Investment Rating - The report maintains a "Buy" rating for BYD with a target price of HKD 45.15, based on a P/E ratio of 17.2x for FY24E [2][9]. Core Insights - BYD is expected to see significant growth in FY24E, driven by various segments including consumer electronics, NEV (New Energy Vehicles), and AI server technologies. The company anticipates over 40% sales growth in its automotive segment and strong contributions from its AI and smart technology initiatives [2][9]. - The report highlights the recovery of profit margins in the Android business and expansion in the Apple business, which are expected to enhance overall profitability [9]. Financial 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% [1][5]. - Net profit is expected to increase from RMB 4,041.4 million in FY23A to RMB 5,382.6 million in FY24E, representing a growth of 33.2% [1][5]. - The earnings per share (EPS) is forecasted to rise from RMB 1.79 in FY23A to RMB 2.39 in FY24E [1][5]. Segment Performance - The assembly segment is projected to contribute significantly to revenue, with a forecast of RMB 94,853 million in FY24E, growing at 13% year-on-year [5]. - The components segment, including metals, plastics, and glass, is expected to see a substantial increase, particularly in FY24E with a projected revenue of RMB 44,758 million, reflecting a year-on-year growth of 228% [5]. - The automotive smart segment is anticipated to grow by 40% year-on-year in FY24E, driven by new product launches and increased shipment volumes [2][5]. Valuation Metrics - The current P/E ratio is noted at 15.2x, which is considered attractive compared to industry peers [2][9]. - The report indicates a projected dividend yield of 2.0% for FY24E, increasing to 3.3% by FY26E [1][5].
比亚迪电子：CMBI Corp Day 外卖 ： iPad / iPhone 周期 ， NEV ， AI 服务器和机器人技术