External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Maintain BUY. Although BYD’s 1Q24 net profit of RMB 4.6bn missed our prior forecast on a massive R&amp;D spending of RMB10.6bn, we believe the automaker is still on track to achieve our FY24E net profit forecast of RMB33bn.</li><li>BYD’s 1Q24 GPM also underscored our prior argument that its price cuts in Feb 2024 could be largely absorbed by cost reduction from suppliers.</li><li>Nevertheless, we expect BYD to be more self-disciplined in SG&amp;A and R&amp;D expenses in the following quarters, should it put earnings at a higher priority.</li></ul><p><em>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.</em></p>

Maintain BUY. Although BYD’s 1Q24 net profit of RMB 4.6bn missed our prior forecast on a massive R&amp;D spending of RMB10.6bn, we believe the automaker is still on track to achieve our FY24E net profit forecast of RMB33bn.BYD’s 1Q24 GPM also underscored our prior argument that its price cuts in Feb 2024 could be largely absorbed by cost reduction from suppliers.Nevertheless, we expect BYD to be more self-disciplined in SG&amp;A and R&amp;D expenses in the following quarters, should it put earnings at a higher priority.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) - Our FY24 Forecasts Still on Track Post 1Q24