小摩：预计比亚迪次季销量按季反弹 评级“增持”

Core Viewpoint - Morgan Stanley maintains a target price of HKD 110 for BYD (002594)(01211) with a rating of "Overweight" [1] Group 1: Product Developments - BYD has launched its second-generation blade battery and announced an expansion of its fast-charging network [1] - The company has introduced a total of 10 new pure electric and plug-in hybrid models across its brands, with deliveries expected to start in April or May [1] Group 2: Sales Forecast - BYD's sales are projected to rebound from approximately 700,000 units in the first quarter to between 1.1 million and 1.2 million units in the second quarter [1] Group 3: Market Focus - Investor attention is expected to shift towards the increase in store foot traffic around the Beijing Auto Show on April 24 [1]