Investment Rating - Buy rating maintained for BYD Electronic (00285 HK) [1] Core Views - 2025 net profit expected to grow steadily driven by overseas major customer progress and valuation boost [1] - 2024Q4 net profit likely to return to YoY growth benefiting from seasonal peak of Jabil structural components and accelerated growth in automotive electronics [6] - 2025 growth drivers include Jabil structural components business, automotive electronics benefiting from BYD's high-end strategy, and AI server components and robotics business [4] Financial Performance - 2024Q3 revenue reached 43 55 billion yuan, up 21% YoY, meeting expectations [5] - 2024Q3 gross margin of 8 5% exceeded expectations due to high-margin structural components business [5] - 2024Q3 net profit was 1 55 billion yuan, in line with expectations [5] Business Outlook - Jabil structural components business expected to remain stable in 2025 with cost reduction and efficiency improvement measures [6] - Automotive electronics business to continue rapid growth driven by BYD's high-end vehicle sales and ADAS penetration [6] - AI server assembly and high-margin components business expected to scale up in 2025 [6] Financial Forecasts - 2024-2026 net profit forecasts revised up to 4 6/5 6/6 2 billion yuan from 4 2/4 9/5 8 billion yuan [4] - 2024-2026 EPS forecasts at 1 9/2 2/2 6 yuan [4] - Current price of 32 55 HKD implies 2024-2026 PE of 14 7/12 1/10 8x [4] Valuation Metrics - 2024E revenue forecast at 168 15 billion yuan, up 29 4% YoY [7] - 2025E revenue forecast at 182 80 billion yuan, up 8 7% YoY [7] - 2024E net profit forecast at 4 57 billion yuan, up 13 1% YoY [7] - 2025E net profit forecast at 5 56 billion yuan, up 21 6% YoY [7] - 2024E gross margin forecast at 7 7% [7] - 2025E gross margin forecast at 7 9% [7] Market Performance - Current price: 32 55 HKD [3] - 52-week high/low: 41 05/23 20 HKD [3] - Market cap: 73 34 billion HKD [3] - 3-month turnover rate: 36 17% [3]
比亚迪电子：港股公司信息更新报告：2025年利润或稳健增长，海外大客户进展提振估值