Ge Long Hui·2025-09-30 03:13Core Insights - Goldman Sachs reports that BYD's high-end brand Tengshi has pre-sold the N8L, a D-class 6-seat SUV, with a starting price of 318,900 yuan [1] - The Tengshi N8L scored the highest among new energy SUVs priced between 300,000 and 400,000 yuan in terms of price, range, size, and autonomous driving features [1] - Goldman Sachs maintains an optimistic outlook on BYD's long-term strategy for the Tengshi brand, focusing on technology and safety [1] Sales Forecast - The firm predicts a compound annual growth rate (CAGR) of 24% for Tengshi brand sales, increasing from 126,000 units in 2024 to an estimated 468,000 units by 2030 [1] - By 2030, the Tengshi brand is expected to contribute 6% of the group's vehicle sales, 13% of revenue, and 19% of gross profit [1] Stock Ratings - Goldman Sachs sets a target price of HKD 130 for BYD's H-shares and CNY 133 for its A-shares, with a "Buy" rating [1]