---
title: "Morgan Stanley: BYD's inventory digestion is nearing the end, and overseas sales may become the growth engine"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/261529447.md"
description: "Morgan Stanley pointed out that BYD's stock price has fallen 30% since May, mainly due to performance that did not meet expectations. It is expected that inventory digestion is nearing completion, and the impact of anti-involution policies is weakening, maintaining an overweight rating. Looking ahead to 2026, it is expected that BYD's overseas sales will reach 1.6 million to 1.8 million vehicles, a year-on-year increase of 68% to 89%. In the next three years, overseas production capacity is expected to grow by about 50%, and the increase in the proportion of overseas sales will improve overall profit margins"
datetime: "2025-10-17T01:12:13.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/261529447.md)
  - [en](https://longbridge.com/en/news/261529447.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/261529447.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/261529447.md) | [English](https://longbridge.com/en/news/261529447.md)


# Morgan Stanley: BYD's inventory digestion is nearing the end, and overseas sales may become the growth engine

Morgan Stanley stated that BYD's stock price has fallen 30% since its peak in May, mainly due to disappointing performance and lowered guidance. The firm believes that inventory digestion is nearing completion, and the impact of anti-involution policies will gradually weaken, maintaining an overweight rating on the stock. Looking ahead to 2026, it is expected that BYD's overseas sales will reach 1.6 million to 1.8 million vehicles, a year-on-year increase of 68% to 89%. Although this target is challenging, it is still achievable. It is expected that BYD's overseas production capacity will grow by about 50% over the next three years; the increase in the proportion of overseas sales will help improve overall profit margins

### 相關股票

- [BYD Company (BYDDY.US)](https://longbridge.com/zh-HK/quote/BYDDY.US.md)
- [BYD (002594.CN)](https://longbridge.com/zh-HK/quote/002594.CN.md)
- [BYD Company Limited (BYDDF.US)](https://longbridge.com/zh-HK/quote/BYDDF.US.md)
- [BYD COMPANY (01211.HK)](https://longbridge.com/zh-HK/quote/01211.HK.md)

## 相關資訊與研究

- [Bogotá receives first locally produced electric buses](https://longbridge.com/zh-HK/news/281371317.md)
- [BYD Mar NEV sales rebound to over 300,000 as overseas growth accelerates](https://longbridge.com/zh-HK/news/281361123.md)
- [Tesla's China-made EV sales rise for second straight quarter](https://longbridge.com/zh-HK/news/281601882.md)
- [BYD launches first overseas SkyRail project with Brazil monorail](https://longbridge.com/zh-HK/news/281523660.md)
- [Tesla Sold Over 358K Vehicles Globally In Q1, BYD Nearly Matches Total For Just Exports](https://longbridge.com/zh-HK/news/281564232.md)