Investment Rating - The report maintains a "Buy" rating for BYD Electronics, indicating an expected performance that will outperform the market by over 20% [6][12]. Core Insights - The report highlights that BYD Electronics is expected to benefit from the growth in server and AMR (Autonomous Mobile Robot) businesses, which will enhance mid-term growth prospects. The company is also focusing on high-end automotive electronics as part of its strategic shift towards smart and high-end products [6][8]. - The net profit forecasts for 2024 and 2025 have been adjusted downwards to 5 billion and 6 billion CNY respectively, due to the impact of intangible asset amortization. However, the long-term outlook remains positive with a projected net profit of 6.8 billion CNY in 2026, reflecting a growth rate of 23% [6]. - The company is set to be included in the Hang Seng Index, which is expected to attract passive index fund investments, further supporting its stock performance [7]. Financial Summary and Valuation Metrics - Revenue is projected to grow from 129.96 billion CNY in 2023 to 163.51 billion CNY in 2024, representing a year-on-year growth of 25.8% [8]. - The net profit is expected to increase from 4.04 billion CNY in 2023 to 4.98 billion CNY in 2024, with a year-on-year growth of 23.2% [8]. - The report provides a detailed financial outlook with projected EPS of 2.2 CNY for 2024, increasing to 3.0 CNY by 2026, and corresponding P/E ratios of 14.4, 11.9, and 10.6 for the years 2024, 2025, and 2026 respectively [6][8].

h 股 c r a 票 e s e 研 R y 究 tiu q [ FT la ab sle h_T Nitl oe] t e: BYD Electronic (00285 HK) 中文版 Gin Yu 余劲同 E (852) 2509 2113 快讯： 比亚迪电子 (00285 HK) Chinese version gin.yu@gtjas.com.hk 30 April 2024 2[T0ab2le4_年Sum第ma一ry]季度盈利符合市场预期；人工智能业务扩张超 市场预期 e  我们维持比亚迪电子（“公司”）38.70港元的目标价及“买入”的投资评级。由于我们预计比亚迪电子（“公司”） 快 to N 的主营业务线今年将保持增长，预计2024年净利润将同比增长超过30%，叠加人工智能将为公司带来的新机 讯 h s 遇，我们维持公司38.70港元的目标价及“买入”的投资评级。目标价相当于15.1倍/ 12.0倍/10.4倍的2024-2026 a lF 年市盈率。  比亚迪电子2024年第一季度盈利符合市场预期。得益于捷普工厂的收入贡献、安卓业务的复苏以及汽车电子 业务的进一步发展，2024年第一季度 ...

Investment Rating - The report maintains a "BUY" rating for BYD Electronic with a target price of HKD 41.35, indicating an upside potential of +54.3% from the current price of HKD 27.10 [2][10]. Core Insights - BYD Electronic's 1Q24 results were in line with expectations, showing revenue growth of 38.5% year-on-year to RMB 36.5 billion and net profit growth of 33% to RMB 610 million, primarily driven by the consolidation of Jabil Singapore [2][3]. - The company is expected to benefit from increased project wins from US clients following the acquisition of Jabil, which positions BYD Electronic as a strategic partner for flagship projects [2][3]. - The generative AI smartphone market is anticipated to drive a new replacement cycle, with shipments expected to grow significantly from 4% in 2023 to 8% in 2024, potentially reaching 522 million units by 2027 [4]. Financial Performance - BYD Electronic's assembly service revenue grew by 23% year-on-year in FY23, while components revenue saw a decline of approximately 4% year-on-year [3]. - The automotive intelligent segment revenue surged by 52% year-on-year to RMB 14.1 billion in FY23, reflecting strong demand for electrification and intelligent systems [7]. - The IoT and automotive segments are projected to achieve over 20% growth in the next 2-3 years, with revenue expected to reach approximately RMB 40 billion to RMB 50 billion in FY24E-25E [7][9]. Earnings Forecast - The report has adjusted BYD Electronic's FY24E and FY25E earnings forecasts, projecting a revenue growth of 25.8% and a net profit growth of 20.0% CAGR from FY23 to FY26E [9][11]. - The company is expected to maintain a gross margin of around 8.0% to 9.0% in the coming years, supported by improved product mix and operational efficiencies [9][11]. Market Position and Strategy - BYD Electronic is diversifying its business away from smartphone-related activities, focusing on IoT and automotive segments as key growth drivers [9][10]. - The company has established a strategic partnership with NVIDIA, which will enhance its capabilities in AI products, including customized servers for internet customers [6][9].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 （根據公司條例於香港註冊成立的有限公司） （股份代號：285） 截至二零二四年三月三十一日止三個月未經審核業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09(2)(a)條及香港法例 第571章《證券及期貨條例》第XIVA部之內幕消息條文而作出。 比亞迪電子（國際）有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）欣然宣佈本集團截至二零二四年三月三十一日止三個月的未經審核綜 合業績，連同二零二三年同期的未經審核比較數字如下： 季度業績摘要 截至三月三十一日止三個月 二零二四年 二零二三年 變幅 （未經審核） （未經審核） 人民幣千元 ...

Economic Performance - In 2023, BYD Electronic achieved a year-on-year growth of 5.2% in China's GDP, with total economic output surpassing RMB 126 trillion[11]. - The demand in the consumer electronics market remains under pressure due to high global inflation and macroeconomic uncertainties[12]. - The company is focused on high-quality development and macro-control policies to navigate global economic challenges[11]. Market Trends - Global smartphone shipments decreased by 3.2% to 1,170 million units in 2023, while global PC shipments fell by 13.9% to 260 million units[12]. - In the Chinese market, mobile phone shipments amounted to 289 million units in 2023, reflecting a year-on-year increase of approximately 6.5%[12]. - 5G smartphone shipments in China increased by approximately 11.9% year-on-year to 240 million units[12]. - The global consumer electronics market is expected to recover, driven by AI technology integration and innovative product launches, with shipments of generative AI smartphones projected to exceed 100 million units in 2024[35]. - The global PC market is anticipated to see a 3.4% increase in shipments in 2024, driven by the natural replacement cycle and the introduction of AI-enabled PCs[35]. Company Growth and Strategy - The company continues to leverage its core advantages in electronic information, AI, 5G, and IoT technologies to provide innovative product solutions[3]. - BYD Electronic is engaged in diverse market areas, including smartphones, new energy vehicles, and smart home technologies[3]. - The company is committed to expanding its market presence and enhancing its product offerings through technological advancements[3]. - BYD Electronic's strategic initiatives include exploring new product development and potential acquisitions to drive growth[3]. - The Group plans to continue expanding its customer resources and product matrix to achieve long-term sustainable growth[23]. Financial Performance - The Group recorded sales of approximately RMB 129,957 million in 2023, reflecting a year-on-year increase of approximately 21.24%, while profit attributable to the owners of the parent increased by 117.56% to RMB 4,041 million[16]. - The consumer electronics business recorded revenue of RMB 97,420 million, representing an increase of approximately 18.50% year on year[28]. - Revenue from the new intelligent products business was approximately RMB 18,441 million, accounting for 14.19% of total revenue, with a year-on-year increase of 21.27%[30]. - The Group's capacity utilization rate continued to increase, further improving profitability[26]. - Gross profit increased by approximately 64.31% to around RMB 10,434 million, with gross profit margin rising from approximately 5.92% in 2022 to approximately 8.03%[51][52]. New Energy Vehicles - In 2023, the sales volume of new energy vehicles in China reached 9.495 million units, representing a year-on-year growth of 37.9%, with market share increasing from 25.6% in 2022 to 31.6%[15]. - The new energy vehicle market in China has ranked first in the world for nine consecutive years, indicating strong market leadership[21]. - The export volume of new energy vehicles was 1.203 million units, reflecting a year-on-year growth of 77.6%[32]. - The revenue from the new energy vehicle business segment amounted to approximately RMB 14.096 billion, accounting for 10.85% of total revenue, marking an increase of approximately 52.17% compared to the same period in 2022[32]. - Global new energy vehicle sales are expected to surpass 18 million units in 2024, with China's sales reaching 11.5 million units, including exports, and an electrification penetration rate exceeding 37%[41]. Corporate Governance - The Company emphasizes the importance of good corporate governance to enhance confidence among shareholders and stakeholders[102]. - The Board is collectively responsible for formulating the development strategy and overseeing management performance[104]. - The Company has implemented corporate governance practices in line with the principles of the Corporate Governance Code, ensuring transparency and accountability[102]. - The Board held nine meetings during the year to discuss overall strategy, operational and financial performance[108]. - The Company has established an Audit Committee consisting of five members, including three independent non-executive Directors, to oversee financial reporting and risk management[124]. Leadership and Management - Mr. Wang Chuan-fu, the chairman and president of BYD, has been recognized as one of China's 50 Most Influential Business Leaders in 2023 by Fortune magazine[86]. - BYD's leadership includes Mr. Wang Bo, who has been responsible for marketing and sales since the company's listing on the Stock Exchange[88]. - The Company has expanded its leadership team with experienced professionals from various sectors, enhancing its strategic direction[89]. - The Board of Directors consists of seven members, including two executive Directors, two non-executive Directors, and three independent non-executive Directors, ensuring a balanced composition[106]. Environmental, Social, and Governance (ESG) - The company aims to align its business strategies with national goals of carbon peak emissions and carbon neutrality by 2030 and 2060, respectively[194]. - The Board recognizes the importance of integrating ESG matters into business strategy for long-term development[198]. - The Company has implemented a proactive investor relations policy to ensure timely access to information for making investment decisions[183]. - The ESG Committee manages and supervises the Company's corporate social responsibility performance[198]. - The report adheres to the "Environmental, Social and Governance Reporting Guide" under the Hong Kong Stock Exchange rules, ensuring compliance with the latest provisions[188].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company has shown steady revenue growth, with Q4 revenue reaching 37.8 billion RMB, a year-on-year increase of 5%, and total annual revenue of 130 billion RMB, up 21% year-on-year. Key drivers include increased supply share from overseas major clients and rapid growth in the automotive smart products segment [2] - The gross profit margin for 2023 improved by 2.1 percentage points to 8%, marking a historical high, attributed to product structure optimization and enhanced operational efficiency. The net profit attributable to the parent company reached 4 billion RMB, a significant increase of 118% year-on-year [2] - The acquisition of Jabil's related assets at the end of 2023 is expected to contribute additional revenue, primarily by providing high-end mobile phone components to overseas major clients, thus expanding the company's supply range [2][3] Financial Summary - For 2024, the company is projected to achieve revenue of 161.1 billion RMB, with a year-on-year growth rate of 24%. The net profit attributable to the parent company is expected to be 5.1 billion RMB, reflecting a growth of 27% [3] - The financial forecasts for 2024-2026 indicate revenues of 161.1 billion RMB, 182.8 billion RMB, and 190.7 billion RMB respectively, with corresponding net profits of 5.1 billion RMB, 6.1 billion RMB, and 7.3 billion RMB [3][6] - The company's reasonable market value is estimated at 79.3 billion HKD, equivalent to approximately 35 HKD per share, based on a 12x P/E ratio for 2025 [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of 46.5 HKD, representing a potential upside of 61.2% from the current price of 28.85 HKD [1][2]. Core Insights - The company achieved a record high in total revenue for 2023, with a year-on-year growth of 21.2% to 129.96 billion RMB, driven by strong performance across its three main business segments: consumer electronics, new intelligent products, and new energy vehicles [2][4]. - The gross profit margin improved significantly, rising by 5.92 percentage points to 8.03%, while net profit attributable to shareholders surged by 117.6% to 4.04 billion RMB [2][4]. - The new energy vehicle segment saw remarkable growth, with revenue increasing by 52.2% to 14.1 billion RMB, marking the first time this segment surpassed 10 billion RMB [2][4]. - The acquisition of Jabil's production business for 14.29 billion RMB is expected to enhance the company's leadership in the smartphone components industry and improve profit margins [2][4]. - The company is increasing its investment in R&D, with spending rising by 18.9% to 4.72 billion RMB, and has established a strategic partnership with NVIDIA to enhance its AI product offerings [2][4]. Financial Summary - Total revenue for 2022 was 107.19 billion RMB, with a projected increase to 168.80 billion RMB by 2024, reflecting a compound annual growth rate (CAGR) of 29.9% [1][4]. - The gross profit margin is expected to continue improving, reaching 9.2% by 2026 [1][4]. - Earnings per share (EPS) are projected to grow from 1.95 HKD in 2023 to 3.41 HKD by 2026, indicating a strong upward trend in profitability [1][4]. - The company’s total assets are forecasted to increase significantly, from 56.99 billion RMB in 2022 to 130.59 billion RMB by 2023 [4].

证券研究报告·海外公司点评·资讯科技器材(HS) 比亚迪电子（00285.HK） 2023 年报点评：业绩超预期，期待三大业务 2024 年 04月 05日 保持增势 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 研究助理 李博韦 营业总收入（百万元） 107,920 129,957 176,900 192,548 208,517 执业证书：S0600123070070 同比 20.49% 20.83% 35.66% 8.85% 8.29% libw@dwzq.com.cn 归母净利润（百万元） 1,858 4,041 5,912 6,832 7,506 同比 -19.58% 117.56% 46.30% 15.56% 9.86% 股价走势 EPS-最新摊薄（元/股） 0.82 1.79 2.62 3.03 3.33 比亚迪电子 恒生指数 P/E（现价&最新摊薄） 33.42 15.36 10.50 9.0 ...

比亚迪电子（0285） 更新报告 买入 2024年04月02日 陈晓霞 完成收购捷普，汽车电子迎高质发展，不断拓宽业务边界 852-25321956  2023 年净利润增长 118%：比亚迪电子2023年收入1300亿元， xx.chen@firstshanghai.com.hk 增长 21%；净利润 40.4 亿元，增长 118%；每股盈利 1.79 元人民 币，增长 118%。从收入结构看，消费电子零部件 136 亿，下滑 主要数据 3.7%；组装 837.8 亿，增长 23%；新型智能产品 184 亿，增长 21.3%；新能源汽车业务141亿，增长52%。 行业 TMT  完成捷普收购，提升消费电子竞争力：2023 年全球智能手机出 股价 28.85港元 货量下滑3.2%至11.7亿部。根据TechInsight的预测，2024年智 目标价 45港元 能手机出货量将恢复低单位数的增长。公司以158亿元人民币的代 价收购捷普位于成都、无锡的制造业务，于 2023 年 12 月 29 日完 (+54.6%) 成交割，这将增强公司在核心客户 A 的合作深度，增厚 2024 年的 股票代码 0285 收入 ...

浦银国际研究 公司研究 | 科技行业 比亚迪电子（285.HK）：并表业务贡献 沈岱 浦 可持续增量，汽车电子高速成长 首席科技分析师 银 tony_shen@spdbi.com 国 (852) 2808 6435 际 重申比亚迪电子“买入”评级，维持目标价 36.7港元，潜在升幅 28%。 黄佳琦 重申比亚迪电子的“买入”评级：我们认为比亚迪电子今明两年业  科技分析师 绩增长确定性较高。其主要看点在于：1）收购的捷普并表有望在 sia_huang@spdbi.com 今明两年提供稳定的利润成长，2）汽车电子业务收入维持较高增 (852) 2809 0355 速，增速有望高于比亚迪汽车销量增速，并可以传递为利润增量。 2024年3月28日 另外，今年全球和中国智能手机预期实现温和复苏，出货量增长0%- 5%，保障零部件业务稳定，略有提升。我们预计比亚迪电子 2024 评级 公 年、2025 年净利润将分别同比增长 16%、21%。结合当前16.2x/13.4x 司 研 2024E/2025E 市盈率，我们重申“买入”评级。 目标价（港元） 36.7 究  2023年业绩大体符合预期：比亚迪电子 2023 ...