HSBC Global Research has issued a report indicating that BYD Co., Ltd. (01211.HK) enjoys higher pricing and profit margins in overseas markets vis-à-vis the domestic market. This advantage stems from reduced competition and superior vehicle quality compared to other global electric vehicle (EV) brands. The report acknowledges that recent regulatory directives to shorten credit terms could strain automakers' cash flow management. Nevertheless, HSBC asserts that despite BYD's relatively higher debt ratio and lower cash ratio compared to its peers, this factor does not significantly impact its operations. Following recent price adjustments, BYD has witnessed a resurgence in both orders and sales figures in June. HSBC anticipates that price fluctuations will continue to influence the market during the summer lull, but with its dominant market position, BYD maintains a superior stance compared to competitors. Consequently, HSBC has reaffirmed its 'Buy' rating for BYD and upheld its target price at HK$151.