Investment Rating - The report maintains a "Buy" rating for BYD Electronics, indicating an expected performance that will outperform the market by over 20% [6][12]. Core Insights - The report highlights that BYD Electronics is expected to benefit from the growth in server and AMR (Autonomous Mobile Robot) businesses, which will enhance mid-term growth prospects. The company is also focusing on high-end automotive electronics as part of its strategic shift towards smart and high-end products [6][8]. - The net profit forecasts for 2024 and 2025 have been adjusted downwards to 5 billion and 6 billion CNY respectively, due to the impact of intangible asset amortization. However, the long-term outlook remains positive with a projected net profit of 6.8 billion CNY in 2026, reflecting a growth rate of 23% [6]. - The company is set to be included in the Hang Seng Index, which is expected to attract passive index fund investments, further supporting its stock performance [7]. Financial Summary and Valuation Metrics - Revenue is projected to grow from 129.96 billion CNY in 2023 to 163.51 billion CNY in 2024, representing a year-on-year growth of 25.8% [8]. - The net profit is expected to increase from 4.04 billion CNY in 2023 to 4.98 billion CNY in 2024, with a year-on-year growth of 23.2% [8]. - The report provides a detailed financial outlook with projected EPS of 2.2 CNY for 2024, increasing to 3.0 CNY by 2026, and corresponding P/E ratios of 14.4, 11.9, and 10.6 for the years 2024, 2025, and 2026 respectively [6][8].
比亚迪电子：港股公司信息更新报告：跟踪结构件工艺趋势，服务器及机器人提振前景