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<Research>G Sachs: BYD 1Q GM Improvement Drives Profit Beat
Recommend 8 Positive 15 Negative 6 |
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BYD COMPANY (01211.HK)'s 1Q24 revenue rose 4% YoY to RMB125 billion, which was 5% below Goldman Sachs' forecast, while its gross margin added 4 ppts YoY to 21.9%, Goldman Sachs said in a report. The improvement in gross margin boosted the company's earnings growth by 11% YoY to RMB5 billion, which was 14% higher than Goldman Sachs' forecast. Considering that BYD is a leading NEV manufacturer in China and the world, Goldman Sachs expected the company to be well positioned in both domestic and overseas markets. Since the company continues to dabble in more overseas markets, the broker expected that its overseas business will become the second largest growth driver and contribute about 34% of incremental vehicle sales from 2023 to 2030. Goldman Sachs rated BYD at Buy with a target price of $290. AAStocks Financial News |
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