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<Research>CMBI Keeps Buy on BYD COMPANY; Overseas Biz & R&D Capitalization Support Earnings Resilience
Recommend 17 Positive 24 Negative 9 |
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BYD COMPANY (01211.HK) reported 1Q26 revenue and gross margin above expectations on the strength of its overseas business, CMBI released a research report saying. During the period, BYD COMPANY's sales volume and revenue declined by 30% and 12% YoY, respectively, 13% higher than the broker's previous forecasts. R&D expense control was stricter than expected, but foreign exchange losses were higher than anticipated. As a result, net profit in 1Q26 reached RMB4.1 billion, about RMB700 million above the broker's forecast. In CMBI's estimation, BYD COMPANY's 1Q26 R&D capitalization ratio increasing to about 17% from 9% in 2025 was another reason for the forecast-beating net profit. CMBI has kept a Buy rating on BYD COMPANY, with a target price of HKD125. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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