UBS, after attending BYD Co. (01211.HK) analyst and investor meetings, said its
confidence in the company has increased. UBS forecasts BYD’s overseas volumes
will exceed 2.5 mln units in 2027 and expects sustainability per‑unit
profitability. In China, strong demand for second‑generation Blade battery
models supports further volume growth and margin improvement. UBS reiterates its
buy rating and sector top‑pick status and sets a PT of HK$135.