智通财经网·2025-11-10 07:13Core Viewpoint - Goldman Sachs predicts BYD's (01211, 002594.SZ) average annual compound growth rate in profits will reach 30% from 2025 to 2028, with overseas profit contribution increasing from 21% in 2024 to 60% in 2028, maintaining a "Buy" rating with target prices of HKD 141 for H-shares and CNY 144 for A-shares [1] Group 1 - BYD's management is confident in long-term overseas expansion, targeting 1.5 million overseas sales by 2026, which will drive profit growth [1] - Despite acknowledging uncertainties in the Chinese market demand, management plans to announce key technologies and launch new products in Q1 next year, along with adopting a more flexible pricing strategy [1] - The overseas market is expected 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 improved market penetration of new energy vehicles [1] Group 2 - It is anticipated 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]