Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is expected to benefit from the widespread adoption of intelligent driving systems, with significant growth in its automotive electronics business. The "Tian Shen Zhi Yan" system has three versions, enhancing the accessibility of intelligent driving across various vehicle models [3] - The company's smart product business is diversifying into AI servers, robotics, and other new opportunities, with ongoing R&D investments to capture market growth. Collaboration with NVIDIA has led to advancements in liquid cooling technology and the development of autonomous mobile robots [4] - Revenue projections for the company are as follows: 171.94 billion in 2024, 190.36 billion in 2025, and 213.11 billion in 2026, with net profits expected to be 4.42 billion, 5.95 billion, and 7.48 billion respectively [5] Financial Summary - The company reported a revenue of 129.96 billion for 2023, with a year-on-year growth of 21%. Projections indicate a revenue increase of 32% in 2024, followed by 11% and 12% growth in 2025 and 2026 respectively [7] - The net profit for 2023 was 4.04 billion, with a remarkable growth of 118%. Future projections show net profits of 4.42 billion in 2024, 5.95 billion in 2025, and 7.48 billion in 2026, indicating a growth trajectory [7] - The company's earnings per share (EPS) are projected to increase from 1.79 in 2023 to 3.32 by 2026, reflecting a positive outlook on profitability [7]
比亚迪电子：受益智驾系统下沉，汽车电子业务高增长-20250309