Zhi Tong Cai Jing·2025-09-30 07:13Core Viewpoint - Goldman Sachs reports that BYD's high-end brand Tengshi has begun pre-sales for the N8L, a D-class 6-seat SUV, with a starting price of 318,900 RMB. The N8L scores the highest among new energy SUVs priced between 300,000 and 400,000 RMB in terms of price, range, size, and autonomous driving capabilities. Goldman Sachs sets a target price of 130 HKD for BYD's H-shares and 133 RMB for its A-shares, with a "Buy" rating [1] Group 1 - The N8L is expected to achieve average monthly sales of 6,000 units, surpassing the 5,000 units of the current third-best seller, the Ideal L8, and significantly lower than the Aito M8's average monthly sales of 16,000 units and the Ideal L7's 9,000 units [1] - Goldman Sachs maintains an optimistic outlook on BYD's long-term strategy for the Tengshi brand, focusing on technology and safety [1] - The firm forecasts a compound annual growth rate of 24% for Tengshi brand sales, increasing from 126,000 units in 2024 to an estimated 468,000 units by 2030, contributing 6%, 13%, and 19% to the group's vehicle sales, revenue, and gross profit respectively in 2030 [1]