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Citi has issued a research report, assigning a 'Buy' rating to BYD (01211) along with a target price of HK$174. The volume of automobile insurance registrations in February closely mirrored the domestic wholesale sales figures, signaling a stable level of dealer inventories. Looking ahead to March, it is projected that BYD's export and domestic sales will experience a year-on-year surge, reaching between 220,000 and 250,000 units. Furthermore, the company is likely to engage in destocking and adjust its production volumes during March and April. On the product front, the Fangchengbao Titanium 3 Flash Charge variant has been introduced to the market. Citi anticipates that, once fully established, its monthly sales could hit the 8,000-9,000 unit mark. Additionally, the Fangchengbao 7 is slated for launch in April.
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