UOB Kay Hian analysts said BYD’s earnings likely bottomed in 1Q, after 4Q profit
met their estimates but missed consensus due to weaker revenue. They expect a
Recovery from 2Q, driven by new technology launches and overseas expansion.
External battery sales surged in 2025 and are seen growing at a 38% CAGR over
2026–2028. The analysts raised 2026–2027 net profit forecasts by 58%–100%,
upgraded the stock to buy from sell, and lifted the target price to HK$130 from
HK$81.