BYD Company Limited: BYD AGM Takeaways: Reiterating Technology Leadership and Overseas Growth

研报英文原文证据摘录

BYD Company Limited: BYD AGM Takeaways: Reiterating Technology Leadership and Overseas Growth

Update

June 9, 2026 03:33 PM GMT

Morgan Stanley Asia Limited+MBYD Company Limited | Asia Pacific Tim Hsiao

Equity Analyst

BYD AGM Takeaways: Tim.Hsiao@morganstanley.comPeggy Wang +852 2848-1982

Research Associate

Peggy.Pc.Wang@morganstanley.com +852 3963-3934

Reiterating Technology Shelley Wang, CFA

Shelley.Wang@morganstanley.com +852 3963-0047

Leadership and Overseas Joey Xu, CFA

Joey.Xu@morganstanley.com +852 3963-0337

Growth

We attended BYD's AGM today. Management reiterated its focus on technology and

product innovation, which will support long-term growth and navigate macro

headwinds.

BYD Company Limited (1211.HK, 1211 HK)

Ultra-fast charging a key differentiator: BYD expects its ultra-fast charging

China Autos & Shared Mobility | China

technology to broaden its customer base and support vehicle sales, with production Stock Rating Overweight

capacity of second-generation Blade batteries expected to increase by 20-50k units Industry View In-Line

Price target HK$121.00

per month going forward. Shr price, close (Jun 9, 2026) HK$88.40

52-Week Range HK$143.60-86.85

Upside to overseas target: Management looks for overseas sales to exceed its Sh out, dil, curr (mn) 4,513

Mkt cap, curr (mn) Rmb760,193

initial 2026 target of 1.5mn units. Regionally, BYD expects to become the market- EV, curr (mn) Rmb800,865

share leader in Australia in the coming months and continues to target the No.1 Avg daily trading value (mn) HK$3,069

position in multiple overseas markets, including Brazil.

Ready for the AI future: While management provided limited new information

regarding in-house chips and autonomous driving, it remains confident that BYD's