Macquarie issued a report saying that BYD (1211.HK) ranks first in the mainland electric vehicle market, mainly because of its comprehensive new energy vehicle product portfolio, and its core is positioned in the small and medium-sized new energy vehicle market; its sales volume is expected to reach an average annual compound growth rate of 52% from 2021 to 2023, and the dominant position of major groups in lower-tier cities and strong product lines.
The bank maintained BYD's "outperform" rating, but lowered its target price from HK$355 to HK$328 to reflect a 14% downward revision of its 2021 earnings forecast, but raised its 2022 and 2023 earnings by 4% and 10% respectively.
![Macquarie: Maintaining Great Wall Motors (2333. HK) outperformed the market rating with a target price of HK$34[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)