Ge Long Hui·2026-02-11 03:45Core Viewpoint - BYD's stock price has rebounded, surpassing HKD 100, with a market capitalization of HKD 903.5 billion, following a report from Citigroup that highlights inventory and sales trends in the Chinese market [1]. Group 1: Stock Performance - On February 11, BYD's shares rose over 4% during trading, marking a five-day consecutive increase [1]. - The stock price recovery has nearly offset previous declines, bringing it back to the HKD 100 level [1]. Group 2: Inventory and Sales Analysis - Citigroup estimates that BYD's absolute inventory in the domestic market will decrease by 1.2% month-on-month to 387,000 units by the end of January 2026 [1]. - However, retail sales for January are expected to fall short of expectations, with a projected month-on-month decline of 65% [1]. - The relative inventory days, based on January's retail sales, are estimated to rise from 1.2 months at the end of December 2025 to 3.4 months [1]. Group 3: Future Outlook - The key variables for BYD's future performance will be the new products and pricing strategies set to launch in late February and early March [1]. - Citigroup has assigned a "Buy" rating for BYD, with a target price of HKD 174 [1]. Group 4: International Sales Performance - In January, BYD sold 2,629 new vehicles in Germany, a significant increase of 1,018.7% compared to 235 units sold in the same month last year [1]. - This sales figure is more than double the 1,301 vehicles registered by Tesla in Germany during the same period [1].