CITIC Securities: Maintain Buy Rating on BYD Company Limited

CITIC Securities issued a research report on BYD Co., Ltd., maintaining a "buy" rating. The company's net profit attributable to shareholders reached 32.6 billion yuan in 2025, with the profit per vehicle in Q4 rising to 6,700 yuan, and the gross profit margin of the automotive sector improving to 21% on a quarter-on-quarter basis. High overseas sales growth, doubling of the energy storage business, and the catalysis of new technologies constitute the core driving forces. The continuous improvement of the high-end product matrix, exports and energy storage may become profit surprises.