0932 GMT - BYD is likely to post stronger earnings next year, driven by a higher volume outlook and improved gross margins, HSBC Global Research analysts write in a note. They expect the company's 4Q and 2025 sales volumes to grow further, supported by its strong new car cycle, which will also boost margins. The ramp-up in new model volumes may support the Chinese automaker's topline as well, they add. HSBC Global Research raises its earnings estimates for 2024 and 2025 by 14% and 18%, respectively. It maintains a buy rating for BYD's A-shares and H-shares, citing confidence in the company's ongoing volume expansion in both China and overseas markets. HSBC also raises its target price for BYD's A-shares to CNY328.00 from CNY301.00 and for its H-shares to HK$353.00 from HK$322.00. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
November 22, 2024 04:32 ET (09:32 GMT)
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