BYD Beats Q3 Analyst Expectations; HSBC Cuts Price Target But Cites Continued Growth
BYD Beats Q3 Analyst Expectations; HSBC Cuts Price Target But Cites Continued Growth
BYD Company Limited (OTC:BYDDF) (OTC:BYDDY) reported earnings for Q3 2023 after the bell in Hong Kong that beat analyst expectations by a wide margin.
比亞迪股份有限公司（場外交易代碼：BYDDF）（場外交易代碼：BYDDY） 香港鐘聲敲響後，公佈了2023年第三季度的收益，大幅超出了分析師的預期。
The company said that for Q3 it made 162 billion RMB ($22.1 billion) in sales, a 38.49% improvement on the same period a year ago and earned net profit of 9.7 billion RMB, up 81% over the past year. During the first 9 months of the year, the company has made 422.3 billion RMB in sales and 19.3 billion RMB in net profits, up 57.8% and 131% over the same year-ago period, respectively.
該公司表示，第三季度的銷售額爲1620億元人民幣（合221億美元），比去年同期增長38.49％，淨利潤爲97億元人民幣，比去年同期增長81％。在今年的前9個月中，該公司的銷售額爲4,223億元人民幣，淨利潤爲193億元人民幣，分別比去年同期增長57.8％和131％。
The company's earnings were in line with guidance issued by the company last week, which said it would make between 3.3 RMB and 4 RMB a share in the third quarter.
該公司的收益符合該公司上週發佈的指引，該指引稱第三季度每股收益將在3.3元人民幣至4元人民幣之間。
The company's results beat analysts' expectations by about a fifth, which were an average of $0.4 a share. Basic earnings per share for BYD in Q3 were 3.58 RMB ($0.48) per share for the third quarter this year.
該公司的業績比分析師的預期高出約五分之一，平均爲每股0.4美元。比亞迪今年第三季度的每股基本收益爲每股3.58元人民幣（0.48美元）。
HSBC issued a research note on BYD Monday maintaining its Buy rating on the stock but cutting its price target by 4%.
匯豐銀行週一在比亞迪上發佈了一份研究報告，維持對該股的買入評級，但將其目標股價下調了4％。
In Hong Kong, shares in BYD are about 2% higher over the past month after the company said that it would report record earnings due out Monday. On the Shanghai Stock Exchange, however, BYD's shares have fallen 4% over the past month as mainland investors are increasingly wary about the company's ability to deliver consistent earnings performance in light of a price war for EVs.
在香港，比亞迪的股價在過去一個月中上漲了約2％，此前該公司表示將在週一公佈創紀錄的收益。然而，在上海證券交易所，比亞迪的股價在過去一個月中下跌了4％，原因是內地投資者對該公司在電動汽車價格戰下實現持續收益表現的能力越來越謹慎。
Tesla Inc (NASDAQ:TSLA), Nio Inc (NYSE:NIO), XPeng Inc (NYSE:XPEV) and Li Auto (NASDAQ:LI) are all eating into one another's margins as they slash costs on their EVs to tempt more consumers towards their brands in what is an increasingly saturated market.
特斯拉公司（納斯達克股票代碼：TSLA）， Nio Inc（紐約證券交易所代碼：NIO）， 小鵬公司（紐約證券交易所代碼：XPEV） 和 理想汽車（納斯達克股票代碼：LI） 在日益飽和的市場中，他們削減電動汽車的成本以吸引更多消費者購買自己的品牌，都在吞噬彼此的利潤。
HSBC said that Chinese investors are over-concerned about the company's ability to deliver profit growth now. HSBC further predicts that Q4 earnings will also rise, and forecasts an additional increase in earnings growth of 7-16% for the 2023-2025 period.
匯豐銀行表示，中國投資者對該公司現在實現利潤增長的能力過於擔憂。匯豐銀行進一步預測，第四季度的收益也將增加，並預計2023-2025年期間的收益將進一步增長7-16％。
Still, the bank cut its price target for BYD from HK$408 to HK$391 as a result of the increase in the A-share and H-share spread, anticipating upside of 58% for the company's stock now. That percentage is roughly the same as China's largest EV maker's earnings discount to rival Tesla right now.
儘管如此，由於A股和H股利差的增加，該銀行仍將比亞迪的目標股價從408港元下調至391港元，預計該公司的股票目前上漲幅度爲58％。該百分比與中國最大的電動汽車製造商目前向競爭對手特斯拉提供的收益折扣大致相同。