Goldman Sachs maintained its target price for BYD Company (01211) unchanged at HK$293 but upgraded its rating to "buy" from "neutral" on high-quality growth.
The research house BYD has a unique business combination that pursues growth opportunities in premium battery EVs, innovative hybrid technologies, and cost-effective battery supply.
Goldman upgraded BYD following the recent sell-off. It projected Chinese new energy vehicle sales to exceed 1.8mn units in 2021 (from 1.3mn in 2020), recording one of the most significant volume expansions in history that should accelerate BYD's revenue growth to its fastest level in the past 5 years.
Longer-term, Goldman forecasted Chinese new energy vehicle penetration will exceed 20% by 2025, 53% by 2035.
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