Investment Rating - The investment rating for BYD Electronics is "Buy" (maintained) [1] Core Views - The report indicates that the net profit forecast for 2025-2026 has been revised down from 5.6 billion to 5.0 billion and from 6.2 billion to 6.1 billion respectively, with a new forecast for 2027 at 7.5 billion, representing a year-on-year growth of 18%/21%/23% [4] - The current stock price corresponds to a PE ratio of 17.5/14.5/11.8 for 2025-2027 [4] - Key breakthroughs in AI server liquid cooling and copper connections are expected in Q2 2025, with an acceleration in ADAS trends anticipated in Q3 2025 [4] Financial Summary and Valuation Metrics - Revenue for 2024 Q4 was 55.18 billion, a quarter-on-quarter increase of 26.7%, driven mainly by the growth in Android assembly business [5] - Net profit for 2024 Q4 was 1.20 billion, a quarter-on-quarter decline of 22.2%, attributed to a decrease in gross margin [5] - The company projects a revenue growth of approximately 10% for the full year 2025, with net profit growth expected to exceed revenue growth [6] - The financial metrics for 2023A to 2027E include: - Revenue (million): 129,957 (2023A), 177,306 (2024A), 193,212 (2025E), 210,408 (2026E), 226,527 (2027E) - Net Profit (million): 4,041 (2023A), 4,266 (2024A), 5,036 (2025E), 6,081 (2026E), 7,454 (2027E) - EPS (元): 1.8 (2023A), 1.9 (2024A), 2.2 (2025E), 2.7 (2026E), 3.3 (2027E) [7]
比亚迪电子：港股公司信息更新报告：等待液冷突破、ADAS加速、钛合金趋势重启-20250326