-6% owing to reduced sales volume projections, but raised gross margin forecasts to reflect higher contributions from exports and premium brands. It also raised EPS forecasts for 2026-28 by 0.5-1.1%.
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