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].
比亚迪电子：传统业务增长确定性强，携手英伟达拓展增长空间