Investment Rating - The report maintains a BUY rating for the company, with a target price of HK$45.15, indicating a potential upside of 15.8% from the current price of HK$39.00 [3][10]. Core Insights - The management has a positive outlook for 2024, driven by several key factors including gains in iPad market share, growth in the NEV sector, and advancements in AI servers and robotics [2]. - The automotive segment is expected to achieve over 40% sales growth in FY24E, supported by new product launches and increased shipment volumes [2][6]. - The stock is currently trading at an attractive P/E ratio of 15.2x for FY24E, which is favorable compared to industry peers [2][10]. Financial Performance Summary - Revenue is projected to grow from RMB 129,957 million in FY23A to RMB 181,168 million in FY24E, reflecting a year-on-year growth of 39.4% [6][14]. - Net profit is expected to increase significantly from RMB 4,041.4 million in FY23A to RMB 5,382.6 million in FY24E, marking a growth of 33.2% [6][14]. - The company’s EPS is forecasted to rise from RMB 1.79 in FY23A to RMB 2.39 in FY24E [6][14]. Revenue Breakdown - The revenue breakdown for FY24E shows that the assembly segment will contribute RMB 94,853 million, while the components segment is expected to generate RMB 44,758 million [6]. - The automotive intelligent segment is projected to grow significantly, contributing RMB 19,428 million in FY24E, with a year-on-year growth of 40% [6]. Valuation - The target price of HK$45.15 is derived from a sum-of-the-parts (SOTP) valuation, reflecting the company's diversified business model and growth potential across different segments [10][9]. - The report assigns a P/E multiple of 15x for the assembly and component businesses, while a higher multiple of 20x is assigned to the new intelligent and NEV segments due to their growth prospects [10].
比亚迪电子：CMBI Corp Day takeaways: iPad/iPhone cycle, NEV, AI servers and robotics