Zhi Tong Cai Jing·2025-11-10 07:13Core Viewpoint - Goldman Sachs predicts BYD's (002594) annual compound growth rate for profits from 2025 to 2028 will reach 30%, with overseas profit contribution increasing from 21% in 2024 to 60% in 2028, maintaining a "Buy" rating with a target price of HKD 141 for H-shares and CNY 144 for A-shares [1] Group 1 - BYD's management is confident about long-term overseas expansion, targeting 1.5 million overseas sales by 2026, which is expected to drive profit growth [1] - Despite acknowledging uncertainties in the Chinese market demand, BYD plans to announce key technologies and launch new products in the first quarter of next year, along with adopting a more flexible pricing strategy [1] Group 2 - The overseas market is anticipated to be a key growth driver for the company over the next decade, with projected overseas sales (excluding the U.S.) reaching between 1.5 million to 3.5 million units from 2026 to 2035, driven by increased vehicle supply and enhanced market penetration of new energy vehicles [1] - It is expected that once production capacity utilization exceeds 80%, the single-vehicle profit from overseas operations will remain above CNY 20,000, even with higher costs [1]