According to a report published by Morgan Stanley, BYD management is confident that the domestic market will recover in the second half of this year. The backlog of orders for ultra-fast charging models is strong, overseas sales and profitability are resilient, and cash flow has improved. The bank reiterated its “overholding” rating, and the target price for H shares was HK$121. The bank expects the monthly operating rate target for overseas sales in the second half of this year to be 180,000 to 200,000 vehicles, and bicycle profits are generally stable. BYD's overseas sales target for 2027 exceeds 2.5 million vehicles. As overseas factories mature, transportation and tariff costs, which are currently headwind, may be transformed into smooth structural profit margins in the future.

According to a report published by Morgan Stanley, BYD management is confident that the domestic market will recover in the second half of this year. The backlog of orders for ultra-fast charging models is strong, overseas sales and profitability are resilient, and cash flow has improved. The bank reiterated its “overholding” rating, and the target price for H shares was HK$121. The bank expects the monthly operating rate target for overseas sales in the second half of this year to be 180,000 to 200,000 vehicles, and bicycle profits are generally stable. BYD's overseas sales target for 2027 exceeds 2.5 million vehicles. As overseas factories mature, transportation and tariff costs, which are currently headwind, may be transformed into smooth structural profit margins in the future.