Jiao Yin International: BYD Overseas Sales Rise, Profit Margin Expected to Improve

Jiayin Securities released a report stating that with BYD's (01211) overseas sales ratio continuously increasing by 2026, the group's profit margin is expected to further improve. The report maintains the "Buy" rating and a target price of 133 Hong Kong dollars. BYD continues to make breakthroughs in pure electric vehicle technology, which is expected to boost the penetration rate of new energy vehicles. Despite sales pressure in the domestic market, its overseas business is showing strong growth, with notable performance in Southeast Asia, Latin America, and Europe. In February 2026, BYD's overseas sales increased by 41.4% year-on-year to 100,100 units, with the overseas sales ratio breaking through 50% for the first time.