Goldman Sachs: BYD's overseas sales may exceed annual target for this year, with cumulative sales of 524,000 vehicles in the first seven months, up 24.1% year-on-year!

Goldman Sachs released a research report stating that BYD's (01211, 002594.SZ) overseas sales are likely to exceed the annual target set at the beginning of the year and maintain long-term growth potential in the overseas market; Maintain "outperform" rating, maintaining A-share and H-share target prices unchanged, respectively at CNY 161.3 and HKD 178.

The report noted that BYD's sales in July were 344,000 vehicles, basically flat year-on-year, with cumulative sales of 2.49 million vehicles from January to July, up 27%, achieving rapid growth; among them, overseas cumulative sales reached 524,000 vehicles, up 24.1% year-on-year, mainly driven by the deepening layout of multiple regional markets and the gradual establishment of overseas brand power. In July, F3 and Tengshi sales respectively reached 14,000 and 11,000 vehicles, up 67% and 10%, achieving rapid growth, mainly benefiting from new car models such as F3 and Teng N9.

In terms of the overseas market, the company has gradually introduced multiple high-level executives from overseas auto companies since 2024 and has started product strategy adjustments since the end of 2024, introducing multiple plug-in hybrid models. In terms of channels, the company aims to establish 500 sales points in Europe by the end of 2025, with approximately 250 points as of March 2024. According to market data, BYD's share of the European new energy passenger car market has risen by 2.8 percentage points year-on-year to 4%, and its market share in Southeast Asia has reached 47%, up 15 percentage points; in South America, it maintains a high market share of 77%. In terms of capacity, aside from the factories already put into production in Thailand and Uzbekistan in 2024, subsequent coverage will include South America and Europe, further deepening localization.