招银国际：比亚迪（002594）-Overseas,R&Dsupport1Q26earningsresilience

比亚迪(002594) MaintainBUY.BYD’s1Q26averagesellingprice(ASP)andGPMbothbeatourpriorforecastwithoverseascontribution,whichechoedourpreviousreporttitled“overseassalescouldbeapositivesurpriseinFY26”(link).WeexpectFY26EGPMtosustain,asweestimateoverseasvehicleGPMcouldbe6-8pptshigherthanthatinChina.BYDalsobecomesmoreprudentonexpenses,especiallyonR&D,whichcouldprovideearningsresiliencewithhighercapitalizationratio.WestillbelieveBYDisoneofthebiggestbeneficiariesfromhighoilprice. 1Q26revenue,GPMbeatonoversea