CMB 国际全球市场 | 股票研究 | 公司更新 比亚迪 ( 285 香港 ) CMBI Corp Day 外卖 : iPad / iPhone 周期 , NEV , AI 服务 器和机器人技术 我们于 6 月 28 日在 CMBI 技术公司日主持了 BYDE 。管理。重申了他们在 2024 年的积极前景 : 1 ) Apple / Adroid : iPad 份额增长,AI iPhoe 升级周期和高端 Adroid 增长 ; 2 ) NEV : 智能 驾驶舱,热泵系统,高端 ADAS 系统和主动悬架产品将在 FY24E 推动 40 % 以上的销售增长 ; 3 ) Nvidia AI 服务器 / 机器人 : 中国 CSP 的 AI 服务器和工厂的自主移动机器人 ( AMR ) 。该股 目前的市盈率为 15.2 倍,在我们看来很有吸引力。我们的 TP 为 45.15 港元,基于 17.2 倍 FY24E P / E 。重申买入和比亚迪是我们行业的首选。 消费电子产品 : iPad 份额增长 , iPhone 外壳和高端 Android 增长对于苹果公司来说,管 理层。iPad 份额增长和 iPhoe 周期保持乐 ...

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 48.29 per share, indicating a potential upside of 22.1% from the current price of HKD 39.55 [5][13]. Core Insights - The company is expected to benefit from the AI-driven smartphone replacement trend, with a strong partnership with major consumer electronics clients, enhancing its supply chain position [3][6]. - The penetration rate of new energy vehicles (NEVs) in China has reached a new high, with the company's parent, BYD Group, achieving significant sales growth, which is expected to strengthen market competitiveness [8]. - The collaboration with NVIDIA is expanding, allowing the company to develop advanced solutions in various sectors, including AI and autonomous mobile robots [4][9]. Financial Summary - Revenue projections for 2024 to 2026 are RMB 161.31 billion (+24.1%), RMB 180.55 billion (+11.9%), and RMB 201.50 billion (+11.6%) respectively [5][13]. - The net profit forecasts for the same period are RMB 5.04 billion (+24.8%), RMB 6.37 billion (+26.3%), and RMB 7.67 billion (+20.4%) respectively, with an average net profit growth rate of 23.8% over three years [5][13]. - The gross margin is expected to improve from 8.0% in 2023 to 9.2% in 2026, reflecting operational efficiency [14]. Shareholder Information - The major shareholder, Golden Link Worldwide Limited, holds a 65.76% stake in the company, indicating strong control over corporate decisions [2].

Investment Rating - The report assigns a "Buy" rating to BYD Electronics with a target price of HKD 54, indicating a potential upside of 36% from the current stock price of HKD 39.55 [2][3]. Core Insights - BYD Electronics reported a 38.3% year-on-year increase in revenue for Q1 2024, reaching RMB 36.5 billion, with a net profit growth of 33% [2]. - The acquisition of Jabil's manufacturing operations in Chengdu and Wuxi for RMB 15.8 billion is expected to enhance operational capabilities and contribute positively to net profit despite incurring financial costs in the short term [2]. - The automotive electronics segment is projected to grow significantly, with expected revenue growth of 50% in 2024, driven by high-value new products [2]. - The company is expanding its business boundaries into AI servers, home energy storage, smart home devices, gaming hardware, and drones, indicating a diversification strategy [2]. Financial Summary - For the fiscal year ending December 31, 2022, BYD Electronics reported total revenue of RMB 107.19 billion, with a net profit of RMB 1.86 billion [4]. - Revenue is forecasted to grow to RMB 162.41 billion in 2024, with a net profit of RMB 5 billion, reflecting a growth rate of 25% [4]. - The gross margin is expected to stabilize around 8.3% in 2024, with net profit margins improving to 3.08% [4]. - The company’s earnings per share (EPS) is projected to increase from RMB 1.79 in 2023 to RMB 2.22 in 2024, representing a growth of 23.8% [4].

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].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][4][58]. Core Insights - The company is a leading platform-based high-end manufacturing enterprise, benefiting from the recovery in consumer electronics driven by AI applications, and is expected to maintain strong growth in its electric vehicle and new intelligent product segments [5][58]. - The company has achieved a revenue CAGR of 23.2% and a net profit CAGR of 20.1% from 2013 to 2023, showcasing its high-quality growth [2][12]. - The acquisition of Jabil (Singapore) is expected to contribute positively to profit growth and expand the company's market presence in consumer electronics [22][25]. Summary by Sections 1. Company Overview - The company is a subsidiary of BYD, established in 1995 and listed in Hong Kong in 2007, focusing on electronic product design, manufacturing, and sales [12][13]. - It has diversified operations across various sectors, including smartphones, new energy vehicles, and smart home products, with a strong emphasis on high-quality manufacturing [12][16]. 2. Consumer Electronics Business - The consumer electronics segment accounted for 75% of total revenue in 2023, with a focus on high-end products and partnerships with major clients [2][17]. - The segment is expected to benefit from the recovery in demand driven by AI applications, with projected revenue growth of 10% annually from 2024 to 2026 [4][51]. 3. New Energy Vehicles - The company's new energy vehicle business is supported by BYD's strong market position and is projected to grow at a rate of 25% annually from 2024 to 2026 [4][51]. - The increasing penetration of electric vehicles in China is expected to drive significant growth in this segment [47][50]. 4. AI Server Market - The company is actively investing in AI server development, aiming to tap into the growing demand for AI capabilities and has established a partnership with NVIDIA [3][43]. - The global AI server market is expected to grow significantly, with the company positioned to benefit from this trend [40][41]. 5. Financial Projections - The company forecasts net profits of 50.66 billion, 63.29 billion, and 75.93 billion RMB for 2024, 2025, and 2026, respectively [4][58]. - The average PE ratio for comparable companies is projected at 20X, while the company’s PE for 2024 is estimated at 14X, indicating potential undervaluation [4][58].

Investment Rating - The report maintains a "Buy" rating for BYD Electronics, indicating an expected performance that will outperform the market by over 20% [6][12]. Core Insights - The report highlights that BYD Electronics is expected to benefit from the growth in server and AMR (Autonomous Mobile Robot) businesses, which will enhance mid-term growth prospects. The company is also focusing on high-end automotive electronics as part of its strategic shift towards smart and high-end products [6][8]. - The net profit forecasts for 2024 and 2025 have been adjusted downwards to 5 billion and 6 billion CNY respectively, due to the impact of intangible asset amortization. However, the long-term outlook remains positive with a projected net profit of 6.8 billion CNY in 2026, reflecting a growth rate of 23% [6]. - The company is set to be included in the Hang Seng Index, which is expected to attract passive index fund investments, further supporting its stock performance [7]. Financial Summary and Valuation Metrics - Revenue is projected to grow from 129.96 billion CNY in 2023 to 163.51 billion CNY in 2024, representing a year-on-year growth of 25.8% [8]. - The net profit is expected to increase from 4.04 billion CNY in 2023 to 4.98 billion CNY in 2024, with a year-on-year growth of 23.2% [8]. - The report provides a detailed financial outlook with projected EPS of 2.2 CNY for 2024, increasing to 3.0 CNY by 2026, and corresponding P/E ratios of 14.4, 11.9, and 10.6 for the years 2024, 2025, and 2026 respectively [6][8].

h 股 c r a 票 e s e 研 R y 究 tiu q [ FT la ab sle h_T Nitl oe] t e: BYD Electronic (00285 HK) 中文版 Gin Yu 余劲同 E (852) 2509 2113 快讯： 比亚迪电子 (00285 HK) Chinese version gin.yu@gtjas.com.hk 30 April 2024 2[T0ab2le4_年Sum第ma一ry]季度盈利符合市场预期；人工智能业务扩张超 市场预期 e  我们维持比亚迪电子（“公司”）38.70港元的目标价及“买入”的投资评级。由于我们预计比亚迪电子（“公司”） 快 to N 的主营业务线今年将保持增长，预计2024年净利润将同比增长超过30%，叠加人工智能将为公司带来的新机 讯 h s 遇，我们维持公司38.70港元的目标价及“买入”的投资评级。目标价相当于15.1倍/ 12.0倍/10.4倍的2024-2026 a lF 年市盈率。  比亚迪电子2024年第一季度盈利符合市场预期。得益于捷普工厂的收入贡献、安卓业务的复苏以及汽车电子 业务的进一步发展，2024年第一季度 ...

Investment Rating - The report maintains a "BUY" rating for BYD Electronic with a target price of HKD 41.35, indicating an upside potential of +54.3% from the current price of HKD 27.10 [2][10]. Core Insights - BYD Electronic's 1Q24 results were in line with expectations, showing revenue growth of 38.5% year-on-year to RMB 36.5 billion and net profit growth of 33% to RMB 610 million, primarily driven by the consolidation of Jabil Singapore [2][3]. - The company is expected to benefit from increased project wins from US clients following the acquisition of Jabil, which positions BYD Electronic as a strategic partner for flagship projects [2][3]. - The generative AI smartphone market is anticipated to drive a new replacement cycle, with shipments expected to grow significantly from 4% in 2023 to 8% in 2024, potentially reaching 522 million units by 2027 [4]. Financial Performance - BYD Electronic's assembly service revenue grew by 23% year-on-year in FY23, while components revenue saw a decline of approximately 4% year-on-year [3]. - The automotive intelligent segment revenue surged by 52% year-on-year to RMB 14.1 billion in FY23, reflecting strong demand for electrification and intelligent systems [7]. - The IoT and automotive segments are projected to achieve over 20% growth in the next 2-3 years, with revenue expected to reach approximately RMB 40 billion to RMB 50 billion in FY24E-25E [7][9]. Earnings Forecast - The report has adjusted BYD Electronic's FY24E and FY25E earnings forecasts, projecting a revenue growth of 25.8% and a net profit growth of 20.0% CAGR from FY23 to FY26E [9][11]. - The company is expected to maintain a gross margin of around 8.0% to 9.0% in the coming years, supported by improved product mix and operational efficiencies [9][11]. Market Position and Strategy - BYD Electronic is diversifying its business away from smartphone-related activities, focusing on IoT and automotive segments as key growth drivers [9][10]. - The company has established a strategic partnership with NVIDIA, which will enhance its capabilities in AI products, including customized servers for internet customers [6][9].

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份內容而產生或因 倚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） 截至二零二四年三月三十一日止三個月未經審核業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09(2)(a)條及香港法例 第571章《證券及期貨條例》第XIVA部之內幕消息條文而作出。 比亞迪電子（國際）有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）欣然宣佈本集團截至二零二四年三月三十一日止三個月的未經審核綜 合業績，連同二零二三年同期的未經審核比較數字如下： 季度業績摘要 截至三月三十一日止三個月 二零二四年 二零二三年 變幅 （未經審核） （未經審核） 人民幣千元 ...

Economic Performance - In 2023, BYD Electronic achieved a year-on-year growth of 5.2% in China's GDP, with total economic output surpassing RMB 126 trillion[11]. - The demand in the consumer electronics market remains under pressure due to high global inflation and macroeconomic uncertainties[12]. - The company is focused on high-quality development and macro-control policies to navigate global economic challenges[11]. Market Trends - Global smartphone shipments decreased by 3.2% to 1,170 million units in 2023, while global PC shipments fell by 13.9% to 260 million units[12]. - In the Chinese market, mobile phone shipments amounted to 289 million units in 2023, reflecting a year-on-year increase of approximately 6.5%[12]. - 5G smartphone shipments in China increased by approximately 11.9% year-on-year to 240 million units[12]. - The global consumer electronics market is expected to recover, driven by AI technology integration and innovative product launches, with shipments of generative AI smartphones projected to exceed 100 million units in 2024[35]. - The global PC market is anticipated to see a 3.4% increase in shipments in 2024, driven by the natural replacement cycle and the introduction of AI-enabled PCs[35]. Company Growth and Strategy - The company continues to leverage its core advantages in electronic information, AI, 5G, and IoT technologies to provide innovative product solutions[3]. - BYD Electronic is engaged in diverse market areas, including smartphones, new energy vehicles, and smart home technologies[3]. - The company is committed to expanding its market presence and enhancing its product offerings through technological advancements[3]. - BYD Electronic's strategic initiatives include exploring new product development and potential acquisitions to drive growth[3]. - The Group plans to continue expanding its customer resources and product matrix to achieve long-term sustainable growth[23]. Financial Performance - The Group recorded sales of approximately RMB 129,957 million in 2023, reflecting a year-on-year increase of approximately 21.24%, while profit attributable to the owners of the parent increased by 117.56% to RMB 4,041 million[16]. - The consumer electronics business recorded revenue of RMB 97,420 million, representing an increase of approximately 18.50% year on year[28]. - Revenue from the new intelligent products business was approximately RMB 18,441 million, accounting for 14.19% of total revenue, with a year-on-year increase of 21.27%[30]. - The Group's capacity utilization rate continued to increase, further improving profitability[26]. - Gross profit increased by approximately 64.31% to around RMB 10,434 million, with gross profit margin rising from approximately 5.92% in 2022 to approximately 8.03%[51][52]. New Energy Vehicles - In 2023, the sales volume of new energy vehicles in China reached 9.495 million units, representing a year-on-year growth of 37.9%, with market share increasing from 25.6% in 2022 to 31.6%[15]. - The new energy vehicle market in China has ranked first in the world for nine consecutive years, indicating strong market leadership[21]. - The export volume of new energy vehicles was 1.203 million units, reflecting a year-on-year growth of 77.6%[32]. - The revenue from the new energy vehicle business segment amounted to approximately RMB 14.096 billion, accounting for 10.85% of total revenue, marking an increase of approximately 52.17% compared to the same period in 2022[32]. - Global new energy vehicle sales are expected to surpass 18 million units in 2024, with China's sales reaching 11.5 million units, including exports, and an electrification penetration rate exceeding 37%[41]. Corporate Governance - The Company emphasizes the importance of good corporate governance to enhance confidence among shareholders and stakeholders[102]. - The Board is collectively responsible for formulating the development strategy and overseeing management performance[104]. - The Company has implemented corporate governance practices in line with the principles of the Corporate Governance Code, ensuring transparency and accountability[102]. - The Board held nine meetings during the year to discuss overall strategy, operational and financial performance[108]. - The Company has established an Audit Committee consisting of five members, including three independent non-executive Directors, to oversee financial reporting and risk management[124]. Leadership and Management - Mr. Wang Chuan-fu, the chairman and president of BYD, has been recognized as one of China's 50 Most Influential Business Leaders in 2023 by Fortune magazine[86]. - BYD's leadership includes Mr. Wang Bo, who has been responsible for marketing and sales since the company's listing on the Stock Exchange[88]. - The Company has expanded its leadership team with experienced professionals from various sectors, enhancing its strategic direction[89]. - The Board of Directors consists of seven members, including two executive Directors, two non-executive Directors, and three independent non-executive Directors, ensuring a balanced composition[106]. Environmental, Social, and Governance (ESG) - The company aims to align its business strategies with national goals of carbon peak emissions and carbon neutrality by 2030 and 2060, respectively[194]. - The Board recognizes the importance of integrating ESG matters into business strategy for long-term development[198]. - The Company has implemented a proactive investor relations policy to ensure timely access to information for making investment decisions[183]. - The ESG Committee manages and supervises the Company's corporate social responsibility performance[198]. - The report adheres to the "Environmental, Social and Governance Reporting Guide" under the Hong Kong Stock Exchange rules, ensuring compliance with the latest provisions[188].