Core Viewpoint - 招银国际 reports that BYD Electronics (00285) showed stable performance in Q2, with revenue and net profit increasing by 4% and 22% year-on-year, respectively, driven by the rapid growth of high-margin electric vehicle business and improved profitability in iPhone casing business [1] Financial Performance - Revenue increased by 4% year-on-year [1] - Net profit increased by 22% year-on-year [1] Business Segments - High-margin electric vehicle business is experiencing rapid growth [1] - Profitability in iPhone casing business has improved [1] - Growth in mobile casing/OEM and new intelligent business has slowed down [1] Management Guidance - Management has a positive outlook for the second half of the year and next year [1] - Anticipates a 50% year-on-year increase in mobile casing sales driven by foldable iPhone next year [1] - Expects a 35% to 40% year-on-year growth in automotive-related business sales for the entire fiscal year [1] Target Price and Rating - Target price raised from HKD 43.22 to HKD 47.37 [1] - Maintains a "Buy" rating [1]