Goldman Sachs predicts that BYD's profit margin is likely to improve as new models equipped with second-generation blade batteries see increased sales volume, overseas sales share rises, and raw material costs stabilize:
1. Overseas markets are considered the second growth engine, with 88% of new car sales expected to come from overseas between 2025 and 2030. The proportion of overseas profits is projected to rise from 64% in 2025 to 81% in 2030; total sales are expected to increase from 4.6 million vehicles to 7.5 million vehicles.
2. Goldman Sachs maintains a "Buy" rating, with 12-month target prices of RMB 137 for A-shares and HKD 134 for H-shares. The main risks are intensified competition in the new energy vehicle market, slower-than-expected overseas expansion, and weaker-than-expected performance in battery sales overseas. (The above views are from Goldman Sachs' September 2nd report.)
