0658 GMT - BYD will continue to post higher net profit in the first quarter, driven by strong auto delivery volume, Deutsche Bank analyst Bin Wang writes in a note. The brokerage expects a net profit of CNY6.0 billion in 1Q compared with CNY4.57 billion in 1Q 2024, while its quarterly auto delivery will be around 1 million units, he says. BYD will face some operating margin decline due to rising dealer-level retail price discounts, Wang says. BYD's 2024 results were largely in line with expectations, with net profit per vehicle up 10% in 4Q despite falling sale prices, he adds. The brokerage maintains a buy rating on the stock and raises the target price to HK$460.00 from HK$400.00. Shares last at HK$388.20. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
March 25, 2025 03:03 ET (07:03 GMT)
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