比亚迪电子 20251217 摘要 比亚迪电子 2025 年安卓业务收入约 400 亿元，虽稳健但略有下降，组 装业务同比减少。苹果零部件业务受铝合金材质替代影响，单价降低， 影响整体收入，但高端手机供货量仍有保障。 2025 年汽车业务增长至 250 亿元，得益于母公司比亚迪汽车销量增长。 比亚迪电子在中控主机等舱类产品占据近 100%份额，支架域控和热管 理系统约占 60%，主动悬架份额预计未来一两年内达 50%以上。 数据中心业务 2025 年收入十几亿元，低于预期，主要来自服务器领域。 光模块、液冷等新产品仅有小批量订单，预计 2026 年上半年逐步实现 更多出货。 比亚迪电子具备 800G 光模块量产能力，1.6T 方案仍在研发中，预计 2026 年开始小批量出货。光模块将横向拓展至液冷、电源等品类，有 望在数据中心领域取得突破。 预计 2026 年消费电子端将聚焦大客户零部件，结构件业务有望增长并 贡献利润。数据中心业务预计解决供应问题后将有实际落地项目，汽车 业务将跟随母公司发展趋势提升出货量。 Q&A 2026 年北美大客户新形态手机将带来零部件供应增量，单机价值量和 盈利能力预计优于现有机型 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 7.6 yuan over the next 12 months [6]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 4.497 billion yuan, a year-on-year growth of 163.06%, and net profit of 71.1837 million yuan, a year-on-year increase of 732.83% [1]. - The photovoltaic EPC business has shown strong growth, with revenue increasing by over 200% year-on-year, driven by successful project implementations and market expansion [2]. - The company has launched new products in the inverter and household energy storage sectors, leveraging partnerships to enhance market penetration [3]. - The company achieved a breakthrough in the nuclear power sector with its high-voltage frequency converters, marking a significant milestone in its product application [4]. Financial Performance - The company expects revenues of 6.5 billion yuan, 8.375 billion yuan, and 9.76 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 36.09%, 28.84%, and 16.55% [9]. - The projected net profit for the same years is 146 million yuan, 216 million yuan, and 331 million yuan, with growth rates of 1316.6%, 48.4%, and 53% [9]. - The company’s gross profit margin is expected to stabilize around 13.3% to 13.5% in the coming years [11]. Market Position and Strategy - The company has expanded its market coverage for household photovoltaic EPC services from 15 to 22 provinces, indicating a robust growth strategy [2]. - The establishment of a virtual power plant aggregation platform is underway, aiming to integrate generation resources, storage technology, and end-user electricity services [2]. - The company is focusing on enhancing its product offerings in the inverter and energy storage markets to meet diverse international demands [3].