Goldman Sachs: Reiterates "Buy" rating for BYD, calling it one of the most resilient car manufacturers

Goldman Sachs released a research report stating that BYD's performance for the first quarter of the 2025 fiscal year met expectations, with net profit close to the median of the performance forecast range. Looking ahead, the bank believes that, amidst macroeconomic uncertainties and continued competition, BYD is one of the most resilient automobile manufacturers. Goldman Sachs mentioned that with a strong new product line, industry-leading position, and the ability to quickly respond to market changes, they believe BYD can cope with uncertain macroeconomic and competitive environments and maintain the full-year sales forecast of 5.5 million vehicles. With sales growing by over 20% per quarter, operational leverage is expected to continue to improve, with operational profit margin increasing by 1 percentage point to 4.3% in the second quarter. Goldman Sachs reaffirms a "buy" rating on BYD, with an H-share target price of HKD 428.