Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>BYD reported C1Q25 net profit up 86%-119% YoY, with the midpoint exceeds our estimate/consensus by 12%/20%.</li>
<li>We believe this driven by better ASP mix of its products, among other factors;</li>
<li>We believe a possible China-EU deal on EV market access can be positive for BYD. We raise the TP to HK$400 and place BYD back to TOB BUY.</li>
</ul>


BYD reported C1Q25 net profit up 86%-119% YoY, with the midpoint exceeds our estimate/consensus by 12%/20%.
We believe this driven by better ASP mix of its products, among other factors;
We believe a possible China-EU deal on EV market access can be positive for BYD. We raise the TP to HK$400 and place BYD back to TOB BUY.


[BYD Company (1211 HK, BUY, TP HK$400) TP Change]: Better than Expected ASP Is the Positive Surprise

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>A recent insight by <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> signals that <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>buying from global index trackers is done (more passive buying from HSI/HSCEI trackers may come later this month).</li>
<li>As of Tuesday, the stock is currently in the middle of a modest pullback, 1 week down, reached a support area where the probability of a bounce is around 50%.</li>
<li>We are at the start of the month, it may be early to benefit from the passive buying discussed by <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a>, however this pullback could support a buy-the-dips strategy.</li>
</ul>


A recent insight by Brian Freitas signals that BYD (1211 HK)buying from global index trackers is done (more passive buying from HSI/HSCEI trackers may come later this month).
As of Tuesday, the stock is currently in the middle of a modest pullback, 1 week down, reached a support area where the probability of a bounce is around 50%.
We are at the start of the month, it may be early to benefit from the passive buying discussed by Brian Freitas, however this pullback could support a buy-the-dips strategy.


BYD (1211 HK) Tactical Outlook: Buy-The-Dip Scenarios With Passive Buying from HSI/HSCEI Trackers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> raised US$5.6bn in a secondary offering a few weeks ago and the stock is trading a lot higher than the placement price.</li>
<li>Buying from global index trackers is done, but there will be more passive buying from <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI)</a> and <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI)</a> trackers later this month.</li>
<li>With the release of the God's Eye advanced driver-assistance system (ADAS), the stock could be added to the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> in June, bringing more passive inflows.</li>
</ul>



BYD (1211 HK) raised US$5.6bn in a secondary offering a few weeks ago and the stock is trading a lot higher than the placement price.
Buying from global index trackers is done, but there will be more passive buying from Hang Seng Index (HSI) and Hang Seng China Enterprises Index (HSCEI) trackers later this month.
With the release of the God's Eye advanced driver-assistance system (ADAS), the stock could be added to the Hang Seng TECH Index (HSTECH INDEX) in June, bringing more passive inflows.


BYD (1211 HK): God's Eye & Potential HSTECH Index Inclusion

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Chinese EV giant BYD has kicked off 2025 with an aggressive push that’s shaking up the global electric vehicle landscape.</li><li>From launching EVs that can charge in just five minutes to a soaring share price and record sales, BYD is not just catching up with Tesla — it’s pulling ahead on nearly every front.</li><li>In recent weeks, BYD’s stock surged to a record high following the announcement of its ultra-fast-charging Super e-Platform.</li></ul>

Chinese EV giant BYD has kicked off 2025 with an aggressive push that’s shaking up the global electric vehicle landscape.From launching EVs that can charge in just five minutes to a soaring share price and record sales, BYD is not just catching up with Tesla — it’s pulling ahead on nearly every front.In recent weeks, BYD’s stock surged to a record high following the announcement of its ultra-fast-charging Super e-Platform.

BYD's 5-Minute Charge to Global EV Supremacy: Is Tesla Already Left Behind?

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.

<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

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.

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BYD (1211 HK)

[BYD Company (1211 HK, BUY, TP HK$400) TP Change]: Better than Expected ASP Is the Positive Surprise

BYD's strong Q1 performance driven by improved product mix and potential China-EU deal on EV market access; TP raised to HK$400.

Blue Lotus Research Institute

BYD (1211 HK) Tactical Outlook: Buy-The-Dip Scenarios With Passive Buying from HSI/HSCEI Trackers

BYD currently is in a modest drawdown, buy-the-dip strategies could exploit a deeper pullback, with potential for passive buying from HSI/HSCEI...

Nico Rosti

BYD (1211 HK): God's Eye & Potential HSTECH Index Inclusion

HSI, HSCEI trackers will buy BYD stock in April. The rollout of ADAS across its vehicle lineup will make BYD eligible for HSTECH inclusion. If...

Brian Freitas

BYD's 5-Minute Charge to Global EV Supremacy: Is Tesla Already Left Behind?

Chinese EV giant BYD has kicked off 2025 with an aggressive push that’s shaking up the global electric vehicle landscape. From launching EVs that...

Baptista Research

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[BYD Company (1211 HK, BUY, TP HK$400) TP Change]: Better than Expected ASP Is the Positive Surprise

​BYD's strong Q1 performance driven by improved product mix and potential China-EU deal on EV market access; TP raised to HK$400.

Blue Lotus Research Institute

BYD (1211 HK) Tactical Outlook: Buy-The-Dip Scenarios With Passive Buying from HSI/HSCEI Trackers

BYD currently is in a modest drawdown, buy-the-dip strategies could exploit a deeper pullback, with potential for passive buying from HSI/HSCEI...

Nico Rosti

BYD (1211 HK): God's Eye & Potential HSTECH Index Inclusion

HSI, HSCEI trackers will buy BYD stock in April. The rollout of ADAS across its vehicle lineup will make BYD eligible for HSTECH inclusion. If...

Brian Freitas

BYD's 5-Minute Charge to Global EV Supremacy: Is Tesla Already Left Behind?

Chinese EV giant BYD has kicked off 2025 with an aggressive push that’s shaking up the global electric vehicle landscape. From launching EVs that...

Baptista Research

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's strong Q1 performance driven by improved product mix and potential China-EU deal on EV market access; TP raised to HK$400.