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. 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

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Revenue increased by 24% YoY in 3Q24 due to the acceleration of sales volume.</li>
<li>The operating margin declined YoY due to historical high marketing expenses.</li>
<li>We believe BYD has an upside of 25% for the end of 2025.</li>
</ul>


Revenue increased by 24% YoY in 3Q24 due to the acceleration of sales volume.
The operating margin declined YoY due to historical high marketing expenses.
We believe BYD has an upside of 25% for the end of 2025.


BYD (1211 HK): 3Q24, Revenue up by 24% Due to Sales Volume Acceleration

<ul>
<li>BYD’s deliveries growth accelerated to 36% YoY in Aug and 46% YoY Sep.</li>
<li>The whole domestic NEV (New Energy vehicle) market has been accelerating for for the entire third quarter.</li>
<li>We believe the EU and the US market are not concerns, as both domestic and other emerging markets are promising.</li>
</ul>


BYD’s deliveries growth accelerated to 36% YoY in Aug and 46% YoY Sep.
The whole domestic NEV (New Energy vehicle) market has been accelerating for for the entire third quarter.
We believe the EU and the US market are not concerns, as both domestic and other emerging markets are promising.


BYD (1211 HK) Quick Note: Company and Industry Sales Up by 46% YoY and 51% YoY

<ul>
<li>We believe revenue will grow by 44% in 2023 according to the sales volume and the price trend.</li>
<li>We believe net profit will increase by 100%, higher than the company’s estimate.</li>
<li>We conclude an upside of 54% and a price target of HK$304. Buy.</li>
</ul>


We believe revenue will grow by 44% in 2023 according to the sales volume and the price trend.
We believe net profit will increase by 100%, higher than the company’s estimate.
We conclude an upside of 54% and a price target of HK$304. Buy.


BYD (1211 HK) 2023 Earnings Preview: Strong Top Line and Bottom Line

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>China’s key electric-vehicle (EV) makers set monthly delivery records in September as government subsidies and price cuts gave sales in the fiercely competitive industry a boost.</li><li>BYD Co. Ltd. (<a href="https://www.smartkarma.com/002594.SZ" target="_blank" rel="noopener">002594.SZ</a> +8.21%), the country’s top EV-maker, sold 419,426 vehicles in September, according to an exchange filing Tuesday.</li><li>The figure, which consisted of 164,956 battery EVs and 252,647 plug-in hybrids, marked a 45.9% year-on-year increase and a new monthly sales record.</li></ul>

China’s key electric-vehicle (EV) makers set monthly delivery records in September as government subsidies and price cuts gave sales in the fiercely competitive industry a boost.BYD Co. Ltd. (002594.SZ +8.21%), the country’s top EV-maker, sold 419,426 vehicles in September, according to an exchange filing Tuesday.The figure, which consisted of 164,956 battery EVs and 252,647 plug-in hybrids, marked a 45.9% year-on-year increase and a new monthly sales record.

Major Chinese EV-Makers Have Record Month for Sales  

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 (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): 3Q24, Revenue up by 24% Due to Sales Volume Acceleration

Revenue increased by 24% YoY in 3Q24 due to the acceleration of sales volume. The operating margin declined YoY due to historical high marketing...

Ming Lu

BYD (1211 HK) Quick Note: Company and Industry Sales Up by 46% YoY and 51% YoY

BYD’s deliveries growth accelerated Aug and Sep. The whole domestic NEV market has been accelerating for all three months in Q3. We conclude the...

Ming Lu

BYD (1211 HK) 2023 Earnings Preview: Strong Top Line and Bottom Line

We believe revenue will grow by 44% in 2023 according to the sales volume and the price trend. We also believe net profit will increase by 100%,...

Ming Lu

Major Chinese EV-Makers Have Record Month for Sales

China’s key electric-vehicle (EV) makers set monthly delivery records in September as government subsidies and price cuts gave sales in the...

Caixin Global

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