---
title: "Citi: BYD COMPANY's quarterly results meet expectations, target price HKD 140, rating \"Highly confident to outperform the market\""
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/263671965.md"
description: "Citi released a research report stating that it has set a target price of HKD 140 for BYD Company, based on an estimated price-to-earnings ratio of 19 times for 2026, which is higher than the historical average. Citi believes this premium is reasonable, as BYD has a clear product pipeline growth visibility, supply chain advantages, and significant progress in the field of intelligent driving, all of which will drive its transformation into a comprehensive giant in \"automobile + intelligence\"; the rating is highly confident in outperforming the market. BYD's performance last quarter met expectations, with the third quarter GAAP (Generally Accepted Accounting Principles) profit per vehicle reported at RMB 6,200, up from RMB 4,900 in the second quarter, in line with market expectations. This improvement was mainly due to a strong export volume of 258,200 vehicles (lagging three months). Citi estimates that BYD's discount factor for the third quarter was 86%, higher than 78% in the second quarter, indicating a more disciplined pricing strategy. On the margin side, BYD's gross margin for the third quarter was 17.6%, better than 16.3% in the second quarter. Overall results met Citi's expectations; Citi believes that BYD's profit margin and net profit have bottomed out in the second quarter"
datetime: "2025-10-31T06:58:38.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/263671965.md)
  - [en](https://longbridge.com/en/news/263671965.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/263671965.md)
---

# Citi: BYD COMPANY's quarterly results meet expectations, target price HKD 140, rating "Highly confident to outperform the market"

According to the Zhitong Finance APP, Citibank has released a research report stating that it has set a target price of HKD 140 for BYD Company (01211), based on an estimated price-to-earnings ratio of 19 times for 2026, which is higher than the historical average. Citibank believes this premium is reasonable due to BYD's clear product pipeline growth visibility, supply chain advantages, and significant progress in the intelligent driving field, all of which will drive its transformation into a comprehensive giant in "automobile + intelligence"; the rating is highly confident in outperforming the market.

BYD's performance last quarter met expectations, with the third quarter GAAP (Generally Accepted Accounting Principles) profit per vehicle reported at RMB 6,200, an increase from RMB 4,900 in the second quarter, in line with market expectations. This improvement was mainly due to strong export volumes of 258,200 vehicles (lagging three months). Citibank estimates that BYD's discount coefficient for the third quarter was 86%, higher than 78% in the second quarter, indicating a more disciplined pricing strategy. On the margin side, BYD's gross profit margin for the third quarter was 17.6%, better than 16.3% in the second quarter. Overall results met Citibank's expectations; Citibank believes that BYD's profit margin and net profit have bottomed out in the second quarter

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