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<Research>Nomura Maintains Buy for BYD COMPANY (01211.HK), Focuses on 2026 Development Strategy
Recommend 11 Positive 13 Negative 4 |
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BYD COMPANY (01211.HK) logged 3Q25 revenue of RMB195 billion, marking a YoY and QoQ decline of 3%, Nomura said in its report. During the period, shipments totaled 1.11 million units, representing a YoY and QoQ shrinkage of 2% and 3%, respectively, showing overall mediocre performance. The ASP of cars remained largely stable, believed to be influenced by the “anti-involution” trend in the Chinese automotive market and the introduction of some new models. In lack of success in BYD's intelligent driving strategy this year and the industry's anti-involution trend, Nomura assumed BYD is facing operational challenges, which may require waiting until the company announces its new development strategy in 1Q26 for potential turnaround. The broker maintained Buy for BYD with a target price of HKD132. AASTOCKS Financial News Website: www.aastocks.com |
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