Jefferies: Raise BYD's target price to 300 Hong Kong dollars, raise this year's sales and profit forecasts

Golden Ten Data on July 16, Jefferies issued a research report pointing out that due to BYD shares (01211. HK) has raised its FY2024 sales forecast to 3.8 million units from 3.6 million units, especially for the DM5.0 model, and raised its full-year earnings forecast to RMB34.4 billion. The bank also raised the target price of H shares from HK$268 to HK$300, maintaining a "buy" rating. The bank said that although negative factors such as lower average selling prices and a decline in the proportion of export sales affected earnings in the second quarter, BYD's net profit per vehicle in the second quarter is expected to improve to 8,000 yuan due to lower R&D expenditure, so BYD's net profit in the second quarter is expected to increase by 25% year-on-year to 8.5 billion yuan.