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<Research>HSBC Research Favors BYD, GEELY, XPENG, NIO, CATL; Exports Offset Weak Domestic Demand
Recommend 23 Positive 33 Negative 10 |
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Domestic demand in China's NEV market remains weak, HSBC Global Investment Research said in its report. In April, retail sales of PV NEV were flat MoM and sank 6% YoY, while overall PV demand declined 21% YoY. On exports, China's PV exports reached 2.7 million units in 4M26, up 69% YoY, mainly driven by EVs, whose share increased from 38% to 49%. The broker believed that amid weak domestic demand, exports remain an important pillar supporting capacity utilization, earnings resilience and product mix improvement. The broker continued to favor technology leaders with clearer earnings visibility. For BYD COMPANY (01211.HK), the broker is positive on its technology upgrades and strong new model cycle to drive sales recovery, and remains constructive on its long-term ecosystem value and overseas expansion potential. GEELY AUTO (00175.HK) has demonstrated earnings resilience through a better product mix, with new models and overseas markets providing sales opportunities. XPENG-W (09868.HK) is benefiting from improved fundamentals following the launch of its new GX model. NIO-SW (09866.HK) is expected to see higher visibility in 2026 sales growth and earnings improvement, supported by new models (ONVO L80 and NIO ES9) and growth in its core product mix. CATL (03750.HK) remains the broker's core top holding, on the back of strong earnings visibility, market share defense capability, and growth from ESS and overseas markets. The broker assigned a Buy rating to BYD COMPANY with an H-share TP of HKD146; a Buy rating to GEELY AUTO with a TP of HKD32; a US share TP of USD27.7 and a Buy rating to XPeng Inc. (XPEV.US); a US share TP of USD6.8 and a Buy rating to NIO Inc. (NIO.US); and a Buy rating for CATL, with a Hong Kong share TP of HKD790 and an A-share TP of RMB547 for CONTEMPORARY AMPEREX (300750.SZ). Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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