Citi has issued a research report assigning BYD a target price of HK$174 and a "Buy" rating. In February, the number of vehicles registered for insurance was approximately 87,300 units, which aligns closely with domestic wholesale sales of about 89,600 units, indicating stable inventory levels among domestic dealers. As March begins, the bank expects both BYD's exports and domestic sales to show year-on-year growth, with total sales projected to reach between 220,000 and 250,000 units. The bank believes the company is likely to reduce inventory in March and April, while controlling production ahead of the next new product cycle starting in mid-April. On the product front, BYD recently launched the Fang Cheng Bao Leopard 3 fast-charging edition. Citi estimates that once sales of this model mature, monthly sales could reach 8,000 to 9,000 units. Additionally, the Leopard 7 is set to be officially launched in April.