Guoyuan International: Increase BYD's target price to HKD 138.53, optimistic about the profit growth brought by overseas business and high-end transformation.

Sina Finance reported on March 31st that CICC International released a report stating that BYD achieved a revenue of 237.7 billion yuan and a net profit attributable to shareholders of 9.29 billion yuan in the fourth quarter of last year. Looking ahead, competition in the mainland Chinese market will continue, but the next-generation hybrid technology upgrade and overseas production capacity ramp-up will become core profit catalysts. With the pricing power brought by deep vertical integration, the company's globalization pace is accelerating. The bank is optimistic about the profit increase brought by overseas business and high-endization, raising BYD's earnings per share forecast for 2026 to 2027 by 7.1% and 8.8%, and raising its H-share target price to 138.53 Hong Kong dollars, maintaining a "buy" rating.