DBS: BYD Company – Buy Target Price HK$347, RMB318

Deepening global strategy as new growth driver

• FY24F vehicle sales projected to grow c.30% following a 62% surge in FY23
• Globalisation strategy to accelerate; building an EV factory in Hungary to penetrate European market
• Market challenges remain, rising market competition and slower industry sales growth in 2024 
• TP cut to HK$347/RMB318 (based on SOTP) to reflect macro uncertainties; maintain BUY on attractive valuation and globalization strategy