比亚迪电子（00285.HK） 下半年盈利望改善，持续扩充新品 上半年收入增长，毛利率有所波动。比亚迪电子上半年收入 786 亿元，同 比增长 40%，包括了捷普相关业务并表带来的收入。其中，零部件/消费 电 子 组 装 / 新 型 智 能 产 品 / 汽 车 智 能 产 品 分 别 同 比 +206%/+33%/- 16%/+26%至 152/481/75/78 亿人民币，占比 19%/61%/10%/10%。上 半年毛利润同比增长 22%至 54 亿人民币。由于产品结构变化，公司 24H1 毛利率同比下滑 1pct 至 6.8%。单季度看，Q2 实现 421 亿人民币收入， 同比增长 41%，毛利率同比下滑 0.9pct 至 7.1%。Q1/Q2 公司归母净利 润分别为 6.1/9.1 亿元，同比+33%/-14%，归母净利润率 1.7%/2.2%。 下半年盈利性有望改善。我们认为公司下半年的盈利性有望受益于以下因 素：1）下半年为海外大客户的传统旺季，公司有望实现更好的产能利用率 从而改善盈利性；2）下半年为汽车市场的旺季，尤其中国市场 Q4 冲量， 而汽车业务的毛利率远好于公司整体的毛利率，有望拉动利 ...

公 司 研 究 比亚迪电子（00285.HK） 2024 年 08 月 30 日 服务器及机器人提振 2025 年增长前景 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） wuliuyan@kysec.cn 证书编号：S0790521110001 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 | --- | --- | |-------------------------|---------------| | 日期 | 2024/8/29 | | 当前股价 ( 港元 ) | 27.650 | | 一年最高最低 ( 港元 ) | 41.050/23.200 | | 总市值 ( 亿港元 ) | 623.01 | | 流通市值 ( 亿港元 ) | 623.01 | | 总股本 ( 亿股 ) | 22.53 | | 流通港股 ( 亿股 ) | 22.53 | | 近 3 个月换手率 (%) | 27.55 | 股价走势图 -36% -24% -12% 0% 12% 24% 2023-08 2023-12 2024-04 比亚迪电子 恒生指数 数据来源：聚源 相关研究报告 《跟踪结构 ...

Investment Rating - The report maintains a "Strong Buy" rating for BYD Electronics (00285.HK) [1] Core Views - The company achieved stable performance in H1 2024, with revenue of 78.581 billion yuan, a year-over-year increase of 39.87%, and a net profit of 1.518 billion yuan, a slight increase of 0.14% year-over-year. The second quarter saw revenue of 42.1 billion yuan, up 41.25% year-over-year and 15.40% quarter-over-quarter, while net profit was 0.907 billion yuan, down 14.14% year-over-year but up 48.59% quarter-over-quarter [1] - The growth in revenue is driven by the rapid expansion of consumer electronics and automotive electronics, while the energy storage business and financial costs from the acquisition of Jabil have impacted H1 2024 performance [1] - The report anticipates a promising H2 2024, with multiple business segments entering peak seasons, including AI, consumer electronics, and automotive electronics [1] Summary by Relevant Sections Financial Performance - In H1 2024, BYD Electronics reported total revenue of 78.581 billion yuan, with consumer electronics revenue at 63.303 billion yuan (up 54.22% year-over-year), automotive electronics revenue at 7.757 billion yuan (up 26.48% year-over-year), and new intelligent products revenue at 7.521 billion yuan (down 16.43% year-over-year) [1] - The company’s net profit for H1 2024 was 1.518 billion yuan, with Q2 net profit at 0.907 billion yuan [1] Business Segments - AI business is progressing well, with cloud-side collaborations and partnerships with Nvidia, including the development of autonomous mobile robots and deepening cooperation in autonomous driving [1] - Consumer electronics segment is benefiting from the integration of iPad components and the acquisition of Jabil, which enhances relationships with major clients [1] - Automotive electronics are expanding with continuous growth in sales from the parent company, BYD Group, and the introduction of new products such as intelligent suspension systems [1] Investment Outlook - The report projects net profits for the company to reach 5.069 billion yuan in 2024, 7.063 billion yuan in 2025, and 8.231 billion yuan in 2026, with a target price of 49.40 HKD based on a 20x PE ratio for 2024 [1][2]

Investment Rating - The report maintains a "BUY" rating for BYDE with a target price of HK$45.28, indicating a potential upside of 53% from the current price of HK$29.50 [4][14][20]. Core Insights - BYDE reported a strong revenue growth of 40% year-on-year for 1H24, driven by increased market share in the Apple segment, recovery in the Android market, integration with Jabil, and robust performance in the New Energy Vehicle (NEV) sector [2][3]. - Despite the strong revenue growth, net profit only increased by 0.1% year-on-year, falling short of expectations due to a 1 percentage point decline in gross profit margin and a significant increase in sales expenses by 211% [2][3]. - The outlook for 2H24 remains positive, with expectations of strong revenue growth driven by the iPhone/iPad upgrade cycle, solid Android demand, and contributions from AI server products [3][14]. Financial Summary - For FY24E, revenue is projected to reach RMB 171.96 billion, with a year-on-year growth of 32.3%. Net profit is expected to be RMB 5.06 billion, reflecting a growth of 25.3% [6][16]. - The report highlights a decrease in gross profit margin to 6.8% in 1H24, down from the previous year, while sales expenses surged to RMB 902 million [3][6]. - The company is expected to see a recovery in gross profit margin in 2H24, with interest expenses projected to decrease significantly as BYDE transitions from USD loans to RMB loans [3][14]. Revenue Breakdown - Revenue from assembly, components, and new smart products showed significant year-on-year growth, with assembly and components growing by 36% and 206% respectively, while new smart products experienced a decline of 16% [6][16]. - The NEV segment is anticipated to continue driving growth, supported by new product launches and increasing market demand [3][14]. Valuation Metrics - The report assigns a P/E ratio of 18.3x for the target price calculation, with assembly and components businesses valued at 15x, reflecting their recovery potential and market positioning [14][20]. - The report also notes a projected P/B ratio of 2.5x for FY24E, indicating a favorable valuation relative to peers [14][20].

BYDE (285 HK) 1H24 first take: strong revenue growth dragged by GPM and selling expenses BYDE reported 1H24 revenue growth of 40% YoY, largely in-line with estimates, driven by Apple share gains, Android recovery, Jabil consolidation and strong NEV segment. Net profit growth of 0.1% YoY is below our/consensus estimate by 21%/15% YoY, mainly dragged by weaker GPM (-1ppt YoY) and higher selling expenses (+211% YoY). Mgmt. will host an analyst briefing at 9:30am HKT today (29 Aug), and we will look for details ...

Financial Performance - Revenue increased by 39.87% to RMB78,581 million for the six months ended 30 June 2024[6] - Gross profit rose by 22.01% to RMB5,379 million for the six months ended 30 June 2024[6] - Profit attributable to owners of the parent company grew by 0.14% to RMB1,518 million for the six months ended 30 June 2024[6] - Earnings per share increased by 0.14% to RMB0.67 for the six months ended 30 June 2024[6] - The Group recorded sales of approximately RMB78,581 million in the first half of 2024, a year-on-year increase of approximately 39.87%[10] - Profit attributable to shareholders increased by approximately 0.14% to approximately RMB1,518 million in the first half of 2024[10] - The company achieved sales revenue of approximately RMB 78.581 billion in the first half of 2024, a year-on-year increase of 39.87%, with net profit attributable to shareholders rising by 0.14% to RMB 1.518 billion[11] - Revenue for the six months ended 30 June 2024 increased to RMB 78,580.8 million, up from RMB 56,180.1 million in the same period in 2023, representing a growth of approximately 39.9%[86] - Gross profit for the six months ended 30 June 2024 was RMB 5,379.0 million, compared to RMB 4,408.7 million in the same period in 2023, reflecting a 22.0% increase[86] - Profit before tax for the six months ended 30 June 2024 was RMB 1,635.8 million, compared to RMB 1,669.9 million in the same period in 2023, showing a slight decrease of 2.0%[86] - Total comprehensive income for the six months ended 30 June 2024 was RMB 1,526.8 million, slightly lower than the RMB 1,541.3 million in the same period in 2023[87] - Profit for the period reached RMB 1,517,800,000 for the six months ended 30 June 2024[90] - The final dividend declared for 2024 was RMB 0.538 per ordinary share, a significant increase from RMB 0.165 per ordinary share in 2023[125] Business Segments and Market Trends - Consumer electronics business revenue achieved substantial growth due to overseas major customers' product category expansion and market share increase[7] - New energy vehicle business segment revenue continued to grow with increased shipments of intelligent cockpit, intelligent driving assistance system, and thermal management products[7] - The Group is pursuing a multi-pronged strategy in the AI business, developing AIDC solutions and products like industrial robots and AIPC[7] - The company's consumer electronics business revenue reached RMB 63.303 billion, a year-on-year increase of 54.22%, with component revenue surging by 205.80% to RMB 15.246 billion and assembly revenue growing by 33.26% to RMB 48.057 billion[13] - Foldable smartphone shipments in China reached 4.427 million units in the first half of 2024, a year-on-year increase of 94.9%[12] - The AI server market is expected to grow significantly in 2024, with shipments projected to increase by 41.5% and output value expected to exceed $187 billion, representing 65% of the total server market value[14] - The company's new intelligent products business recorded revenue of approximately RMB 7.521 billion in the first half of 2024, accounting for 9.57% of total revenue, but representing a 16.43% decrease compared to the same period in 2023[15] - The company's consumer electronics business benefited from the recovery in demand, with domestic and overseas customer demand improvement driving substantial growth in Android parts and assembly business[13] - The company strengthened strategic cooperation with industry-leading customers in various segments, achieving growth in unmanned aerial vehicles, smart home, and game hardware businesses[15] - The company actively participated in the development of new materials and products for many customers, leveraging its technological advantages and manufacturing strength to support product iteration and innovation[13] - The company began consolidating financial statements for the business acquired at the end of 2023, driving the expansion of the consumer electronics component business and creating more long-term development opportunities[13] - China's new energy vehicle sales reached 4.944 million units in the first half of 2024, a year-on-year growth of 32%, with market share increasing from 31.6% in 2023 to 35.2%[16][17] - The export volume of new energy vehicles in China reached 0.605 million units in the first half of 2024, a year-on-year growth of 13.2%[16][17] - The company's revenue from the new energy vehicle business segment amounted to approximately RMB7,757 million in the first half of 2024, accounting for 9.87% of total revenue, representing a year-on-year increase of 26.48%[16][17] - Global smartphone shipments are forecasted to grow by 4.0% year-on-year to 1.21 billion units in 2024, with AI smartphone shipments expected to grow by 364% year-on-year to 234 million units[21] - AI PC shipments are expected to grow from nearly 50 million units in 2024 to 167 million units in 2027, accounting for nearly 60% of global PC shipments[21] - The company has deployed intelligent cockpit systems, intelligent driving systems, and thermal management systems, with products achieving mass production and continuous shipment growth[16][17] - The global new energy vehicle market is projected to grow by 27% year-on-year to reach 17.5 million units in 2024, with a CAGR of 22% from 2023 to 2027, reaching approximately 40 million units by 2027[26] - China's intelligent cockpit market is forecasted to reach RMB152.8 billion in 2024, growing at an annual rate of 17.5%, and is expected to reach RMB212.7 billion by 2026[26] - The penetration rate of air suspension in China is expected to rise to 15% by 2025, with a market value of about RMB38 billion and a CAGR of 41.3%[27] - The global automotive sensor market is projected to grow from US$28.88 billion in 2024 to US$38.74 billion in 2029, at a CAGR of 6.05%[28] - The company expects sustained growth in shipments of intelligent cockpits, intelligent driving, thermal management, and sensors in the second half of 2024, with intelligent suspension products achieving mass delivery in batches[28] - The company plans to deepen cooperation with domestic and overseas automotive companies, continue to develop new customers, and strive to become a world-leading solution provider in the new energy vehicle industry[28] - The company has expanded its business from a single Android business to a diversified layout including overseas major customer business, Android business, automotive business, and intelligent product business[29] - The company has developed a series of product lines for new energy vehicle business, including intelligent cockpits, intelligent driving, intelligent suspension, core controllers, and sensors[29] - New intelligent products such as unmanned aerial vehicles, game hardware, and smart home have achieved rapid growth[29] - The company is actively expanding new businesses such as AIDC and intelligent industrial robots to foster new growth drivers[29] - The Group operates in diverse markets including smartphones, tablets, new energy vehicles, AIDC (AI servers, thermal management, power management), smart home, gaming hardware, drones, 3D printers, IoT, robotics, and communication equipment[98] Financial Position and Cash Flow - Operating cash inflow decreased to RMB183 million from RMB2,351 million in the first half of 2023, primarily due to increased cash payments for goods and services[35][38] - Interest-bearing bank and other borrowings increased to RMB15,576 million as of 30 June 2024, up from RMB14,613 million at the end of 2023[35][39] - Inventory turnover days decreased from 61 days to 49 days, driven by a higher year-on-year increase in cost of sales compared to inventory balance[36] - The gearing ratio increased to 31.64% from 26.11%, mainly due to a higher increase in net liabilities compared to equity[40] - The Group had approximately 168,000 employees as of 30 June 2024, with total staff costs accounting for 12.43% of revenue[50] - The Group's bank deposits pledged for credit guarantees increased to RMB13,169,000 from RMB9,000,000 at the end of 2023[45][49] - Total assets as of 30 June 2024 were RMB 85,869.9 million, a decrease from RMB 87,218.6 million as of 31 December 2023[88] - Current assets as of 30 June 2024 were RMB 54,037.0 million, compared to RMB 54,606.9 million as of 31 December 2023[88] - Total equity as of 30 June 2024 was RMB 29,645.0 million, up from RMB 29,330.4 million as of 31 December 2023[89] - Total equity increased to RMB 29,644,966,000 as of 30 June 2024, up from RMB 29,330,389,000 at the beginning of the year[90] - Consolidated reserves amounted to RMB 25,592,738,000 as of 30 June 2024, compared to RMB 25,278,161,000 at the end of 2023[91] - Net cash flows from operating activities were RMB 182,990,000 for the six months ended 30 June 2024, a significant decrease from RMB 2,350,625,000 in the same period of 2023[93] - Cash and cash equivalents decreased to RMB 8,130,150,000 as of 30 June 2024, down from RMB 10,537,361,000 at the beginning of the period[94] - The Group secured new loans totaling RMB 9,500,000,000 during the six months ended 30 June 2024[94] - Depreciation of property, plant, and equipment amounted to RMB 2,318,456,000 for the six months ended 30 June 2024[92] - Inventories increased by RMB 2,259,267,000 during the six months ended 30 June 2024[93] - Trade receivables as of 30 June 2024 amounted to RMB23,330,171,000, with 90-day receivables making up RMB22,343,059,000[132] - Due from fellow subsidiaries stood at RMB4,687,791,000 as of 30 June 2024, down from RMB4,818,115,000 at the end of 2023[132] - Trade and bills payables totaled RMB28,730,363,000 as of 30 June 2024, with 90-day payables accounting for RMB27,746,130,000[134] - Due to fellow subsidiaries decreased to RMB10,750,538,000 as of 30 June 2024 from RMB11,790,756,000 at the end of 2023[135] - The company's capital commitments for plant and machinery decreased to RMB 393,597 thousand as of June 30, 2024, compared to RMB 442,014 thousand at the end of 2023[146] - The company's total capital commitments decreased to RMB 434,542 thousand as of June 30, 2024, compared to RMB 556,288 thousand at the end of 2023[146] Strategic Initiatives and Future Outlook - The Group demonstrated strong resilience and achieved continuous expansion of market share despite complex international political and economic environment[10] - The Group plans to expand into AIDC and intelligent industrial robotics, aiming to cultivate new growth drivers[30] - The Group expects all business segments to maintain strong growth momentum in the second half of 2024[30] - The company will continue to deepen its layout in core technology R&D and innovation, reinforce vertical integration advantages, and intensify the major customer strategy[19][20] - The company will further explore the potential of core businesses with major overseas customers and actively expand product categories to enhance product share[21] - The company will strengthen its global layout and drive business growth in both domestic and overseas markets in the consumer electronics sector[21] - The global AI server market is forecasted to grow at a compound annual growth rate (CAGR) of 26.5% from 2024 to 2029, reaching $50.65 billion by 2029[24] - Hyperscale data center companies' spending on cloud infrastructure is expected to double from $70 billion in 2024 to $140 billion in 2025, and further rise to $210 billion by 2028[24] - The green data center market is anticipated to reach $81.12 billion in 2024, growing at an annual rate of 15.7%[24] - The liquid cooling market for data centers is predicted to grow at a CAGR of 25% from 2023 to 2035, surpassing $230 billion by the end of 2035[24] - The Autonomous Mobile Robot (AMR) market is expected to reach $1.59 billion in 2024, growing at an annual rate of 16.9%[24] - The company plans to deepen collaboration with top-tier customers and roll out new businesses such as AIDC and industrial robots, achieving bulk delivery in the second half of the year[25] - The company is leveraging its R&D capabilities and global presence to develop new high-growth potential categories and markets, driving long-term sustainable business growth[25] Corporate Governance and Shareholder Information - The company's share capital as of 30 June 2024 consists of 2,253,204,500 issued ordinary shares[52][56] - The Group's capital commitments as of 30 June 2024 were approximately RMB435 million, down from RMB556 million at the end of 2023[53][57] - The Group employs approximately 168,000 staff as of 30 June 2024, with total staff costs accounting for about 12.43% of the Group's turnover[56] - Mr. Wang Chuan-fu holds 513,623,850 A shares of BYD, representing approximately 28.56% of BYD's total issued A shares as of 30 June 2024[63][66] - Mr. Wang Nian-qiang holds 17,102,000 shares of the Company, representing 0.76% of total issued shares, and 18,299,740 A shares of BYD, representing 1.01% of BYD's total issued A shares[59][62] - The Group has implemented a three-tier training framework for new staff since 2021, requiring attendance and passing examinations before assuming duties[51][56] - No significant events affecting the Group's financial condition or operation occurred between 30 June 2024 and the date of the interim report[55][58] - The Company did not adopt any share schemes during the review period[64][67] - Golden Link Worldwide Limited holds 1,481,700,000 shares, representing 65.76% of the total issued shares[68] - BYD (H.K.) Co., Limited and BYD Company Limited each hold 1,481,700,000 shares, representing 65.76% of the total issued shares[68] - The company has not been notified of any other substantial shareholders as of 30 June 2024[70] - The company's domestic female employees account for approximately 36.77% of the total workforce[82] - The Audit Committee reviewed the unaudited results of the Group for the period[83] - The company did not recommend the distribution of an interim dividend for the six months ended 30 June 2024, consistent with the same period in 2023[84][85] - The company's domestic female employees accounted for approximately 36.77% of the total workforce as of the reporting date[84] - The financial statements were approved and authorized for issue by the board of directors on 28 August 2024[174] Legal and Regulatory Matters - A legal dispute with Foxconn, initiated in 2007, remains unresolved with unquantified damages sought by the plaintiffs[139][140] - The company's legal counsel has not been able to reliably estimate the outcome or potential settlement amount of the ongoing Foxconn litigation[143][145] Related Party Transactions - BYD Precision received entrusted loans of RMB13.5 billion from BYD Co., Ltd., with a fixed interest rate of 2.5%. RMB4 billion is due in 2024, and the remaining RMB9.5 billion is due in 2025[154] - BYD Electronic obtained a loan of USD263.88 million (RMB1.88 billion) from BYD HK Co., Ltd., with a fixed interest rate ranging from 5.98% to 6.08%[154] - The Group's total lease liabilities with related companies amounted to RMB465.81 million as of 30 June 2024, with RMB169.21 million due to the ultimate holding company and RMB206.18 million due to fellow subsidiaries[158] - The net carrying amount of right-of-use assets related to rental contracts was RMB265.95 million as of 30 June 2024, compared to RMB233.62 million as of 31 December 2023[158] - Short-term employee benefits for key management personnel totaled RMB7.68 million for the six months ended 30 June 2024, a slight decrease from RMB7.80 million in the same period of 2023[160] - Sales of inventories to fellow subsidiaries increased significantly to RMB 6,239,875 thousand in 2024, up from RMB 5,191,183 thousand in 2023[149] - Purchases of batteries from fellow subsidiaries decreased to RMB 630,025 thousand in 2024, down from RMB 1,996,834 thousand in 2023[151] - Sales of plant and machinery to fellow subsidiaries increased to RMB 10,228 thousand in 2024, up from RMB 4,376 thousand in 2023[142] - Purchases of inventories from fellow subsidiaries increased to RMB 242,108 thousand in 2024, up from RMB 192,127 thousand in 2023[149] - Lease and ancillary services payments to fellow subsidiaries remained relatively stable at RMB 347,021 thousand in 2024, compared to RMB 349,903 thousand in 2023[149] - Exclusive processing services received from fellow subsidiaries increased to RMB

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分內容而產生或因 依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） 二零二四年中期業績公告 本公司董事會（「董事會」）欣然宣佈本公司及其附屬公司截至二零二四年六月三 十日止六個月期間的未經審核業績。本公告載有本公司二零二四年中期報告 全文，乃按香港聯合交易所有限公司證券上市規則中有關初步中期業績公告的 相關規定而編製。本公司二零二四年中期報告可於香港聯合交易所披露易網站 www.hkexnews.hk及本公司網站http://electronics.byd.com閱覽，如本公司股東需 瀏覽印刷版本，可依照本公司同日發佈之通知信函及回條內指引獲取。 承董事會命 比亞迪電子（國際）有限公司 董事 王念強 香港，二零二四年八月二十八日 於本公告刊發日期，董事會成員包括執行董事王念強先生及江向榮先生；非執 行董事王傳福先生及王渤先生；及獨立非執行董事鍾國武先生、錢靖捷先生及 王瑛女士。 | --- | |------ ...

29 Jul 2024 CMB International Global Markets | Equity Research | Company Update BYDE (285 HK) 1H24E preview: Expect solid growth on iPad/ iPhone cycle, Android recovery and NEV orders BYDE will report 1H24 results in Aug. We estimate 1H24 revenue/NP growth of 32%/26% driven by iPad share gains, Android recovery, Jabil biz consolidation, stable NEV components sales and new intelligent product business. For 2H24E/2025E, we are positive on iPad/iPhone upgrade cycle, Android high-end orders, automotive orders a ...

2024 年 7 月 29 日 CMB 国际全球市场 | 股票研究 | 公司更新 比亚迪 （ 285 香港 ）1H24E 预览版 ： 预计 iPad / iPhone 周期 ， Android 恢复和 NEV 订单 (上一个 TP HK $45.28 HK $45.15) 47.3% 比亚迪将在 8 月公布 1H24 业绩我们估计 1H24 收入 / NP 增长 32% / 26% 受 iPad 份额增长、 Android 复苏、 Jabil 业务整合、 稳定的新能源汽车零部件销售和新型智能产品业务。为 2H24E / 2025E ， 我们对 iPad / iPhone 升级周期持积极态度 ， Android 高端 订单、汽车订单和人工智能服务器推动收入增长。我们削减了 FY24 - 26E 每股收益下降 6% ， 主要是由于 GPM 走弱。我们的 FY24 - 26E 每股收益估计为 1 - 9% 以上的共识。该股现在的市盈率为 12.7 倍 / 9.3 倍 FY24 / 25E 市盈率 ， 即 我们认为有吸引力。我们新的基于 SOTP 的 TP 为 45.28 港元 ， 意味着 FY24E 的 18.3 ...

BYDE (285 HK) CMBI Corp Day takeaways: iPad/iPhone cycle, NEV, AI servers and robotics Target Price HK$45.15 Up/Downside 15.8% Current Price HK$39.00 China Technology Alex NG (852) 3900 0881 alexng@cmbi.com.hk Hanqing LI lihanqing@cmbi.com.hk Stock Data Mkt Cap (HK$ mn) 87,875.0 Avg 3 mths t/o (HK$ mn) 342.8 52w High/Low (HK$) 40.00/23.60 Total Issued Shares (mn) 2253.2 Source: FactSet Shareholding Structure Golden Link Worldwide Ltd 65.8% Gold Dragonfly Ltd 5.0% Source: HKEx Share Performance Absolute Rela ...