Ge Long Hui·2025-10-17 03:05Core Viewpoint - Morgan Stanley's research report indicates that BYD's overseas market development prospects are promising, with overseas sales expected to become a new growth driver [1] Group 1: Sales Performance - BYD's overseas sales reached approximately 700,000 units in the first nine months of this year, with a belief that the company can achieve its annual target of 900,000 to 1,000,000 units [1] - By 2026, Morgan Stanley forecasts that BYD's overseas sales will reach between 1.6 million to 1.8 million units, representing an annual growth of 68% to 89% [1] Group 2: Market Share - Currently, BYD's passenger car market share in Brazil, Thailand, and Australia has exceeded 5%, with electric vehicle sales share surpassing 20% in several regions [1] Group 3: Investment Rating - Morgan Stanley maintains an "Overweight" rating on BYD, with a target price set at HKD 130 [1]