Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company has shown steady revenue growth, with Q4 revenue reaching 37.8 billion RMB, a year-on-year increase of 5%, and total annual revenue of 130 billion RMB, up 21% year-on-year. Key drivers include increased supply share from overseas major clients and rapid growth in the automotive smart products segment [2] - The gross profit margin for 2023 improved by 2.1 percentage points to 8%, marking a historical high, attributed to product structure optimization and enhanced operational efficiency. The net profit attributable to the parent company reached 4 billion RMB, a significant increase of 118% year-on-year [2] - The acquisition of Jabil's related assets at the end of 2023 is expected to contribute additional revenue, primarily by providing high-end mobile phone components to overseas major clients, thus expanding the company's supply range [2][3] Financial Summary - For 2024, the company is projected to achieve revenue of 161.1 billion RMB, with a year-on-year growth rate of 24%. The net profit attributable to the parent company is expected to be 5.1 billion RMB, reflecting a growth of 27% [3] - The financial forecasts for 2024-2026 indicate revenues of 161.1 billion RMB, 182.8 billion RMB, and 190.7 billion RMB respectively, with corresponding net profits of 5.1 billion RMB, 6.1 billion RMB, and 7.3 billion RMB [3][6] - The company's reasonable market value is estimated at 79.3 billion HKD, equivalent to approximately 35 HKD per share, based on a 12x P/E ratio for 2025 [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of 46.5 HKD, representing a potential upside of 61.2% from the current price of 28.85 HKD [1][2]. Core Insights - The company achieved a record high in total revenue for 2023, with a year-on-year growth of 21.2% to 129.96 billion RMB, driven by strong performance across its three main business segments: consumer electronics, new intelligent products, and new energy vehicles [2][4]. - The gross profit margin improved significantly, rising by 5.92 percentage points to 8.03%, while net profit attributable to shareholders surged by 117.6% to 4.04 billion RMB [2][4]. - The new energy vehicle segment saw remarkable growth, with revenue increasing by 52.2% to 14.1 billion RMB, marking the first time this segment surpassed 10 billion RMB [2][4]. - The acquisition of Jabil's production business for 14.29 billion RMB is expected to enhance the company's leadership in the smartphone components industry and improve profit margins [2][4]. - The company is increasing its investment in R&D, with spending rising by 18.9% to 4.72 billion RMB, and has established a strategic partnership with NVIDIA to enhance its AI product offerings [2][4]. Financial Summary - Total revenue for 2022 was 107.19 billion RMB, with a projected increase to 168.80 billion RMB by 2024, reflecting a compound annual growth rate (CAGR) of 29.9% [1][4]. - The gross profit margin is expected to continue improving, reaching 9.2% by 2026 [1][4]. - Earnings per share (EPS) are projected to grow from 1.95 HKD in 2023 to 3.41 HKD by 2026, indicating a strong upward trend in profitability [1][4]. - The company’s total assets are forecasted to increase significantly, from 56.99 billion RMB in 2022 to 130.59 billion RMB by 2023 [4].

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） 2023 年报点评：业绩超预期，期待三大业务 2024 年 04月 05日 保持增势 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 研究助理 李博韦 营业总收入（百万元） 107,920 129,957 176,900 192,548 208,517 执业证书：S0600123070070 同比 20.49% 20.83% 35.66% 8.85% 8.29% libw@dwzq.com.cn 归母净利润（百万元） 1,858 4,041 5,912 6,832 7,506 同比 -19.58% 117.56% 46.30% 15.56% 9.86% 股价走势 EPS-最新摊薄（元/股） 0.82 1.79 2.62 3.03 3.33 比亚迪电子 恒生指数 P/E（现价&最新摊薄） 33.42 15.36 10.50 9.0 ...

比亚迪电子（0285） 更新报告 买入 2024年04月02日 陈晓霞 完成收购捷普，汽车电子迎高质发展，不断拓宽业务边界 852-25321956  2023 年净利润增长 118%：比亚迪电子2023年收入1300亿元， xx.chen@firstshanghai.com.hk 增长 21%；净利润 40.4 亿元，增长 118%；每股盈利 1.79 元人民 币，增长 118%。从收入结构看，消费电子零部件 136 亿，下滑 主要数据 3.7%；组装 837.8 亿，增长 23%；新型智能产品 184 亿，增长 21.3%；新能源汽车业务141亿，增长52%。 行业 TMT  完成捷普收购，提升消费电子竞争力：2023 年全球智能手机出 股价 28.85港元 货量下滑3.2%至11.7亿部。根据TechInsight的预测，2024年智 目标价 45港元 能手机出货量将恢复低单位数的增长。公司以158亿元人民币的代 价收购捷普位于成都、无锡的制造业务，于 2023 年 12 月 29 日完 (+54.6%) 成交割，这将增强公司在核心客户 A 的合作深度，增厚 2024 年的 股票代码 0285 收入 ...

浦银国际研究 公司研究 | 科技行业 比亚迪电子（285.HK）：并表业务贡献 沈岱 浦 可持续增量，汽车电子高速成长 首席科技分析师 银 tony_shen@spdbi.com 国 (852) 2808 6435 际 重申比亚迪电子“买入”评级，维持目标价 36.7港元，潜在升幅 28%。 黄佳琦 重申比亚迪电子的“买入”评级：我们认为比亚迪电子今明两年业  科技分析师 绩增长确定性较高。其主要看点在于：1）收购的捷普并表有望在 sia_huang@spdbi.com 今明两年提供稳定的利润成长，2）汽车电子业务收入维持较高增 (852) 2809 0355 速，增速有望高于比亚迪汽车销量增速，并可以传递为利润增量。 2024年3月28日 另外，今年全球和中国智能手机预期实现温和复苏，出货量增长0%- 5%，保障零部件业务稳定，略有提升。我们预计比亚迪电子 2024 评级 公 年、2025 年净利润将分别同比增长 16%、21%。结合当前16.2x/13.4x 司 研 2024E/2025E 市盈率，我们重申“买入”评级。 目标价（港元） 36.7 究  2023年业绩大体符合预期：比亚迪电子 2023 ...

M N 29 Mar 2024 CMB International Global Markets | Equity Research | Company Update BYDE (285 HK) Reiterate BUY on multiple growth drivers in 2024 Target Price HK$46.51 Reiterate BUY and raise TP to HK$46.51 (61% upside) to reflect a strong (Previous TP HK$45.86) outlook and multiple growth drivers in 2024: 1) Android high-end demand Up/Downside 61.2% recovery (e.g. Huawei, Xiaomi); 2) Jabil sales synergy and strong ramp in 2H24; Current Price HK$28.85 3) Apple’s share gain with sales contribution rising to ...

电子/消费电子 公 司 比亚迪电子（00285.HK）受益捷普利润改善及比亚迪智能高端化战略 研 究 2024年03月28日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 李秉宸（联系人） wuliuyan@kysec.cn libingchen@kysec.cn 证 书编号：S0790521110001 证书编号：S0790122090026 日期 2024/3/27 港 当前股价(港元) 28.700  受益捷普利润改善及比亚迪智能高端化战略，维持“买入”评级 股 一年最高最低(港元) 40.400/21.350 考虑到汽车电子业务收入低于此前预期、美元贷款尚未置换导致 2024年财务费 公 用将超出此前预期，将2024-2025年净利润预测由56/71亿元下调至54/64亿元， 司 总市值(亿港元) 646.67 信 流通市值(亿港元) 646.67 并新增2026年净利润预测68亿元，对应同比增长34%/17%/6%，对应EPS分别 息 总股本(亿股) 22.53 为2.4/2.8/3.0元，当前股价28.7港币对应2024-2026年10.8/9.2/8.7倍PE。受益 更 ...

Financial Performance - Revenue increased by 21.24% to RMB 129,957 million[1] - Gross profit surged by 64.31% to RMB 10,434 million[1] - Net profit attributable to parent company shareholders rose by 117.56% to RMB 4,041 million[1] - Earnings per share increased by 117.56% to RMB 1.79[1] - Proposed final dividend of RMB 0.538 per share[1] - Total revenue for 2023 reached RMB 129,956,992 thousand, a 21.2% increase from RMB 107,186,288 thousand in 2022[17] - Revenue from China (including Hong Kong, Macau, and Taiwan) in 2023 was RMB 42,562,981 thousand, compared to RMB 40,583,926 thousand in 2022[18] - Overseas revenue in 2023 was RMB 87,394,011 thousand, up from RMB 66,602,362 thousand in 2022[18] - Revenue from major customer A1 in 2023 was RMB 62,740,910 thousand, accounting for over 10% of total sales[20] - Revenue from major customer B1 in 2023 was RMB 11,528,097 thousand[20] - Sales of mobile phone components, modules, and other products in 2023 reached RMB 128,809,358 thousand, compared to RMB 105,982,653 thousand in 2022[21] - Service revenue in 2023 was RMB 1,147,634 thousand, down from RMB 1,203,635 thousand in 2022[21] - Total revenue for the year ended December 31, 2023, was RMB 129,956,992 thousand, an increase from RMB 107,186,288 thousand in the previous year[22] - Revenue from overseas markets reached RMB 87,394,011 thousand, up from RMB 66,602,362 thousand in 2022[22] - Revenue recognized from goods transferred at a point in time was RMB 129,518,552 thousand, compared to RMB 106,470,744 thousand in 2022[22] - The company achieved a sales revenue of approximately RMB 129.957 billion in 2023, representing a year-on-year increase of 21.24%[44] - The company's net profit attributable to shareholders rose by approximately 117.56% year-on-year to RMB 4.041 billion in 2023[44] - Revenue increased by 21.24% year-over-year, and net profit attributable to equity holders of the parent company surged by 117.56% due to product structure optimization and improved operational efficiency[53] - Gross profit rose by 64.31% to approximately RMB 10,434 million, with gross margin increasing from 5.92% in 2022 to 8.03% in 2023[54] Business Segments and Growth - Significant growth in consumer electronics, new smart products, and new energy vehicle sectors[1] - R&D investment in new energy vehicles and AI servers to drive future growth[1] - Acquisition of high-quality assets to expand smartphone component business and improve customer and product structure[1] - The company's new energy vehicle business continued strong growth, contributing to the optimization of the business structure[44] - The company's capacity utilization rate improved, leading to enhanced profitability[44] - The company's consumer electronics business revenue reached RMB 97.42 billion, up 18.50% year-over-year, with assembly revenue rising 23.11% to RMB 83.78 billion[45] - The new intelligent products business revenue grew 21.27% to RMB 18.44 billion, accounting for 14.19% of total revenue[46] - The company's new energy vehicle business revenue surged 52.17% to RMB 14.096 billion, accounting for 10.85% of total revenue[47] - The company expanded its business from a single Android focus to include overseas major clients, automotive, and smart product segments, driven by R&D and product innovation[52] - The company is actively developing new growth drivers, including AI servers and AI PCs, to capitalize on the global AI trend[52] Financial Position and Assets - Total assets increased to RMB 87,218.62 million from RMB 56,994.37 million[4] - Equity attributable to parent company shareholders rose to RMB 29,330.39 million from RMB 25,635.07 million[5] - The company's net current liabilities amounted to approximately RMB 143,569,000 as of December 31, 2023[11] - Non-current assets in China (including Hong Kong, Macau, and Taiwan) totaled RMB 25,853,179 thousand in 2023, compared to RMB 14,559,639 thousand in 2022[19] - Overseas non-current assets in 2023 were RMB 1,404,465 thousand, up from RMB 1,129,326 thousand in 2022[19] - Trade receivables increased to RMB 23,061,242 thousand in 2023 from RMB 10,495,823 thousand in 2022, representing a significant growth[32] - 45% of trade receivables were from the company's largest customer, and 81% were from the top five customers, indicating a concentration risk[32] - Receivables financing increased to RMB 29,939,105 thousand in 2023 from RMB 22,002,295 thousand in 2022, showing a substantial rise[34] - Trade payables and notes payable totaled RMB 22,054,869 thousand in 2023, up from RMB 19,452,654 thousand in 2022[36] - The company acquired 100% equity of Juno Newco Target Holdco Singapore Pte. Ltd. for a cash consideration of RMB 14.669793 billion[41] - The fair value of property, plant, and equipment acquired in the Juno Newco acquisition was RMB 5.956815 billion[41] - The company recognized goodwill of RMB 4.361657 billion from the Juno Newco acquisition, which includes assembly labor and management experience[41] - Interest-bearing bank and other borrowings stood at approximately RMB 14,613 million as of December 31, 2023, compared to RMB 2,004 million in 2022[55] - The debt-to-equity ratio was 26.11% as of December 31, 2023, compared to -12.93% in 2022[56] - Capital commitments amounted to approximately RMB 556 million as of December 31, 2023, compared to RMB 1,026 million in the previous year[63] Cash Flow and Liquidity - The company expects sufficient cash inflows from operating activities and support from its ultimate holding company to maintain operations for at least 12 months[11] - Operating cash inflow reached approximately RMB 10,243 million, up from RMB 5,961 million in 2022, driven by increased cash receipts from sales[55] - The company maintains sufficient liquidity to meet daily working capital and capital expenditure needs, with a focus on controlling internal operating cash flows[55] Dividends and Shareholder Returns - Proposed final dividend of RMB 0.538 per share[1] - The company proposed a final dividend of RMB 0.538 per share for 2023, a significant increase from RMB 0.165 per share in 2022[38] - The total proposed final dividend for 2023 amounts to RMB 1,212,224 thousand, compared to RMB 371,779 thousand in 2022[39] - A final dividend of RMB 0.538 per ordinary share was proposed, up from RMB 0.165 per share in 2022[61] Accounting and Financial Reporting - The company adopted new and revised Hong Kong Financial Reporting Standards (HKFRS) for the first time in the current year's financial statements, including amendments to HKAS 1, HKAS 8, and HKAS 12[13] - The amendment to HKAS 1 requires disclosure of significant accounting policy information rather than material accounting policies[13] - The amendment to HKAS 8 clarifies the distinction between changes in accounting estimates and changes in accounting policies[13] - The amendment to HKAS 12 narrows the scope of initial recognition exceptions, requiring deferred tax assets and liabilities to be recognized for transactions generating identical taxable and deductible temporary differences[13] - The financial statements are prepared in accordance with HKFRS and the Hong Kong Companies Ordinance, using the historical cost basis except for certain financial assets measured at fair value[10] - The consolidated financial statements include the financial statements of the group for the year ended December 31, 2023, with subsidiaries consolidated from the date control is obtained until control ceases[12] - The company's remaining performance obligations (unfulfilled or partially unfulfilled) as of December 31, 2023, totaled RMB 1,150,536 thousand, with RMB 1,113,101 thousand expected to be recognized within one year[23] - The expected credit loss rate for trade receivables aged over 1 year is 100%, with a total expected credit loss of RMB 49,972 thousand in 2023[33] - The company reclassified certain receivables to financial assets measured at fair value through other comprehensive income, with no cumulative impairment provisions as of December 31, 2023[34] - The company's profit before tax was RMB 4,681,141 thousand, with an effective tax rate of 14% for 2023[30] - Basic earnings per share for 2023 were calculated based on a profit attributable to ordinary equity holders of RMB 4,041,374 thousand and a weighted average number of ordinary shares of 2,253,204,500[31] - The audit committee reviewed accounting policies, internal controls, risk management, and financial reporting matters on March 26, 2024[65] - The independent auditor, Ernst & Young, confirmed the consistency of the preliminary annual results with the consolidated financial statements[65] - The full-year results announcement was published on the Hong Kong Stock Exchange's website[66] Subsidiaries and Acquisitions - The company's subsidiaries, including Xi'an BYD Electronics Co., Ltd. and Changsha BYD Electronics Co., Ltd., are wholly owned and primarily engaged in manufacturing and selling mobile phone components and smart products[9] - The company acquired Chengdu BYD Electronics Co., Ltd. and Wuxi BYD Electronics Co., Ltd. during the year, which are subsidiaries of Juno Newco Target Holdco Singapore Pte. Ltd.[9] - The company acquired Jabil Circuit (Singapore) Pte. Ltd.'s manufacturing business in Chengdu and Wuxi for RMB 15.8 billion (approximately USD 2.2 billion)[62] Market Trends and Industry Outlook - Global smartphone shipments in 2023 decreased by 3.2% to 1.17 billion units, while PC shipments dropped by 13.9% to 260 million units, and tablet shipments fell by 20.5% to 129 million units[45] - Domestic smartphone shipments in China increased by 6.5% to 289 million units in 2023[45] - The global AI server market in China reached $9.1 billion in 2023, a year-over-year increase of 82.5%[46] - Global consumer spending on smart home-related hardware, services, and installation fees recovered to $131 billion in 2023, up 10% from 2022[46] - China's new energy vehicle sales in 2023 reached 9.495 million units, a 37.9% increase year-over-year, with a market share rising from 25.6% to 31.6%[47] - Global generative AI smartphone shipments are expected to exceed 100 million units in 2024, reaching 522 million units by 2027, accounting for 40% of total smartphone shipments with a CAGR of 83%[49] - Global PC shipments are projected to grow by 3.4% in 2024, driven by AI-enabled PCs and a replacement cycle, with AI PC shipments expected to surpass 170 million units by 2027, accounting for over 60% of total PC shipments[49] - Global tablet shipments are forecasted to increase by 4.1% to 138 million units in 2024[49] - The global AI server market is expected to grow by 40% in 2024, with total shipments exceeding 1.6 million units, driven by expanding AI applications and enterprise demand[50] - The global smart home market is projected to reach $154.4 billion in 2024, with a CAGR of 10.67%, growing to over $230 billion by 2028, with market penetration increasing from 18.9% to 33.2%[50] - Global new energy vehicle (NEV) sales are expected to exceed 18 million units in 2024, with a global electrification penetration rate nearing 20%, while China's NEV sales are forecasted to reach 11.5 million units, with an electrification penetration rate exceeding 37%[51] - China's NEV exports are projected to grow by over 50% in 2024, reaching 1.8 million units[51] - The Chinese smart cockpit market is expected to grow to RMB 212.7 billion by 2026, with a 5-year CAGR exceeding 17%[51] - The penetration rate of intelligent air suspension systems in China is expected to rise to 15% by 2025, with the market size increasing by approximately 70% from RMB 22.16 billion in 2023 to RMB 37.79 billion in 2025[51] Government Subsidies and Grants - Government subsidies and grants amounted to RMB 236,169 thousand in 2023, up from RMB 178,687 thousand in 2022[25] Financing Costs - Financing costs for the year were RMB 188,610 thousand, a significant increase from RMB 58,531 thousand in 2022[26] Employee and Labor Costs - The company employed approximately 150,300 employees as of December 31, 2023, with employee costs accounting for 9.58% of total revenue[59] Environmental and Social Responsibility - No significant environmental or social safety issues were reported during the year[64] Share Issuance and Capital Structure - The company issued 2,253,204,500 ordinary shares as of December 31, 2023[62]

Investment Rating - Reiterates "Buy" rating for BYD Electronics with a target price of HKD 36.7, implying a potential upside of 24% [1][2][4] Core Views - BYD Electronics is expected to achieve net profit growth of 19% and 17% YoY in 2024 and 2025, driven by strong growth in automotive electronics and incremental profit contributions from the Jabil acquisition [2] - Automotive electronics is becoming a key profit driver, expected to contribute over 30% of gross profit by 2025 [2] - AI servers are expected to start contributing revenue in 2024, further supporting long-term growth [2] - The acquisition of Jabil's assets is expected to contribute RMB 300-500 million in consolidated profit in 2024, with further cost reductions and operational improvements anticipated [2] Financial Forecasts - Revenue for 2024E and 2025E is projected at RMB 169.7 billion and RMB 180.4 billion, respectively, with slight downward revisions of 2% and 4% from previous forecasts [8][12] - Net profit for 2024E and 2025E is forecasted at RMB 4.65 billion and RMB 5.45 billion, with a 2% upward revision for 2024E and a 17% downward revision for 2025E [10][12] - Gross margin for 2024E and 2025E is expected to be 8.6% and 8.9%, respectively, reflecting a slight decline from previous estimates [11][12] Valuation - The target price of HKD 36.7 is derived using a sum-of-the-parts (SOTP) valuation method, assigning target P/E multiples of 10x, 15x, 8x, 10x, 10x, and 35x to international client assembly, international client components, Android assembly, Android components, new smart products, and automotive smart systems, respectively [14] - The automotive smart systems segment is valued at a higher multiple of 35x due to its strong growth potential [14] Business Segments - Automotive electronics is expected to maintain high growth, with stable gross margins supporting its increasing contribution to overall profitability [2] - AI servers, in partnership with NVIDIA, are anticipated to start generating revenue in 2024, adding to the company's growth drivers [2] - The Jabil acquisition is expected to enhance automation and reduce operational costs, improving overall business performance [2]

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，概不對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） 截至二零二三年九月三十日止九個月未經審核業績 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（「董 事」）會（「董事會」）欣然宣佈本集團截至二零二三年九月三十日止九個月的未經審 核綜合業績，連同二零二二年同期的未經審核比較數字如下： 季度業績摘要 截至九月三十日止九個月 | --- | --- | |--------------|-------| | 二零二三年 | 變幅 | | （未經審核） | | 人民幣千元 | --- | --- | --- | --- | |--------------------------|------------|------------|--- ...