比亚迪- 第四季度业绩不及预期，融资成本上升；运营保持稳健

March 27, 2026 04:21 PM GMT BYD Company Limited | Asia Pacific 4Q results shy – higher financing cost; operations stayed solid Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways BYD reported 4Q earnings of Rmb9.3bn (+19% QoQ/-38% YoY), falling slightly shy of market expectations of Rmb10-11bn: The shortfall was attributable to muted G ...