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<Research>G Sachs: BYD COMPANY's 3Q Rev. Misses, But GPM Improves QoQ
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According to a Goldman Sachs research report, BYD COMPANY (01211.HK)'s 3Q25 revenue dropped by 3% both YoY and QoQ, 11% lower than the broker's expectations, partly due to a decline of 2% YoY or 3% QoQ in sales volume and a shift in product structure towards lower-priced models.

On a positive note, BYD COMPANY's 3Q25 GPM was 17.6%, better than the broker's expected 17.4% and last quarter's 16.3%, possibly because of ongoing optimization of material costs.

Related NewsCLSA Sets BYD COMPANY's TP at HKD140 w/ Rating High-Conviction Outperform; 3Q Results in Line
Goldman Sachs kept a Buy rating for BYD COMPANY, with a target price of HKD130.
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