BYD (1211 HK) Export Markets Have Explosive Potential January 16, 2023 74

PSR Recommendation: BUY Status: Maintained
Target Price: HKD328

Investment Summary
Continuing the Strong Sales Momentum, the Company Reaches the Target Ahead of
Schedule
BYD sold 235 thousand vehicles in December, +150% yoy (It has recorded a triple-digit
growth for 12 consecutive months), far higher than the overall increase of domestic new
energy vehicles (about +47%), and + 2% mom, including 112 thousand pure electric vehicles,
+132% yoy and down 2% mom, and 123 thousand plug-in hybrid electric vehicles, +176% yoy
and +6% mom.
For 2022, BYD’s new energy passenger vehicles reported a cumulative sales volume of 1,863
thousand units, +208.64% yoy, exceeding its annual sales target of 1,500 thousand units. On
a closer look, the cumulative growth rate of pure electric vehicles was 184%, and that of
plug-in hybrid electric vehicles was 247%. On the basis of the blade battery, the DM-i super
hybrid technology, the e-platform 3.0 and the CTB battery body integration technology, new
products constantly launched by the Company were significant in the competitive strength,
showing a pattern of prosperous supply and demand in the terminal market.

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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