According to the Zhitong Finance APP, Goldman Sachs released a research report stating that it expects overseas markets to become the growth engine for BYD Company Limited (01211) in the next decade, raising its forecast for the company's overseas sales outside the United States from 2026 to 2035 by 5% to 14%, to 1.5 million to 3.5 million vehicles. The net profit forecast for 2025 to 2030 was lowered by 14% to an increase of 9%, with target prices for BYD's H-shares and A-shares (002594.SZ) raised by 8% to HKD 141 and RMB 144, respectively, maintaining a &#34;Buy&#34; rating, and expecting an average annual compound growth rate of 30% in earnings from 2025 to 2028, with the contribution of overseas profits rising from 21% in 2024 to 60% in 2028.
The bank believes that the penetration rate of electric vehicles in key overseas markets is still about four years behind that of China, and expects that with the launch of more new models, the penetration rate of electric vehicles overseas will reach the level of China in 2028 by 2035, with a market size of 28 million vehicles.
In addition, the bank pointed out that BYD's models have competitive advantages among peers, with some models even being the best-selling in the market. With the company's established rich model portfolio in the domestic market, continuous investment in research and development, and an expanding sales network, it believes that BYD can occupy a leading position in the global new energy vehicle market. The bank lowered its overall sales forecast for 2025 by 6%, while raising its forecast for 2026 to 2030 by 3%

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Goldman Sachs expects overseas markets to become the growth engine for BYD Company in the next decade, raising the target price to HKD 141. It is anticipated that by 2035, the penetration rate of electric vehicles overseas will reach the level of China in 2028, with a market size of up to 28 million vehicles. BYD's competitive advantages are evident, with a potential average annual compound growth rate of 30% in future profits

- Goldman Sachs reports that BYD's overseas markets are expected to be a key growth driver over the next decade, raising sales forecasts for 2026 to 2035 by 5% to 14%, totaling 1.5 to 3.5 million vehicles.  
- The firm adjusted net profit forecasts for 2025 to 2030 down by 14% and up by 9%, increasing target prices for BYD's H and A shares by 8% to HKD 141 and CNY 144, respectively, while maintaining a "buy" rating.  
- It anticipates a compound annual growth rate of 30% in profits from 2025 to 2028, with overseas profit contribution rising from 21% in 2024 to 60% in 2028.

Goldman Sachs: Expects overseas markets to be the growth engine for BYD COMPANY, raising target price to HKD 141