Investment Rating - The report maintains a "Buy" rating for BYD Electronics (0285.HK) with a target price of 28.70 HKD, indicating an expected return exceeding 15% over the next 6-12 months [3][9]. Core Insights - The company's revenue for the first half of 2024 reached 78.581 billion RMB, a year-on-year increase of 39.87%, while the net profit was 1.518 billion RMB, slightly below Bloomberg consensus estimates [2]. - The consumer electronics segment saw significant growth, driven by increased demand for high-end Android smartphones and the consolidation of Jabil, leading to a 54.22% year-on-year revenue increase [2]. - The new energy vehicle (NEV) business also showed growth, with revenue rising 26.48% year-on-year, supported by increased sales and the introduction of new products [2]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 173.143 billion RMB, with a growth rate of 33.2% [6]. - Net profit estimates for 2024 have been revised down by 17% to 4.281 billion RMB due to lower-than-expected growth in the NEV segment and pressure on the energy storage business [2][6]. Business Segments - Consumer Electronics: Revenue increased to 63.303 billion RMB, with structural components growing by 205.08% [2]. - New Energy Vehicles: Revenue reached 7.757 billion RMB, with expectations for continued double-digit growth due to new product introductions [2]. Market Outlook - The report highlights a positive long-term growth trend in the NEV sector, despite short-term challenges in the energy storage business [2]. - The company is focusing on AI and smart product development, with a strategic partnership with NVIDIA to enhance its offerings in AI data centers [2].
比亚迪电子：2024年中报点评：24H1业绩受户储拖累，关注汽车、AI新业务进展