External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Maintain BUY. BYD’s strong 4Q24 earnings once again underscored the importance of economies of scale.</li><li>We expect BYD to prioritize sales volume again in FY25E, by leveraging new models, overseas expansion, battery technology upgrades and AD catch-up, which could lead to solid earnings in FY25E again.</li><li>4Q24 results beat with high quality earnings. BYD’s 4Q24 revenue beat our prior forecast by 6%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. BYD’s strong 4Q24 earnings once again underscored the importance of economies of scale.We expect BYD to prioritize sales volume again in FY25E, by leveraging new models, overseas expansion, battery technology upgrades and AD catch-up, which could lead to solid earnings in FY25E again.4Q24 results beat with high quality earnings. BYD’s 4Q24 revenue beat our prior forecast by 6%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYD (1211 HK/002594 CH) - 4Q24 Margins Lay Foundation for FY25 Earnings

<ul><li>Maintain BUY. Although we had expected a QoQ lift in gross margin, BYD’s 3Q24 gross margin still beat our forecast.</li><li>Such beat was offset by higher-thanexpected SG&amp;A and R&amp;D expenses.</li><li>The solid gross margin gives us more confidence in forecasting 4Q24 and FY25 sales volume, as BYD still has the best resources to withstand the prolonged price war.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Although we had expected a QoQ lift in gross margin, BYD’s 3Q24 gross margin still beat our forecast.Such beat was offset by higher-thanexpected SG&amp;A and R&amp;D expenses.The solid gross margin gives us more confidence in forecasting 4Q24 and FY25 sales volume, as BYD still has the best resources to withstand the prolonged price war.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYD (1211 HK) - 3Q24 GPM Provides Confidence for FY25 Sales

<ul><li>We raise FY25E net profit by 10% to RMB36.2bn by lifting sales volume forecast and cutting R&amp;D expenses.</li><li>We also raise FY25E sales volume forecast to 4.3mn units, as BYD’s new PHEV models are more competitive than we had expected.</li><li>We believe its solid earnings quality could continue in FY25E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise FY25E net profit by 10% to RMB36.2bn by lifting sales volume forecast and cutting R&amp;D expenses.We also raise FY25E sales volume forecast to 4.3mn units, as BYD’s new PHEV models are more competitive than we had expected.We believe its solid earnings quality could continue in FY25E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYD (1211 HK) - Solid Sales, Earnings Outlook Despite Mixed 2Q

Thematic (Sector/Industry)

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.</li><li>Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.</li><li>Automakers in China started to cut inventories in Apr 2023, as we had expected.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.Automakers in China started to cut inventories in Apr 2023, as we had expected.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – Mixed picture ahead as inventory risk lingers

<ul><li>In this report, we summarize the Mar 2025 price discounts at dealers for major automakers.</li><li>Note that Mar discounts for each automaker are calculated based on the weighted average of Feb 2025 retail sales volume for each model, as Mar 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts narrowed by 0.1ppts MoM in Mar 2025, based on our calculations, thanks to the narrowing discounts from some German brands (VW, Audi). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In this report, we summarize the Mar 2025 price discounts at dealers for major automakers.Note that Mar discounts for each automaker are calculated based on the weighted average of Feb 2025 retail sales volume for each model, as Mar 2025 retail sales volume data have not been released yet.The industrywide average discounts narrowed by 0.1ppts MoM in Mar 2025, based on our calculations, thanks to the narrowing discounts from some German brands (VW, Audi). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - 1Q25 Sales Volume, Discounts May Lead to Larger Earnings Divergence

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BYD (1211 HK)

BYD (1211 HK/002594 CH) - 4Q24 Margins Lay Foundation for FY25 Earnings

We expect BYD to prioritize sales volume again in FY25E, by leveraging new models, overseas expansion, battery technology upgrades and AD catch-up,...

CMB International

BYD (1211 HK) - 3Q24 GPM Provides Confidence for FY25 Sales

Maintain BUY. Although we had expected a QoQ lift in gross margin, BYD’s 3Q24 gross margin still beat our forecast. Such beat was offset by higher...

CMB International

BYD (1211 HK) - Solid Sales, Earnings Outlook Despite Mixed 2Q

We raise FY25E net profit by 10% to RMB36.2bn by lifting sales volume forecast and cutting R&D expenses. We also raise FY25E sales volume forecast...

CMB International

China Auto Sector – Mixed picture ahead as inventory risk lingers

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.

CMB International

Auto - 1Q25 Sales Volume, Discounts May Lead to Larger Earnings Divergence

Note that Mar discounts for each automaker are calculated based on the weighted average of Feb 2025 retail sales volume for each model

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)