Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 45.28, reflecting an attractive valuation based on a P/E ratio of 18.3 times FY24E earnings [2][19][26]. Core Insights - The company is expected to see revenue and net profit growth of 32% and 26% respectively in 1H24, driven by increased iPad market share, recovery in Android, and stable sales in new energy vehicle (NEV) components [2][3]. - The report anticipates a positive outlook for the iPad/iPhone upgrade cycle and high-end Android orders, which will contribute to revenue growth in 2H24E and FY25E [2][4]. - Adjustments to FY24-26E earnings per share have been made, with a reduction of 6% primarily due to weakening gross profit margins (GPM) [2][5]. Revenue and Profit Forecast - FY23 revenue is reported at RMB 129,957 million, with a projected increase to RMB 171,957 million in FY24E, representing a 32% year-over-year growth [10][23]. - Net profit is expected to rise from RMB 4,041 million in FY23 to RMB 5,063 million in FY24E, indicating a 25% increase [10][23]. - The company’s gross profit margin is projected to stabilize around 32.3% for FY24E [10]. Segment Performance - The smartphone OEM/components business is estimated to grow by 39% in 1H24 and 36% in 2H24, supported by the iPad share increase and iPhone cycle [3]. - Automotive revenue is expected to grow by 38% in FY24E, driven by increased shipments and average selling price (ASP) growth [4]. - The AI server business is projected to contribute RMB 1 billion in FY24E, offsetting weaknesses in the home energy storage segment [5]. Valuation Metrics - The current P/E ratio is noted at 12.7x for FY24E and 9.3x for FY25E, suggesting an attractive valuation compared to peers [2][19]. - The report utilizes a sum-of-the-parts (SOTP) valuation approach, assigning different target P/E ratios to various business segments based on their growth profiles and visibility [19][22].
比亚迪电子：1H24E 预览 ： 预计 iPad / iPhone 周期 ， Android 复苏和新能源汽车订单将实现强劲增长