Morgan Stanley expects BYD's second-quarter sales to rebound quarter-on-quarter, rating "Overweight"
JP Morgan published a research report stating that BYD (01211.HK) recently launched its second-generation blade battery and announced the expansion of its fast-charging network. At the same time, its various brands have launched a total of 10 new pure electric and plug-in hybrid models, which are expected to start delivery in April or May. The firm believes that BYD's sales will rebound from approximately 700,000 vehicles in the first quarter of this year to 1.1 million to 1.2 million vehicles in the second quarter. The firm believes that investors' focus will shift to the recovery of store foot traffic around the Beijing Auto Show on April 24.
The firm maintains its target price at 110 yuan and its rating at "Overweight."
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