BYD Faces Near-Term Earnings Hit but Upside Long-Term -- Market Talk

Dow Jones

2025/09/18

0250 GMT - HSBC analysts forecast 20% lower earnings for BYD from 2025-2027 on lower volume growth but see better longer-term prospects. The carmaker's absorption of higher autonomous driving costs and price discipline versus more aggressive rivals amid a government crackdown on unhealthy competition are weighing on earnings. "We expect a rope-a-dope approach in 2H," the analysts add, projecting lower 2025 sales volume and 2H sales growth. HSBC expects a turnaround in 2026, with volume growth boosted by a potential platform tech upgrade and vertical integration. A projected 50% overseas sales growth next year should also support earnings, the bank notes. HSBC maintains buy ratings on BYD's H and A shares, but lowers H share target to HK$144.00 from HK$151.00 and its A share target to CNY131.00 from CNY143.00.(jason.chau@wsj.com)

(END) Dow Jones Newswires

September 17, 2025 22:50 ET (02:50 GMT)

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The carmaker's absorption of higher autonomous driving costs and price discipline versus more aggressive rivals amid a government crackdown on unhealthy competition are weighing on earnings. \"We expect a rope-a-dope approach in 2H,\" the analysts add, projecting lower 2025 sales volume and 2H sales growth. HSBC expects a turnaround in 2026, with volume growth boosted by a potential platform tech upgrade and vertical integration. A projected 50% overseas sales growth next year should also support earnings, the bank notes. HSBC maintains buy ratings on BYD's H and A shares, but lowers H share target to HK$144.00 from HK$151.00 and its A share target to CNY131.00 from CNY143.00.(jason.chau@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  September 17, 2025 22:50 ET (02:50 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BYD Faces Near-Term Earnings Hit but Upside Long-Term -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBYD Faces Near-Term Earnings Hit but Upside Long-Term -- Market Talk\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2025-09-18 10:50</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0250 GMT - <a href=\"https://laohu8.com/S/HSBC\">HSBC</a> analysts forecast 20% lower earnings for <a href=\"https://laohu8.com/S/BYDDY\">BYD</a> from 2025-2027 on lower volume growth but see better longer-term prospects. The carmaker's absorption of higher autonomous driving costs and price discipline versus more aggressive rivals amid a government crackdown on unhealthy competition are weighing on earnings. \"We expect a rope-a-dope approach in 2H,\" the analysts add, projecting lower 2025 sales volume and 2H sales growth. HSBC expects a turnaround in 2026, with volume growth boosted by a potential platform tech upgrade and vertical integration. A projected 50% overseas sales growth next year should also support earnings, the bank notes. HSBC maintains buy ratings on BYD's H and A shares, but lowers H share target to HK$144.00 from HK$151.00 and its A share target to CNY131.00 from CNY143.00.(jason.chau@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  September 17, 2025 22:50 ET (02:50 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0871576103.HKD","symbol_name":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2568442472","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2568442472","pubTimestamp":1758163800,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0250 GMT - HSBC analysts forecast 20% lower earnings for BYD from 2025-2027 on lower volume growth but see better longer-term prospects. The carmaker's absorption of higher autonomous driving costs and price discipline versus more aggressive rivals amid a government crackdown on unhealthy competition are weighing on earnings. \"We expect a rope-a-dope approach in 2H,\" the analysts add, projecting lower 2025 sales volume and 2H sales growth. HSBC expects a turnaround in 2026, with volume growth boosted by a potential platform tech upgrade and vertical integration. A projected 50% overseas sales growth next year should also support earnings, the bank notes. HSBC maintains buy ratings on BYD's H and A shares, but lowers H share target to HK$144.00 from HK$151.00 and its A share target to CNY131.00 from CNY143.00.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"81211":"比亚迪股份-R","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","SG9999006514.SGD":"United Asia Consumer Fund SGD","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU2580892862.HKD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (HKD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU0229945570.USD":"TEMPLETON BRIC \"A\" (USD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","03143":"华夏香港银行股","00005":"汇丰控股","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","HSBC":"汇丰","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","BK0169":"共享汽车","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","BK1601":"香港本地股","BK0070":"员工持股","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","HSBA.UK":"汇丰控股有限公司","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","002594":"比亚迪","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU1820825898.SGD":"Aberdeen Standard SICAV I - China A Share Equity A Acc SGD-H","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","01211":"比亚迪股份","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0594300419.USD":"富达中国消费基金A","HYDD.SI":"BYD HK SDR 10to1","BYDDY":"比亚迪ADR","LU0650527681.SGD":"Fidelity China Consumer A-SGD","BK4521":"英国银行股","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","BK0183":"MSCI概念","HSHD.SI":"HSBC HK SDR 5to1","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC"},"translate_title":"比亚迪近期盈利面临打击，但长期仍有上行空间——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81211":0.6,"HSBA.UK":0.6,"03143":0.6,"00005":0.9,"BYDDY":0.6,"HSHD.SI":0.6,"EVS.SI":0.6,"HYDD.SI":0.6,"01211":0.9,"002594":0.9,"HSBC":0.9},"content_text":"0250 GMT - HSBC analysts forecast 20% lower earnings for BYD from 2025-2027 on lower volume growth but see better longer-term prospects. The carmaker's absorption of higher autonomous driving costs and price discipline versus more aggressive rivals amid a government crackdown on unhealthy competition are weighing on earnings. \"We expect a rope-a-dope approach in 2H,\" the analysts add, projecting lower 2025 sales volume and 2H sales growth. HSBC expects a turnaround in 2026, with volume growth boosted by a potential platform tech upgrade and vertical integration. A projected 50% overseas sales growth next year should also support earnings, the bank notes. HSBC maintains buy ratings on BYD's H and A shares, but lowers H share target to HK$144.00 from HK$151.00 and its A share target to CNY131.00 from CNY143.00.(jason.chau@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  September 17, 2025 22:50 ET (02:50 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}