民生证券研报指出，比亚迪投资50亿元打造全球首批全地形专业赛车场，并于郑州赛车场组织腾势汽车 尊享体验活动，为投资者提供深度的试乘试驾体验。高端车型展示越野、涉水、沙坡、赛道能力，直观 呈现技术价值。技术驱动高端腾势、方程豹、仰望三箭齐发。公司针对高端市场形成云辇技术、易四方 技术、Dm-o（面向越野的混动平台）等底盘、智能化控制技术，通过技术赋能高端品牌，构筑品牌溢 价。看好公司技术驱动产品力与品牌力向上，同时强化营销赋能，腾势、方程豹、仰望三箭齐发。维 持"推荐"评级。 ...

Core Viewpoints - BYD Electronics is a leading platform-based high-end manufacturing enterprise with a broad layout in automotive, consumer electronics, and AI computing power sectors [2][3]. Business Overview - Established in 1995, BYD Electronics was spun off from its parent company BYD Co., Ltd. in 2007 and is listed on the Hong Kong Stock Exchange. The company covers multiple fields including consumer electronics, new intelligent products, automotive electronics, and data centers. In 2023, the revenue from consumer electronics and automotive businesses reached 97.42 billion yuan and 14.096 billion yuan, accounting for 75% and 11% of total revenue, respectively, with year-on-year growth of 19% and 52% [3][17]. Consumer Electronics Business - BYD Electronics supplies components and assembly services for Apple products such as iPad, iPhone, and Apple Watch. The acquisition of Jabil's mobile manufacturing business at the end of 2023 is expected to deepen cooperation with major clients. The company also provides key components and assembly services for Android and HarmonyOS smartphones. The consumer electronics business is anticipated to continue stable growth, benefiting from the recovery of the market and innovations in the AIoT field [4][17]. Automotive Electronics Business - Backed by its parent company, BYD, the company is expanding its automotive electronics offerings, including intelligent cockpit systems, intelligent driving domain controllers, and active suspension systems. The automotive electronics business is expected to maintain an annual growth rate of approximately 40%, driven by the penetration of intelligent driving technologies into lower-priced models [5][18]. New Intelligent Products - The new intelligent product business includes home energy storage, smart home devices, gaming hardware, drones, IoT, robotics, and data centers. The company collaborates with NVIDIA in the server field and develops AMR robots based on NVIDIA platforms [6][12]. Financial Performance - The company has shown stable revenue growth since its listing, with a compound annual growth rate (CAGR) of 21% from 2007 to 2023. In 2023, the gross margin and net profit margin were 8.03% and 3.10%, respectively, with expectations for improvement as the share of high-margin automotive business increases [15][16]. Market Position - BYD Electronics has a strong market presence in the consumer electronics sector, with 2023 revenues of 97.4 billion yuan, while the automotive sector is the fastest-growing segment, with revenues of 14.1 billion yuan, reflecting a year-on-year growth of 52.18% [17][18]. Intelligent Driving Technology - The company is actively developing its intelligent driving systems, with plans to equip all models, including those priced below 100,000 yuan, with advanced driving assistance features. The "Heavenly Eye" system is a fully self-developed high-level intelligent driving assistance system that has been iterated to BAS 3.0+ [23][25][26]. Suspension Systems - BYD Electronics has developed its own active suspension system, known as the "Cloud Suspension" technology, which is expected to penetrate the mid-range vehicle market as costs decrease. The company aims to leverage its cost advantages and technological independence to enhance its competitive position in the automotive market [28][35]. Brand Strategy - BYD has multiple brands targeting different market segments, with the Dynasty and Ocean series focusing on the 50,000 to 250,000 yuan price range. The company aims to solidify its market share in the lower price segments while expanding into the high-end market with brands like Tengshi and Fangchengbao [41][44].

点击 关注我们 报告发布日期：2025年2月24日 报告名称: 《比亚迪电子：比亚迪核心供应商，数据中心+机器人业务未来可期》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 张大为 S0980524100002/ 詹浏洋 S0980524060001 / 李书颖 S0980122080309 联系人：连欣然 完整报告请扫描下方二维码 比亚迪电子是全球领先的平台型高端制造企业，成立于1995年，于2007年从控股股东比亚迪股份有限公司分拆 于港交所主板独立上市，业务涵盖消费电子、新型智能产品、汽车电子及数据中心等多个领域。公司以消费电 子零部件及组装业务起家，逐步拓展至智能家居、储能产品、汽车智能系统等高附加值领域。2023年，公司消 费电子和汽车业务营收分别达到974.2亿元和140.96亿元，分别占比75%和11%，同比增长19%和52% 。 收购捷普加深与苹果合作，有望受益AI换机浪潮 比亚迪电子为iPad/iPhone/Apple Watch等产品供应零部件和组装服务，2023年底，公司收购捷普移动制造业 务，进一步加深与大客 ...