Morgan Stanley said that BYD's weak third quarter results will trigger a short-term reaction of a neutral or slight decline in stock prices, but investors will soon absorb this impact. Analyst Tim Hsiao and others said in the report that the third quarter results improved from the low point in the second quarter and were in line with management guidelines. Although the profit performance was not impressive, the overall results should not come as a surprise against the backdrop of lowered market expectations. Investors are still cautious about the decline in BYD's domestic market share in 2026, but considering that recent adverse factors have been digested by the market, the stock price may fluctuate around HK$100. Investors will continue to monitor the progress of its overseas expansion and await the next round of major product upgrades in 2026. At the same time, it is worth paying attention to whether BYD will introduce relevant sales policies to deal with the impact of a 5% increase in NEV purchase tax in 2026. The overrated rating is maintained, and the target price is HK$130.

Morgan Stanley said that BYD's weak third quarter results will trigger a short-term reaction of a neutral or slight decline in stock prices, but investors will soon absorb this impact. Analyst Tim Hsiao and others said in the report that the third quarter results improved from the low point in the second quarter and were in line with management guidelines. Although the profit performance was not impressive, the overall results should not come as a surprise against the backdrop of lowered market expectations. Investors are still cautious about the decline in BYD's domestic market share in 2026, but considering that recent adverse factors have been digested by the market, the stock price may fluctuate around HK$100. Investors will continue to monitor the progress of its overseas expansion and await the next round of major product upgrades in 2026. At the same time, it is worth paying attention to whether BYD will introduce relevant sales policies to deal with the impact of a 5% increase in NEV purchase tax in 2026. The overrated rating is maintained, and the target price is HK$130.