Investment Rating - The investment rating for BYD Electronics is "Buy" (maintained) [3] Core Views - The growth outlook for 2025 is boosted by the server and robotics business, despite a decline in household storage business impacting net profit forecasts for 2024-2026 [3] - The net profit estimates have been revised down to 4.2 billion, 4.9 billion, and 5.8 billion RMB for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 3%, 18%, and 17% [3] - The current stock price of 27.65 HKD corresponds to a PE ratio of 13.8, 11.7, and 10.0 for the years 2024-2026 [3] Financial Summary - In Q2 2024, the company's total revenue was 42.1 billion RMB, a year-on-year increase of 41%, primarily driven by assembly business growth [6] - The net profit for Q2 2024 was 0.91 billion RMB, a year-on-year decrease of 14%, mainly due to the decline in household storage business [6] - The gross margin for Q2 2024 decreased by 1.2 percentage points to 6.8% [6] Business Outlook - The server and robotics sectors are expected to enhance mid-term growth potential, with improvements in profit margins from the Jabil-related business due to effective cost management [7] - The automotive electronics business is anticipated to recover in H2 2024, driven by the introduction of high-priced models and new product lines [7] - The collaboration with NVIDIA is expected to enhance the company's capabilities in server assembly and AMR robotics, potentially leading to higher profitability [7]
比亚迪电子：港股公司信息更新报告：服务器及机器人提振2025年增长前景