April 28, 2026 02:54 PM GMT BYD Company Limited | Asia Pacific 1Q a trough quarter – favorable overseas mix bolstered ASP/ GPM trend despite domestic earnings woes Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways BYD reported 1Q net income of Rmb4.1bn (-56% QoQ/-55% YoY): Our estimate was Rmb4.6bn; reduced market expectations were Rmb4-5bn. Excl ...