Robert Way Investment Thesis We remain cautious on BYD, despite its continued growth in topline and bottom line in 2Q and its resilient margin. This is because industry conditions have further deteriorated recently, with total auto sales declining yoy for two consecutive months. The above-industry growth of EVs won't sustain for long, as EV penetration surpassed 50% in July. BYD's high valuation of 21x 2024 PE has already priced in its industry leadership, and may face downward pressure once EV sales begin ...