Citi Research lifted its target price for BYD Company Limited (01211) to HK$87 from HK$80 and maintained its "buy" rating.
Due to stronger demand from lower-tier cities (2018: 370%) and new orders from car-sharing companies (2018: 50k units), the research house now forecast BYD to deliver 451/652k NEV sales in 2019/20, up 86%/44% YoY.
In particular, Citi expects BYD's NEV PV sales up 94%/47% YoY to 432/632k units - BYD
higher/lower tier cities sales volume ratio to evolve from 2017's 8:1, 2018's 4:1,
to 2019's 2.5:1.
It expects BYD BEV cost/vehicle could be cut by Rmb19k YoY in 2019, while MSRP (without including subsidies) to rise by Rmb10-15k YoY.
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