Citi Research lifted its target price for BYD Company (01211) to HK$339 from HK$276.1 to reflect a stronger earnings outlook and maintained its "buy" rating.
The research house lifted its 2021/22 NEV (new energy vehicle) sales volumes due to (1) foreseeing intensifying consumption downgrade trend in China which should open up the first-mover advantage to BYD to gain market; (2) BYD should fully stop producing ICE product from 2023, which should boost its blended vehicle ASP by at least 10-15% going forward; (3) 2B business and Robotaxi demand is a new growth driver, and (4) Citi expects Chinese local brands to capture 60% of market share by 2025.
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