Core Viewpoint - Huachuang Securities reports that BYD Electronics (00285) is a leading platform manufacturing enterprise globally, benefiting from the expansion of product categories within its major customer system and AI terminal upgrades, while automotive electronics continue to accelerate product development [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 123.285 billion yuan (YoY +0.95%) and a net profit attributable to shareholders of 3.137 billion yuan (YoY +2.4%) [1] - For the third quarter of 2025, the company reported revenue of 42.679 billion yuan (YoY -1.99%) and a net profit of 1.407 billion yuan (YoY -8.99%) [1] Group 2: Business Segments - The company operates three main business lines: consumer electronics, automotive electronics, and new intelligent products. In H1 2025, the consumer electronics (assembly + components) segment generated revenue of 60.946 billion yuan (YoY -3.73%), while the new energy vehicle segment saw revenue of 12.454 billion yuan (YoY +60.57%), and the new intelligent products segment achieved revenue of 7.206 billion yuan (YoY -4.18%) [2] - The launch of the iPhone Air on October 22, 2025, has delayed the revenue and profit performance in Q3 compared to the previous year [2] Group 3: Future Growth Potential - The automotive electronics segment is expected to grow as BYD Electronics continues to expand its product categories, including smart cockpits, thermal management, and intelligent driving assistance, with smart suspension products being integrated into more vehicle models [3] - In the AI business, the company has established a comprehensive layout covering general servers, storage servers, AI servers, and immersion liquid cooling solutions, becoming a partner of NVIDIA in the data center field, leading to strong growth in AI server shipments [3] - The acquisition of Jabil's mobile manufacturing business is expected to deepen the company's engagement with major customers, with the integration of Jabil's business marking a breakthrough in the largest product category for major customers, particularly in the iPhone 15 Pro titanium frame [3]

Core Viewpoint - BYD Electronics is recognized as a leading platform manufacturing enterprise globally, benefiting from the expansion of product categories within its major customer system and upgrades in AI terminals, while its automotive electronics continue to accelerate product development [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 123.285 billion yuan (YoY +0.95%) and a net profit attributable to shareholders of 3.137 billion yuan (YoY +2.4%) [1]. - For the third quarter of 2025, the company reported revenue of 42.679 billion yuan (YoY -1.99%) and a net profit of 1.407 billion yuan (YoY -8.99%) [1]. Business Segments - The company operates in three main business lines: consumer electronics, automotive electronics, and new intelligent products. In H1 2025, the consumer electronics segment (assembly + components) generated revenue of 60.946 billion yuan (YoY -3.73%), while the new energy vehicle segment saw revenue of 12.454 billion yuan (YoY +60.57%), and the new intelligent products segment reported revenue of 7.206 billion yuan (YoY -4.18%) [2]. - The launch of the iPhone Air in October 2025 has delayed the revenue and profit performance in Q3 compared to the previous year [2]. Future Growth Potential - The automotive electronics segment is expected to maintain growth in product shipments, supported by the parent company's continuous expansion of product categories, including smart cockpits and intelligent driving assistance [3]. - In the AI business, the company has established a comprehensive layout covering general servers, storage servers, AI servers, and immersion cooling solutions, becoming a partner of NVIDIA in the data center field, which has led to strong growth in AI server shipments [3]. - The acquisition of Jabil's mobile manufacturing business is expected to deepen the company's engagement with major customers, with the integration of Jabil's operations marking a significant breakthrough in the largest product category for major clients [3].

机构：光大证券 研究员：付天姿/王贇 2）25 年新能源汽车业务收入规模下调，26 年高阶智驾及悬架产品放量将驱动单车价值量提升：由于近 期母公司比亚迪将25 全年汽车销量目标由年初的550 万下调至460 万辆，公司25 全年汽车业务收入规模 亦较年初展望有所下调。展望26 年，伴随比亚迪高阶智驾渗透提升，公司高阶智驾及悬架产品有望进 一步放量，驱动单车价值量提升。 3）25 年AI 数据中心液冷&电源产品交付推迟，公司布局多产品线及系统级能力，关注客户拓展及订单 交付进展：根据公司业绩会，1）25 年服务器组装业务收入体量受英伟达GPU 供给受限影响，公司正加 速国产卡适配。2）液冷&电源产品在手订单预计推迟至26 年交付，客户数量则较年中有所增加。 公司积极布局多产品线，包括光模块、储能等，构建系统级能力。 盈利预测、估值与评级：考虑到25 全年汽车业务收入规模预期下调，我们下调25 年净利润预测11%至 43.19 亿元；考虑到北美大客户利润率提升低于预期、汽车业务或将面临价格竞争，我们分别下调26/27 年净利润预测18%/17%至52.41/62.03 亿元。公司当前市值分别对应25-27 年17 ...

Core Insights - The company's Q3 2025 performance met expectations, with total revenue of 123.3 billion yuan, a year-on-year increase of 0.95%, and a net profit attributable to shareholders of 3.14 billion yuan, up 2.4% year-on-year [1] - The company is focusing on AI data centers and AI robotics to expand its capabilities, with expectations for accelerated growth in these areas [2] Financial Performance - Q3 2025 revenue was 42.68 billion yuan, down 2% year-on-year and quarter-on-quarter; net profit for the quarter was 1.41 billion yuan, down 9% year-on-year but up 27% quarter-on-quarter [1] - The gross margin for Q3 2025 was 6.9%, a decrease of 1.6 percentage points year-on-year and 0.4 percentage points quarter-on-quarter, attributed to a decline in the proportion of high-margin component business [1] Business Trends - The mobile component business is expected to decline slightly, primarily due to delays in the shipment schedule of new devices from major clients; the assembly business remains stable [1] - The company is enhancing the per-vehicle value in the new energy vehicle sector, with ongoing development in cockpit, thermal management, suspension, and intelligent driving areas [1] - The AI data center business is anticipated to grow rapidly, supported by the launch of AI servers and the increasing demand for liquid cooling and power products [2] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down by 12% and 6% to 4.323 billion yuan and 5.798 billion yuan, respectively [2] - The current stock price corresponds to a P/E ratio of 17x for 2025 and 13x for 2026, with a target price of 50.0 yuan, implying a potential upside of 37% [2]

10月29日于日本东京开幕的2025日本移动出行展（前身是东京车展）上，出现了有趣的一幕：作为"东道主"的日本本土车企，大谈特谈电动化和未来移动出 行，而电动化水平已领先全球的中国车企，仅有比亚迪一家前来参展。 日本本土车企的声势浩大，发布的产品也十分多元。丰田带来了卡罗拉概念车等多款未来移动出行产品，本田带来了其电动化"0系列"的多款车型，日产展 出了全新LEAF，更将其在中国的合资公司东风日产的电动车N7带到了现场。马自达、斯巴鲁、铃木、三菱等其他日本车企，也都有电动化产品亮相。就连 摩托车品牌，如雅马哈、Kawasaki等，也展出了电动、氢能动力产品。 在日本本土车企之外的国际车企中，奔驰亮相了CLA纯电版、GLC纯电版、AMG GTXXX电动概念车，宝马带来新世代iX3、iX5氢燃料电池车等车型。现 代汽车带来NEXO氢燃料电池车，起亚展出了PV5电动多功能厢式车。比亚迪作为中国车企唯一的代表，推出了一款专门为日本市场开发的电动K-Car车型 （PACCO），同时亮相了Sealion6 DM-i。 自东京车展改名日本移动出行展之后，这一展会的内涵便超出了汽车的边界，参展的企业不仅发布电动化、自动化的汽 ...

Investment Rating - The report maintains a strong buy recommendation for BYD [5] Core Views - BYD adheres to the development philosophy of "technology as king, innovation as fundamental," aiming to lead independent innovation of Chinese brands and reshape the global market landscape [1] - The company is expanding its global footprint, with plans to establish a CKD assembly plant in Malaysia by 2026 and has officially entered the Argentine market [2] - Despite a significant rebound in Q3 2025 performance, there remains pressure on profitability [10] Financial Data and Valuation - Total revenue for 2023 is projected at 602.315 billion, with a year-on-year growth of 42%, and expected to reach 969.358 billion by 2027 [4][14] - Operating profit for 2023 is estimated at 38.103 billion, with a projected decline in 2025 to 43.564 billion [4][11] - The net profit attributable to shareholders is expected to be 30.041 billion in 2023, with a forecasted decrease to 34.698 billion in 2025 [11][14] - The company’s total market capitalization is approximately 918.9 billion, with a current stock price of 100.79 yuan [5] Performance Metrics - The sales gross margin for Q3 2025 is reported at 17.61%, with a net profit margin of 4.20% [9] - The company plans to enhance collaboration across the supply chain to optimize management and create a win-win situation with suppliers and distributors [10] - The projected PE ratios for 2025, 2026, and 2027 are 26.5, 25.2, and 23.6 respectively [11][15]

Core Viewpoint - BYD's stock price has experienced a significant decline, reaching its lowest level in over nine months due to weak delivery data, with a drop of 28% from its peak in May [1] Group 1: Stock Performance - The stock price fell to H$98.5, marking a notable decrease [1] - This decline represents a 28% drop from the highest point recorded in May of this year [1]

（文章来源：新京报） 新京报贝壳财经讯 11月2日，比亚迪发布公告称，2025年10月公司新能源汽车销量441706辆；本年累计 新能源汽车销量3701852辆，同比增长13.88%。此外，公司2025年10月新能源汽车动力电池及储能电池 装机总量约为27.362GWh，累计装机总量约为230.613GWh。2025年10月出口新能源汽车合计83904辆。 ...

乘用车为新能源汽车主力板块，2025年10月产量424,174辆（去年同期534,003辆），累计产量3,595,640辆（去年累计3,283,439辆，累计同比9.51%）；10月 销量436,856辆（去年同期500,526辆），累计销量3,655,718辆（去年累计3,236,927辆，累计同比12.94%），细分类型表现如下： 纯电动乘用车：10月产量219,382辆（去年同期206,499辆），累计产量1,797,558辆（去年累计1,379,347辆，累计同比30.32%）；10月销量222,559辆（去年同 期189,614辆），累计销量1,828,462辆（去年累计1,359,193辆，累计同比34.53%），产销累计同比均超30%。 插电式混合动力乘用车：10月产量204,792辆（去年同期327,504辆），累计产量1,798,082辆（去年累计1,904,092辆，累计同比-5.57%）；10月销量214,297辆 （去年同期310,912辆），累计销量1,827,256辆（去年累计1,877,734辆，累计同比-2.69%），累计产销同比略有下滑。 CAMPLE 20 28 82 65 ...

| 车企 | 10月销量或交付量(辆) | 同比 | 环比 | | --- | --- | --- | --- | | 比亚迪 | 441706 | -12. 13% | 11. 47% | | 吉利新能源 | 177882 | 63.61% | 7.68% | | 奇瑞新能源 | 110346 | 54. 70% | 20. 48% | | 零胞 | 70289 | 84. 11% | 5. 45% | | 鸿蒙智行 | 68216 | 63.81% | 28. 91% | | 长城新能源 | 46155 | 44. 06% | 0. 42% | | 小鹏 | 42013 | 75. 66% | 1. 04% | | 劇来 | 40397 | 92. 59% | 16. 25% | | 小米 | 超40000 | 去年10月超20000 | 9月超40000 | | 理想 | 31767 | -38. 25% | -6. 43% | | 北汽新能源 | 30542 | 112. 02% | 48. 70% | | 埃安 | 27014 | -32. 55% | -7.21% | | 深蓝 | 36792 | ...