news flash·2025-04-28 03:35Core Viewpoint - Nomura's report indicates that BYD's shipment volume in the first quarter of fiscal year 2025 has once again outpaced revenue growth, highlighting a decline in average selling prices due to changes in product mix and year-on-year price reductions [1] Group 1: Financial Performance - BYD's first quarter gross margin for fiscal year 2025 is reported at 20.1%, reflecting a year-on-year decrease of 0.6 percentage points [1] - The company has experienced significant growth in sales and marketing expenses (up 16%), administrative expenses (up 30%), and research and development expenses (up 34%), all of which are growing at a slower rate than revenue [1] Group 2: Market Position and Outlook - The competitive landscape in the market remains intense, which is influencing BYD's pricing strategy and overall financial performance [1] - Nomura has set a target price of HKD 491 for BYD and maintains a "Buy" rating on the stock [1]