Ge Long Hui·2025-11-04 01:00Core Viewpoint - Goldman Sachs expects overseas markets to be a key growth driver for BYD over the next decade, raising the company's sales forecast for overseas markets (excluding the U.S.) and increasing target prices for its A-shares and H-shares by 8% to 144 RMB and 141 HKD respectively [1] Sales Forecast - The sales forecast for BYD's overseas markets (excluding the U.S.) for 2026-2035 has been raised by 5%-14%, now projected to be between 1.5 million and 3.5 million units [1] - It is anticipated that the overseas market for new energy vehicles will experience a penetration rate growth exceeding 10% in the coming years, similar to the situation in the Chinese market from 2022 to 2024 [1] Competitive Position - BYD's models are noted to have higher competitiveness in key aspects such as pricing, range, and size across various market segments [1] - The company maintains a buy rating for both its A-shares and H-shares [1]