Voyah Automotive Technology Co. Ltd,: June sales recovered but were still slightly disappointing

研报英文原文证据摘录

Voyah Automotive Technology Co. Ltd,: June sales recovered but were still slightly disappointing

Update

July 1, 2026 03:03 PM GMT

Morgan Stanley Asia Limited+MVoyah Automotive Technology Co. Ltd, | Asia Joey Xu, CFA

Pacific Equity Analyst

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

Tim Hsiao

Equity AnalystJune sales recovered but were Tim.Hsiao@morganstanley.com +852 2848-1982

Shelley Wang, CFA

Equity Analyststill slightly disappointing Shelley.Wang@morganstanley.com +852 3963-0047

Peggy Wang

Voyah reported June sales of 14,223 units, up 36% YoY and maintaining the 1H26 Research Associate

YoY growth pace of 36%. The sequential sales recovery of 9% in June could help Peggy.Pc.Wang@morganstanley.com +852 3963-3934

dispel some market concerns after a 14% MoM decline in May, but still tracked

behind our expectation of a more meaningful MoM recovery – surpassing the YTD

height of ~15k in March and April. The slower-than-expected June recovery also

partly reflected lagged delivery of the BEV version, which could be added to July

sales. Voyah Automotive Technology Co. Ltd, (7489.HK, 7489

HK)

Overall we see a stable trend of sales for Voyah in terms of YTD sales growth, as

China Autos & Shared Mobility | China

well as potential upside potential with upcoming new product launch. At current

Stock Rating Overweight

levels risk-reward looks attractive, but we see the June sales report as a softer stock Industry View In-Line

catalyst than we'd previously expected. Price target HK$8.10

Up/downside to price target (%) 179

Shr price, close (Jun 30, 2026) HK$2.90

We see upcoming catalysts in the pre-sales of Passion S in late July, as well as 52-Week Range HK$7.50-2.87

potentially sustainable monthly sales growth in July. Sh out, dil, curr (mn) 3,680

Mkt cap, curr (mn) Rmb9,234.7