Titanium Media App reported on April 28 that Citi believes that BYD reported strong first-quarter results in line with expectations, while profit margins exceeded expectations; it maintained the company as the industry’s top choice, with a target price of HK$587 for the Hong Kong stock market. Analyst Jeff Chung pointed out in the report that BYD's core net profit in the first quarter was 514 million yuan, an increase of 40% from the previous quarter, and was significantly better than the loss data in the first quarter of last year. In the first quarter, the gross profit margin fell by only 0.7 percentage points month-on-month despite the strong rise in material costs, which is also a surprise; it is estimated that the gross profit margin of BYD Auto in the first quarter is about 15.6%. It is expected that BYD's sales in April will be delivered smoothly, which is significantly better than the industry's 30%-45% month-on-month decline.
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- 2022-04-28 Citi: BYD’s profit margin in the first quarter exceeded expectations, and sales in April are expected to be better than peers
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