Broker: DBS Group Research
Date of Report: 29 April 2026
Excerpt from DBS Group Research report.
Report Summary
- Stock: BYD Company Ltd (1211 HK / 002594 CH)
- Action: BUY (Maintained)
- Target Price: HKD135.00 / RMB125.00
- Key Highlights:
- 1Q26 results were in line with consensus: adjusted net profit fell 55% y/y to RMB4.1bn; revenue dropped 12% y/y to RMB150.2bn due to a 30% y/y decline in vehicle sales.
- Sequential recovery in vehicle volumes expected from 2Q26, driven by the launch of 2026 models with second-generation batteries and fast-charging enhancements.
- The upcoming “God’s Eye” event in May is a key catalyst for potential volume and sentiment rebound, focusing on intelligent driving upgrades.
- DBS continues to prefer Geely and NIO over BYD in the near term due to their higher premium market exposure.
above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can be the first to access the full report from the DBS Group Research website : https://www.dbs.com/insights
