Goldman Sachs released a research report forecasting that BYD COMPANY (01211, 002594.SZ) will achieve a compound annual growth rate (CAGR) of 30% in profits from 2025 to 2028, with overseas profit contribution rising from 21% in 2024 to 60% by 2028. The firm maintained a "Buy" rating, setting an H-share target price of HK$141 and an A-share target price of RMB144.

BYD's management expressed strong confidence in long-term overseas expansion, targeting overseas sales of 1.5 million vehicles by 2026, which is expected to drive profit growth. While acknowledging uncertainties in domestic demand, the company plans to unveil key technologies and launch new products in Q1 next year, adopting a more flexible pricing strategy.

Goldman Sachs anticipates that overseas markets will serve as a key growth driver for BYD over the next decade, projecting sales outside the U.S. to reach 1.5–3.5 million units between 2026 and 2035. This growth is attributed to increased vehicle supply, higher penetration of new energy vehicles, and BYD's competitive product offerings boosting market share.

The report also estimates that, even with higher costs, overseas operations could maintain per-vehicle profits exceeding RMB20,000 once capacity utilization surpasses 80%.