BYD at turning point, recovery ahead
BYD's Q1 results were solid, with gross profit margin a key highlight (higher than Q1 last year due to mix). Q1 is the trough and the order book is very strong: over 60,000 orders in the first month and 30,000 for the new Denza model in 24 hours. New model ramp-up and continuous product cycle will support margin and volume improvement in coming quarters.