According to the Goldman Sachs research report, BYD's third-quarter revenue fell 3% year-on-year and quarterly, 11% lower than the bank's forecast, partly due to sales falling 2% and 3% year-on-year and quarterly, and the product structure skewed towards lower-priced models. On the positive side, BYD's gross profit margin for the third quarter was 17.6%, better than the bank's forecast of 17.4%. It is also an improvement from 16.3% in the previous quarter, or due to continued optimization of material costs. At the same time, operating expenses were 3% lower than the bank's expectations, and the decline was higher than the decline in revenue, indicating that the company effectively controlled expenses in a challenging environment. Furthermore, based on strict cost control, both operating profit margin and net profit margin increased quarterly. The bank gave BYD a “buy” rating. The target price for BYD H shares is HK$130 and the target price for BYD A shares is RMB 133.

According to the Goldman Sachs research report, BYD's third-quarter revenue fell 3% year-on-year and quarterly, 11% lower than the bank's forecast, partly due to sales falling 2% and 3% year-on-year and quarterly, and the product structure skewed towards lower-priced models. On the positive side, BYD's gross profit margin for the third quarter was 17.6%, better than the bank's forecast of 17.4%. It is also an improvement from 16.3% in the previous quarter, or due to continued optimization of material costs. At the same time, operating expenses were 3% lower than the bank's expectations, and the decline was higher than the decline in revenue, indicating that the company effectively controlled expenses in a challenging environment. Furthermore, based on strict cost control, both operating profit margin and net profit margin increased quarterly. The bank gave BYD a “buy” rating. The target price for BYD H shares is HK$130 and the target price for BYD A shares is RMB 133.