BYD Electronic | 285.HK Expect more project wins from US client; Increasing generative AI smartphone penetration supports replacement demand BYDE's assembly service revenue grew 26% Yoy in FY24, while components revenue soared 1.6x Yoy to ~RMB35.6bn, thanks to newly acquired Jabil business (hence share gain in US client) and resilient demand for Android flagships. After having acquired Jabil Singapore (include Chengdu and Wuxi manufacturing sites), BYDE targets to engage more in US clients' flagship project ...

证券研究报告 | 2025年04月01日 比亚迪电子（00285.HK） 优于大市 24 年营收创历史新高，智驾下沉推动汽车业务高增 2024 年公司收入同比增长 36%，归母净利润增长 5.6%。比亚迪电子 2024 年 实现营收 1773.06 亿元(YoY +36.0%)，归母净利润 42.66 亿元(YoY +5.6%)， 对应4Q24实现营收551.79亿元(YoY +44.2%，QoQ +28.8%)，归母净利润12.03 亿元(YoY +20.6%，QoQ -22.2%)，利润环比下滑主要受股权激励费用计提及 大客户新项目研发投入增加影响。2024 年公司实现毛利率 6.9%(YoY -1.1%)， 归母净利率 2.41%(YoY -0.7%)，毛利率下滑主要系公司业务结构调整，新增 业务盈利改善仍需时间。 智驾平权推动域控需求，产品结构持续优化。据中汽协数据，2024 年新能源 汽车产量及销量分为 1288.8 万辆及 1286.6 万辆，同比分别增长 34.4%及 35.5%，新能源汽车出口 128.4 万辆，同比增长 6.7%。汽车电子领域，比亚 迪电子背靠母公司比亚迪，从智能座舱逐步向智 ...

[Table_Info1] 比亚迪电子(00285.HK) 电子 [Table_Title] 证券研究报告 / 港股公司报告 消费电子平台型企业，智驾+服务器业务打开成 长空间 报告摘要： [Table_Summary] 平台型制造企业，业务布局多元化。公司成立于 1995 年，三大业务模块 分别是消费电子业务、新型智能产品、新能源汽车业务。公司营收持续 增长，盈利水平稳定提升。2024 年实现营收 1,773.06 亿元，同比增长 36.43%。归母净利润达到 42.66 亿元，同比增加 5.55%。 消费电子业务：安卓市场份额稳定，与苹果的合作不断深化。AI 驱动叠 加换机需求，消费电子市场需求有所回升。从 2020 年起，比亚迪开始代 工 iPad 系列。战略收购捷普相关产线，切入 iphone 和 Apple watch 系列， 形成新的屏幕集成业务和钛合金框架提供。此外，公司巩固安卓高端市 场，保持业界领先地位。除持续为华为、三星等国际品牌提供核心模组 外，还与小米、OPPO、vivo 等厂商在多品类产品线展开联合研发。 汽车电子业务：绑定母公司高速发展，智驾域控有望放量。公司凭借软 件，硬件，算法 ...

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） 2024 年业绩点评：经营情况稳健，三大业务 增量可期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 130404 | 177306 | 195953 | 221482 | 237397 | | 同比(%) | 20.83 | 35.97 | 10.52 | 13.03 | 7.19 | | 归母净利润（百万元） | 4041 | 4266 | 5264 | 6321 | 7302 | | 同比(%) | 117.56 | 5.55 | 23.42 | 20.07 | 15.52 | | EPS-最新摊薄（元/股） | 1.79 | 1.89 | 2.34 | 2.81 | 3.24 | | P/E（现价&最新摊薄） | 21.08 | 19.97 | 16.18 | 13.48 | 11.67 | [关键词： Table_Tag ...

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） 2024 年业绩点评：经营情况稳健，三大业务 增量可期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 130404 | 177306 | 195953 | 221482 | 237397 | | 同比(%) | 20.83 | 35.97 | 10.52 | 13.03 | 7.19 | | 归母净利润（百万元） | 4041 | 4266 | 5264 | 6321 | 7302 | | 同比(%) | 117.56 | 5.55 | 23.42 | 20.07 | 15.52 | | EPS-最新摊薄（元/股） | 1.79 | 1.89 | 2.34 | 2.81 | 3.24 | | P/E（现价&最新摊薄） | 21.08 | 19.97 | 16.18 | 13.48 | 11.67 | [关键词： Table_Tag ...

Summary of the Conference Call on the Hong Kong Consumer Electronics Industry Industry Overview - The Hong Kong consumer electronics sector has recently experienced significant adjustments due to market fluctuations and underperformance of certain high-expectation businesses. This volatility is expected to continue for about a month. [3] Company Performance and Projections Sunny Optical Technology - **2024 Performance**: Sunny Optical achieved a sales revenue of 38.3 billion yuan, a year-on-year increase of 21%. Net profit reached 2.7 billion yuan, up 146.4%, exceeding market expectations. Revenue from mobile, automotive, and MR sectors grew by 20%, 14%, and 38% respectively, indicating strong recovery momentum. [3][5] - **2025 Guidance**: The company targets a gross margin of 8-10% for mobile modules and anticipates a nearly 50% increase in automotive lens shipments to approximately 3 billion units. The XR business is expected to see slight growth, with significant long-term potential. [3][5] BYD Electronics - **2024 Performance**: BYD Electronics reported revenue of 177.3 billion yuan, with a gross profit of 12.3 billion yuan, reflecting an 18% year-on-year increase. Net profit grew approximately 6% to 24.1 billion yuan. Despite lower-than-expected profits in Q4 due to R&D expenses, the long-term profit potential remains strong. [3][6] - **Future Growth Areas**: Key growth drivers include collaboration with Jabil, automotive and autonomous driving sectors, and new robotics and server businesses. The partnership with Jabil has led to a 20% decline in unit prices due to material changes, but increased design complexity has improved market share. [3][6] Strategic Developments - **Sunny Optical**: The company is expanding its AI-related capabilities and international collaborations, with a focus on emerging technologies like automotive lenses and smart glasses. The valuation is expected to return to 20-25 times earnings as the market stabilizes. [3][7] - **BYD Electronics**: The company is enhancing its competitiveness in new product development and autonomous driving through R&D amortization and organizational optimization. The collaboration with its parent company and reduced financial costs are expected to further boost profitability. [3][7] Market Trends and Expectations - The consumer electronics sector is projected to follow a steady development trajectory, with stock prices likely to rise. Sunny Optical's valuation is anticipated to recover, while BYD Electronics is expected to benefit from growth across multiple sectors, leading to improved market sentiment. [3][4] Additional Insights - **Material Changes Impact**: Jabil's material changes are expected to stabilize market share, with a return to high-end titanium alloy materials anticipated. [3][8] - **Automotive Sector Growth**: BYD Electronics expects a significant increase in automotive shipments, from 700,000 units last year to approximately 1.2 million units this year, with growth in automotive machine supply and autonomous driving assembly. [3][9] - **Robotics and Server Development**: The company is actively producing logistics robots and mechanical arms, with server business expected to grow from 1 billion yuan last year to 3-5 billion yuan this year, aiming for a scale of 10 billion yuan next year. [3][10] Future Performance Outlook - Despite a dip in Q4 profits, BYD Electronics is poised for significant growth in 2023 and 2024, driven by advancements in mobile, autonomous driving, and emerging server and robotics sectors. The current P/E ratio is below 20 times, indicating potential for market recovery as major clients and autonomous driving projects ramp up. [3][11]

Investment Rating - The report maintains a "Strong Buy" rating for BYD Electronics (00285.HK) [1] Core Views - The company achieved a record revenue of 177.31 billion yuan in 2024, a year-on-year increase of 36.4%, but experienced a decline in profitability due to product structure adjustments and increased depreciation costs from new business ventures [5][6] - The fourth quarter performance fell short of market expectations, with a revenue of 55.18 billion yuan, a year-on-year increase of 45.9%, but a gross profit margin decline to 5.9% [5][6] - The company is expected to benefit from the growth in its "A customers + automotive + computing power" strategy, with significant potential in AI robotics and new energy vehicle sectors [5][6] Summary by Sections Financial Performance - In 2024, BYD Electronics reported total revenue of 177.31 billion yuan, with a gross profit of 12.30 billion yuan and a net profit of 4.27 billion yuan, reflecting a year-on-year growth of 36.4%, 17.9%, and 5.6% respectively [1][5] - The gross margin for 2024 was 6.9%, down 1.1 percentage points year-on-year, while the net margin was 2.4%, down 0.7 percentage points [1][5] Business Segments - Consumer electronics revenue reached 141.23 billion yuan, up 45.0% year-on-year, driven by strong demand in the Android high-end market and overseas clients [5] - New energy vehicle revenue was 20.5 billion yuan, also up 45.5% year-on-year, with significant growth in smart cockpit products and thermal management systems [5] - The new intelligent products segment saw a revenue decline of 15.6% year-on-year, but the company achieved mass production in AI servers and other innovative products [5] Future Outlook - The company is projected to see revenues of 196.22 billion yuan, 215.82 billion yuan, and 237.37 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 5.49 billion yuan, 6.73 billion yuan, and 8.04 billion yuan [6][7] - The report emphasizes the potential for growth in AI applications, new energy vehicles, and computing power products, with a focus on enhancing product quality and expanding market share [5][6]

Investment Rating - The report maintains a "Strong Buy" rating for BYD Electronics, expecting it to outperform the benchmark index by over 20% in the next six months [11][27]. Core Views - BYD Electronics is projected to achieve steady growth in 2024, with revenue expected to increase by 36.43% year-on-year to 177.306 billion yuan. The growth is driven by strong performance in consumer electronics and automotive electronics, with respective increases of 44.97% and 45.53% [1][11]. - The acquisition of Jabil's mobile manufacturing business is expected to deepen BYD Electronics' engagement with major clients, particularly in the AI terminal market, which is anticipated to benefit the company significantly [3][11]. - The automotive electronics segment is expanding rapidly, with the introduction of advanced driving technologies across BYD's vehicle lineup, supported by the parent company's product diversification [2][11]. Financial Summary - For 2024, total revenue is projected at 177.306 billion yuan, with a year-on-year growth rate of 36.0%. The net profit attributable to shareholders is expected to reach 4.266 billion yuan, reflecting a growth of 5.5% [4][11]. - The earnings per share (EPS) for 2024 is estimated at 1.89 yuan, with a price-to-earnings (P/E) ratio of 20.7 times [4][11]. - The company’s gross margin is expected to decline to 6.94% in 2024, down from 8.03% in 2023, primarily due to changes in product mix [10][11]. Revenue Growth Projections - Revenue is forecasted to continue growing in the following years, with estimates of 203.101 billion yuan in 2025, 229.042 billion yuan in 2026, and 259.181 billion yuan in 2027, reflecting growth rates of 14.5%, 12.8%, and 13.2% respectively [4][13]. - The net profit is projected to increase to 5.715 billion yuan in 2025, 7.085 billion yuan in 2026, and 8.216 billion yuan in 2027, with growth rates of 34.0%, 24.0%, and 16.0% respectively [4][11]. Market Position and Competitive Landscape - BYD Electronics is positioned as a leading platform manufacturing enterprise globally, benefiting from the expansion of its consumer electronics business and the acceleration of AI terminal upgrades [11]. - The company is also enhancing its automotive electronics offerings, with a focus on smart driving and thermal management products, which are expected to see increased demand as the market for electric vehicles grows [2][11].

Investment Rating - The investment rating for BYD Electronics is "Buy" (maintained) [1] Core Views - The report indicates that the net profit forecast for 2025-2026 has been revised down from 5.6 billion to 5.0 billion and from 6.2 billion to 6.1 billion respectively, with a new forecast for 2027 at 7.5 billion, representing a year-on-year growth of 18%/21%/23% [4] - The current stock price corresponds to a PE ratio of 17.5/14.5/11.8 for 2025-2027 [4] - Key breakthroughs in AI server liquid cooling and copper connections are expected in Q2 2025, with an acceleration in ADAS trends anticipated in Q3 2025 [4] Financial Summary and Valuation Metrics - Revenue for 2024 Q4 was 55.18 billion, a quarter-on-quarter increase of 26.7%, driven mainly by the growth in Android assembly business [5] - Net profit for 2024 Q4 was 1.20 billion, a quarter-on-quarter decline of 22.2%, attributed to a decrease in gross margin [5] - The company projects a revenue growth of approximately 10% for the full year 2025, with net profit growth expected to exceed revenue growth [6] - The financial metrics for 2023A to 2027E include: - Revenue (million): 129,957 (2023A), 177,306 (2024A), 193,212 (2025E), 210,408 (2026E), 226,527 (2027E) - Net Profit (million): 4,041 (2023A), 4,266 (2024A), 5,036 (2025E), 6,081 (2026E), 7,454 (2027E) - EPS (元): 1.8 (2023A), 1.9 (2024A), 2.2 (2025E), 2.7 (2026E), 3.3 (2027E) [7]

Investment Rating - The investment rating for BYD Electronics is "Buy" (maintained) [1] Core Views - The report indicates that the net profit forecast for 2025-2026 has been revised down from 5.6 billion to 5.0 billion and from 6.2 billion to 6.1 billion, with a new forecast for 2027 at 7.5 billion, representing a year-on-year growth of 18%/21%/23% [4] - The current stock price corresponds to a PE ratio of 17.5/14.5/11.8 for 2025-2027 [4] - Key breakthroughs in AI server liquid cooling and copper connections are expected in Q2 2025, with an acceleration in ADAS trends anticipated in Q3 2025 [4] Financial Summary and Valuation Metrics - Revenue for 2024Q4 was 55.18 billion, a quarter-on-quarter increase of 26.7%, driven mainly by the growth in Android assembly business [5] - Net profit for 2024Q4 was 1.20 billion, a quarter-on-quarter decline of 22.2%, attributed to a decrease in gross margin [5] - The company projects a revenue growth of approximately 10% for the full year 2025, with net profit growth expected to exceed revenue growth [6] - The financial metrics for 2023A to 2027E include: - Revenue (million): 129,957 (2023A), 177,306 (2024A), 193,212 (2025E), 210,408 (2026E), 226,527 (2027E) - Net profit (million): 4,041 (2023A), 4,266 (2024A), 5,036 (2025E), 6,081 (2026E), 7,454 (2027E) - EPS (元): 1.8 (2023A), 1.9 (2024A), 2.2 (2025E), 2.7 (2026E), 3.3 (2027E) [7]