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2025-10-31 15:39:38
Goldman Sachs maintains its "Buy" rating on BYD with a target price of HK$130. (1) Goldman Sachs' research report points out that BYD's revenue in the third quarter declined by 3% year-on-year and quarter-on-quarter, 11% lower than the bank's expectations. (2) The revenue shortfall was mainly due to a 2% year-on-year and 3% quarter-on-quarter decline in sales volume, and a shift in product mix towards lower-priced models. (3) On the positive side, the gross margin in the third quarter reached 17.6%, better than the expected 17.4% and the previous quarter's 16.3%. (4) The improved gross margin mainly benefited from continued optimization of material costs, with operating expenses 3% lower than expected. (5) The decline in operating expenses exceeded the decline in revenue, indicating that the company effectively controlled costs in a challenging environment. (6) Based on strict cost control, both operating profit margin and net profit margin improved quarter-on-quarter. (7) Goldman Sachs maintains its "Buy" rating on BYD, with a target price of HK$130 for H-shares and RMB133 for A-shares.
