Investment Rating - The report maintains a "Buy" rating for BYD Electronics with a target price of HKD 43.7, indicating a potential upside of 17% from the current price of HKD 37.4 [1][3]. Core Insights - Despite a decline in revenue and profit in Q3, BYD Electronics is expected to see seasonal growth in Q4. The company is projected to maintain strong growth momentum in its consumer electronics, automotive, and server segments through 2026 [8]. - The report adjusts the 2025 profit forecast but largely maintains the 2026 profit outlook, reflecting confidence in the company's growth drivers [8]. Financial Performance and Forecast - Revenue for 2023 is projected at RMB 129,957 million, with a year-on-year growth rate of 21%. By 2026, revenue is expected to reach RMB 196,524 million, growing at a rate of 10% [2]. - The net profit for 2023 is estimated at RMB 4,041 million, with a significant increase of 29% expected in 2026, reaching RMB 5,618 million [2]. - The gross margin is forecasted to improve from 6.6% in 2025 to 7.3% in 2026, indicating a positive trend in profitability [2]. Business Segments and Growth Drivers - Key growth drivers include new models from major clients, expansion of CNC production capacity, and strong demand for liquid cooling and power components in AI servers [8]. - The automotive segment is expected to see both volume growth and an increase in the value per vehicle due to advancements in smart driving and suspension products [8]. Valuation - The report employs a sum-of-the-parts valuation method, assigning target P/E ratios to various business segments, resulting in a target price of HKD 43.7, corresponding to a P/E of 20.7x for 2025 [12].

10月9日，长安汽车发布《关于联营企业对外投资的进展公告》。信息显示，阿维塔与华为《股权转让 协议》约定的第三期付款先决条件已满足，阿维塔科技已向华为支付完毕第三期转让价款34.5亿元。至 此，阿维塔已累计支付115亿元，完成对华为持有引望公司10%股权的投资。 证券简称:长安汽车(长安 B) 证券代码:000625(200625) 公告编号:2025-61 重庆长安汽车股份有限公司 关于联营企业对外投资的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚假记载、误导性陈 述或者重大遗漏。 一、项目概述 2023年11月25日,重庆长安汽车股份有限公司(以下简称"长安汽车")与华 为技术有限公司(以下简称"华为")签署了《投资合作备忘录》,华为拟设立一 家从事汽车智能系统及部件解决方案研发、设计、生产、销售和服务的公司(以下 简称"目标公司"),长安汽车及其关联方拟投资该目标公司并开展战略合作,双 方共同支持目标公司成为立足中国、面向全球、服务产业的汽车智能系统及部件解 决方案产业领导者。详细内容见长安汽车于2023年11月27日披露的《关于签署<投资 合作备忘录>的公告》(公告编号: ...