HSBC Global Research lifted its target price for BYD Company (01211) to HK$340 from HK$254 and maintained its "buy" rating.
The research house expects BYD's product cycle - especially its plug-in hybrid electric vehicle (PHEVs) and battery electric vehicle (BEVs) - to be sustained in 2021, given a series of new car launches and the ramp-up of 2020 models like the midsized Han.
HSBC also sees BYD's industry-leading PHEV technology as well as its EV-dedicated manufacturing platform to support its sustainable product cycle in the mid-term.
Riding on the stronger China NEV growth dynamics, HSBC revised up BYD's 2020-22 earnings forecasts by 26%/59%/54% on the stronger volume outlook on the back of its strong EV/PHEV product cycle and accelerating technology upgrade cycle.
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