Investment Rating - The report maintains a "Strong Buy" rating for BYD Electronics, expecting it to outperform the benchmark index by over 20% in the next six months [19]. Core Views - BYD Electronics reported steady performance in Q3 2024, with revenue reaching 43.546 billion RMB, a year-over-year increase of 21.08% [1]. - The company is experiencing robust growth in consumer electronics and automotive electronics, driven by increased sales in new energy vehicles and AI-related products [1]. - The acquisition of Jabil's mobile manufacturing business is expected to enhance BYD's position in the supply chain for major clients like Apple [1]. - Future growth is anticipated in Q4 2024, with multiple business segments entering peak seasons, particularly in AI, consumer electronics, and automotive electronics [1]. Financial Summary - For the first three quarters of 2024, BYD Electronics achieved a total revenue of 122.127 billion RMB, representing a year-over-year growth of 32.54% [1]. - The net profit attributable to shareholders for the same period was 3.063 billion RMB, a slight increase of 0.64% year-over-year [1]. - The Q3 2024 revenue was 43.546 billion RMB, with a net profit of 1.546 billion RMB, reflecting a year-over-year increase of 1.15% [1]. - Revenue projections for 2024-2026 are 168.913 billion RMB, 189.207 billion RMB, and 222.412 billion RMB, respectively, with expected growth rates of 29.5%, 12.0%, and 17.5% [2]. - The net profit forecast for 2024-2026 is 4.518 billion RMB, 6.138 billion RMB, and 7.615 billion RMB, with growth rates of 11.8%, 35.9%, and 24.1% [2].
比亚迪电子：24Q3业绩稳健，AI&消费电子&汽车电子齐发力未来可期