Investment Rating - The report gives a "Strong Buy" rating for BYD Electronics, with a target price of HKD 49.40, based on a 20x PE for 2024 [2][8]. Core Insights - BYD Electronics is a leading platform-based high-end manufacturing enterprise with comprehensive layouts in consumer electronics, automotive electronics, and AI businesses, driving long-term growth [2][6]. - The company reported revenue of CNY 130.4 billion in 2023, with a year-on-year growth of 20.83%, and expects to achieve a net profit of CNY 4.04 billion, a significant increase of 117.56% year-on-year [20][21]. - The AI business is positioned for growth, with a focus on both cloud and edge computing, and partnerships with major clients like NVIDIA [7][28]. - The consumer electronics segment is expected to benefit from the new iPad product cycle and the recovery of the Android market, with significant contributions from the acquisition of Jabil's mobile manufacturing business [47][55]. - The automotive electronics sector is experiencing rapid growth, supported by the increasing sales of BYD's parent company, BYD Group, which achieved global leadership in electric vehicle sales [66][71]. Summary by Sections Company Overview - BYD Electronics, established in 1995, is a global leader in high-end manufacturing, serving various sectors including smartphones, IoT, and electric vehicles [13][14]. - The company has a strong focus on R&D and precision manufacturing capabilities, providing a wide range of products and services [16][24]. AI Business - The AI segment includes cloud-based servers and autonomous mobile robots (AMR), leveraging partnerships with NVIDIA to enhance capabilities [28][36]. - The company is developing a comprehensive range of server products, including AI servers and liquid cooling solutions, to support data center growth [36][39]. Consumer Electronics - BYD Electronics is a key supplier for major clients like Apple, with expectations of benefiting from the upcoming iPad product launches and the recovery in the Android market [47][49]. - The acquisition of Jabil's mobile manufacturing business is expected to enhance the company's position in the smartphone component market [50][54]. Automotive Electronics - The automotive electronics market is expanding rapidly, with BYD Electronics benefiting from the growth of its parent company, BYD Group, which is a leader in the electric vehicle market [66][71]. - The company is actively expanding its product lines and customer base in the automotive sector, focusing on smart cockpit and autonomous driving technologies [72][74]. New Intelligent Terminals - BYD Electronics is positioned to benefit from the growth of the drone market, being a core supplier for DJI, as the low-altitude economy gains traction [74][75]. - The company has also entered the electronic cigarette market, completing its product lineup and production capacity [75].
比亚迪电子：深度研究报告：一体化智造平台，人工智能&消费电子&汽车电子三驾马车拉动公司业绩增长