Zhi Tong Cai Jing·2025-11-04 07:57Core Viewpoint - Goldman Sachs predicts that overseas markets will become the growth engine for BYD Company (01211) over the next decade, with an upward revision of overseas sales forecasts for 2026-2035 by 5% to a range of 1.5 million to 3.5 million units [1] Group 1: Sales and Profit Forecasts - The net profit forecast for 2025-2030 has been adjusted down by 14% to an increase of 9% [1] - Target prices for BYD's H-shares and A-shares have been raised by 8% to HKD 141 and CNY 144, respectively, while maintaining a "Buy" rating [1] - The average annual compound growth rate of profits is expected to reach 30% from 2025 to 2028, with the contribution of overseas profits rising from 21% in 2024 to 60% in 2028 [1] Group 2: Market Penetration and Competitive Advantage - Key overseas markets are currently lagging behind China in electric vehicle penetration by approximately four years, but this is expected to improve as new models are launched [1] - By 2035, overseas electric vehicle penetration is anticipated to reach the level of China in 2028, with a market size of 28 million units [1] - BYD's vehicle models have competitive advantages, with some being among the best-selling in the market, supported by a rich model portfolio, continuous R&D investment, and an expanding sales network [1] Group 3: Sales Volume Adjustments - Overall sales forecast for 2025 has been reduced by 6%, while the forecast for 2026-2030 has been increased by 3% [1]