Re-entry point for value investors

研报英文原文证据摘录

Re-entry point for value investors

Macquarie Equity Research BYD

Key Risks to Investment Thesis Company Description

• Irrational price competition pressuring local margins. BYD is now the world's largest electric vehicle manufacturer,

• Overseas sales failing to materialise due to trade recently surpassing Tesla and is China’s leading auto OEM by

protectionism. volume. The company benefits from a high degree of vertical

• Premiumisation strategy failing to attract customers. integration from its cutting-edge Blade batteries to its in-

house power semiconductors. Catering to both passenger and

• New battery technology disruption. commercial vehicle markets, it began its global expansion in

2021, encompassing strategic markets across more than 20

countries in the EU, LatAm, ASEAN and RoW.

Figure 1 - BYD sales volume Figure 2 - BYD overseas sales volume

Source: Company data, Macquarie Research, Jul 2026 Source: Company data, Macquarie Research, Jul 2026

BYD (1211 HK) CNY/(bn) unless otherwise noted

Income Statement Dec FY 2025A 2026E 2027E 2028E Q1/26A Q2/26E Balance Sheet 2025A 2026E 2027E 2028E

Revenue 804.0 940.2 1,112 1,239 150.2 238.9 Cash 75.4 92.8 127.3 187.6

Cost of Goods Sold 661.3 765.1 898.2 996.0 122.0 193.3 Receivables 37.0 43.3 51.2 57.0

Gross Profit 142.7 175.1 213.8 243.0 28.3 45.6 Inventories 138.4 189.7 222.7 246.9

EBITDA 118.8 119.5 143.6 173.5 24.3 30.7 Investments 60.1 61.5 66.6 72.1

Depreciation 74.7 66.4 73.9 85.0 18.7 15.1 Fixed Assets 356.1 394.3 413.4 418.5

Amortisation 3.9 3.8 3.5 3.2 1.0 1.0 Intangibles 45.9 43.0 39.5 36.4

EBIT 40.2 49.3 66.3 85.4 4.7 14.6 Other Assets 170.8 179.1 208.8 239.3

Net Interest Income 0.0 0.0 0.0 0.0 0.0 0.0 Total Assets 883.7 1,004 1,129 1,258

Associates 0.0 0.0 0.0 0.0 0.0 0.0 Payables 209.2 241.1 270.7 300.2