Goldman Sachs: Raises BYD's A-share and H-share target prices Overseas markets will become a key growth driver.

Goldman Sachs said that it expects the overseas market to become a key driver of growth for BYD in the next decade. The company has raised its sales forecast for the overseas market and increased its A-share and H-share target prices by 8% to 144 RMB and 141 HKD respectively. Analysts like Tina Hou pointed out in their report that they have raised BYD's overseas sales forecast for 2026-2035 by 5%-14% to 1.5 million to 3.5 million vehicles. It is expected that in the coming years, the overseas market for new energy vehicles will experience a penetration rate growth of over 10%, similar to the Chinese market from 2022-2024. BYD's models have a higher competitiveness in key aspects such as price, range, and size in segmented markets. They maintain a buy rating for BYD A-shares and H-shares.