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<Research>Citi Foresees BYD 2Q NP to Leap 73% QoQ; Rating Buy
Recommend 5 Positive 9 Negative 0 |
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BYD COMPANY (01211.HK)'s 1Q24 NEV GPM added more than 7 ppts YoY to 28.1%, Citi Research wrote in its report. The 1Q24 NEV revenue fell 5.7% YoY to RMB88.5 billion, thanks to the slow season for auto sales. Due to additional price cuts, BYD's 1Q24 NEV blended ASP also dipped by about 6% QoQ, the report said. However, the company's GPM still charted QoQ and YoY growth, suggesting synergies from its cost control efforts. Citi expected BYD's 2Q24 net profit to be RMB7.9 billion, implying a 73% QoQ growth, and maintained a Buy rating on the company. AAStocks Financial News |
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