比亚迪股份：3Q24 GPM provides confidence for FY25 sales

31 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update BYD (1211 HK) 3Q24 GPM provides confidence for FY25 sales Maintain BUY. Although we had expected a QoQ lift in gross margin, BYD's 3Q24 gross margin still beat our forecast. Such beat was offset by higher-thanexpected SG&A and R&D expenses. The solid gross margin gives us more confidence in forecasting 4Q24 and FY25 sales volume, as BYD still has the best resources to withstand the prolonged price war. 3Q24 GPM ...