Broker Name: China Galaxy International Securities (Hong Kong) Co., Limited
Date of Report: March 5, 2026

Excerpt from China Galaxy International Securities (Hong Kong) Co., Limited report.

Report Summary

• BYD launched its second-generation Blade Battery, achieving industry-leading flash charging: 10% to 70% in 5 minutes and 10% to 97% in 9 minutes, with enhanced safety and performance even in extreme cold.
• BYD plans to expand its flash charging stations in China to 20,000 by year-end, offering one year of complimentary flash charging for owners of new Blade Battery vehicles and supporting urban and highway deployment.
• The report maintains an “Add” rating with a target price of HK\$127.0, citing BYD’s technological leadership, strong overseas and domestic sales, and robust financial outlook, while noting risks such as increased competition and potential sales pressure in premium segments.
• Key financial projections through 2028 show consistent growth in net profit, revenue, and free cash flow, with improving margins and returns.

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