Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>BYD reported C1Q25 net profit up 86%-119% YoY, with the midpoint exceeds our estimate/consensus by 12%/20%.</li>
<li>We believe this driven by better ASP mix of its products, among other factors;</li>
<li>We believe a possible China-EU deal on EV market access can be positive for BYD. We raise the TP to HK$400 and place BYD back to TOB BUY.</li>
</ul>


BYD reported C1Q25 net profit up 86%-119% YoY, with the midpoint exceeds our estimate/consensus by 12%/20%.
We believe this driven by better ASP mix of its products, among other factors;
We believe a possible China-EU deal on EV market access can be positive for BYD. We raise the TP to HK$400 and place BYD back to TOB BUY.


[BYD Company (1211 HK, BUY, TP HK$400) TP Change]: Better than Expected ASP Is the Positive Surprise

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>A recent insight by <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> signals that <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>buying from global index trackers is done (more passive buying from HSI/HSCEI trackers may come later this month).</li>
<li>As of Tuesday, the stock is currently in the middle of a modest pullback, 1 week down, reached a support area where the probability of a bounce is around 50%.</li>
<li>We are at the start of the month, it may be early to benefit from the passive buying discussed by <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a>, however this pullback could support a buy-the-dips strategy.</li>
</ul>


A recent insight by Brian Freitas signals that BYD (1211 HK)buying from global index trackers is done (more passive buying from HSI/HSCEI trackers may come later this month).
As of Tuesday, the stock is currently in the middle of a modest pullback, 1 week down, reached a support area where the probability of a bounce is around 50%.
We are at the start of the month, it may be early to benefit from the passive buying discussed by Brian Freitas, however this pullback could support a buy-the-dips strategy.


BYD (1211 HK) Tactical Outlook: Buy-The-Dip Scenarios With Passive Buying from HSI/HSCEI Trackers

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Chinese EV giant BYD has kicked off 2025 with an aggressive push that’s shaking up the global electric vehicle landscape.</li><li>From launching EVs that can charge in just five minutes to a soaring share price and record sales, BYD is not just catching up with Tesla — it’s pulling ahead on nearly every front.</li><li>In recent weeks, BYD’s stock surged to a record high following the announcement of its ultra-fast-charging Super e-Platform.</li></ul>

Chinese EV giant BYD has kicked off 2025 with an aggressive push that’s shaking up the global electric vehicle landscape.From launching EVs that can charge in just five minutes to a soaring share price and record sales, BYD is not just catching up with Tesla — it’s pulling ahead on nearly every front.In recent weeks, BYD’s stock surged to a record high following the announcement of its ultra-fast-charging Super e-Platform.

BYD's 5-Minute Charge to Global EV Supremacy: Is Tesla Already Left Behind?

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.</li>
<li>China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight</li>
<li>Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.</li>
</ul>


China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.
China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight
Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.


China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Maintain BUY. BYD’s strong 4Q24 earnings once again underscored the importance of economies of scale.</li><li>We expect BYD to prioritize sales volume again in FY25E, by leveraging new models, overseas expansion, battery technology upgrades and AD catch-up, which could lead to solid earnings in FY25E again.</li><li>4Q24 results beat with high quality earnings. BYD’s 4Q24 revenue beat our prior forecast by 6%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. BYD’s strong 4Q24 earnings once again underscored the importance of economies of scale.We expect BYD to prioritize sales volume again in FY25E, by leveraging new models, overseas expansion, battery technology upgrades and AD catch-up, which could lead to solid earnings in FY25E again.4Q24 results beat with high quality earnings. BYD’s 4Q24 revenue beat our prior forecast by 6%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYD (1211 HK/002594 CH) - 4Q24 Margins Lay Foundation for FY25 Earnings

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

[BYD Company (1211 HK, BUY, TP HK$400) TP Change]: Better than Expected ASP Is the Positive Surprise

BYD's strong Q1 performance driven by improved product mix and potential China-EU deal on EV market access; TP raised to HK$400.

Blue Lotus Research Institute

BYD (1211 HK) Tactical Outlook: Buy-The-Dip Scenarios With Passive Buying from HSI/HSCEI Trackers

BYD currently is in a modest drawdown, buy-the-dip strategies could exploit a deeper pullback, with potential for passive buying from HSI/HSCEI...

Nico Rosti

BYD's 5-Minute Charge to Global EV Supremacy: Is Tesla Already Left Behind?

Chinese EV giant BYD has kicked off 2025 with an aggressive push that’s shaking up the global electric vehicle landscape. From launching EVs that...

Baptista Research

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

BYD (1211 HK/002594 CH) - 4Q24 Margins Lay Foundation for FY25 Earnings

We expect BYD to prioritize sales volume again in FY25E, by leveraging new models, overseas expansion, battery technology upgrades and AD catch-up,...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[BYD Company (1211 HK, BUY, TP HK$400) TP Change]: Better than Expected ASP Is the Positive Surprise

​BYD's strong Q1 performance driven by improved product mix and potential China-EU deal on EV market access; TP raised to HK$400.

Blue Lotus Research Institute

BYD (1211 HK) Tactical Outlook: Buy-The-Dip Scenarios With Passive Buying from HSI/HSCEI Trackers

BYD currently is in a modest drawdown, buy-the-dip strategies could exploit a deeper pullback, with potential for passive buying from HSI/HSCEI...

Nico Rosti

BYD's 5-Minute Charge to Global EV Supremacy: Is Tesla Already Left Behind?

Chinese EV giant BYD has kicked off 2025 with an aggressive push that’s shaking up the global electric vehicle landscape. From launching EVs that...

Baptista Research

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

BYD (1211 HK/002594 CH) - 4Q24 Margins Lay Foundation for FY25 Earnings

We expect BYD to prioritize sales volume again in FY25E, by leveraging new models, overseas expansion, battery technology upgrades and AD catch-up,...

CMB International

BYD's strong Q1 performance driven by improved product mix and potential China-EU deal on EV market access; TP raised to HK$400.