Xin Lang Cai Jing·2026-01-14 04:04Core Viewpoint - BYD's battery business is undervalued as investors primarily view the company as an electric vehicle manufacturer, despite its leadership in both sectors [1] Group 1: Valuation and Market Perception - Analysts indicate that BYD's valuation appears suppressed, overlooking the value and growth potential of its battery assets [1] - The value of BYD's battery business is nearly equivalent to the company's overall market capitalization, suggesting minimal market value assigned to its electronics, semiconductor, and other businesses [1] Group 2: Battery Production and Growth Forecast - BYD is the world's second-largest battery manufacturer, with a projected battery shipment of 286 GWh by 2025 [1] - The company's battery shipment is expected to grow by 35% this year, with internal demand increasing by 22% and external sales rising by 50% [1] Group 3: Analyst Rating and Target Price - Bernstein maintains a rating of outperform for BYD, setting a target price of HKD 130.00 [1]