Credit Suisse raised its target price for BYD Company (01211) to HK$125 from HK$100 and maintained its "buy" rating.
The research house noted that BYD's management guided its "Han" large-size new energy sedan's volume to reach 6k/8k units in September/October, followed by a higher volume
in November/December this year. This volume was above the company's expectation of 3k-4k units per month (also higher than Credit Suisse assumptions).
Management guided BYD will launch its 'DM-i' plug-in hybrid electric vehicles in 1Q 2021. They also guided that most major automakers are seeking potential BYD battery supply. BYD will double its "Blade" battery (cell-to-pack LFP battery) capacity from end-2020's 13 Gwh to end-2021's 26 Gwh.
Considering the stronger-than-expected Han volume and higher PHEV volume from 'DM-i' technology, Credit Suisse revised up its 2020-22 profit estimates by 10.6%-23.1%.
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