Ge Long Hui·2025-09-24 02:58Core Viewpoint - Citigroup's report indicates that BYD received a total of 82,000 orders last week, with expectations for continued order growth driven by model upgrades and a new vehicle cycle that enhances cost efficiency [1] Group 1: Orders and Growth - BYD's recent order total of 82,000 vehicles reflects strong demand and is expected to continue increasing [1] - The growth in orders is attributed to the introduction of high-end features into mass-market models and the launch of new vehicle models [1] Group 2: Competitive Positioning - Citigroup anticipates that BYD will refresh its vehicle lineup by 2026 to compete with other automakers that have stronger cycles, including upgrades to the battery range of its plug-in hybrid vehicles [1] - The company's vertical integration model is expected to provide greater flexibility in a highly competitive pricing environment [1] Group 3: Market Outlook - Citigroup is optimistic about BYD's growth prospects in overseas markets and high-end segments [1] - The target price for BYD's H-shares is set at 140 HKD, with a rating of "outperform" [1]