该行将比亚迪电子2025至27年的每股盈利预测下调8至14%，目标价由47.37港元降至43.54港元，维 持"买入"评级。 招银国际发表研究报告指，比亚迪电子第三季收入符合预期，但净利润受到智能手机零件业务疲弱、新 智能产品收入下降和毛利率下跌所拖累，而新能源汽车业务则保持稳定增长。管理层预期第四季收入和 毛利率将持平，主要受iPhone零件拖累及AI伺服器项目延迟，但预期受惠于零件升级、新智能家居产品 推出、新能源汽车高端产品增长以及AI伺服器项目出货，2026年收入增长更强劲。 ...

Core Viewpoint - BYD Electronics reported a decline in revenue and profit for Q3 2025, primarily due to changes in product mix and delays in high-margin projects [1] Financial Performance - Q3 2025 revenue was 42.68 billion RMB, a year-on-year decrease of 2.0% [1] - Gross profit fell to 2.946 billion RMB, down 20.0% year-on-year, resulting in a gross margin of 6.9%, a decline of 1.6 percentage points [1] - Net profit decreased by 9.0% to 1.407 billion RMB [1] Business Segments - Revenue decline attributed to delays in high-margin metal casing business for North American clients, while low-margin assembly business saw revenue growth [1] - The new energy vehicle segment maintained stable growth despite challenges in other areas [1] Future Outlook - Management expects Q4 revenue and gross margin to remain stable, impacted by iPhone component delays and AI server project postponements [1] - Anticipated benefits from component upgrades, new smart home product launches, and growth in high-end new energy vehicle products, with stronger revenue growth expected in 2026 [1]

消息面上，近日，比亚迪电子公布2025年三季度业绩。光大证券指出，25Q3比亚迪电子收入426.80亿元 (人民币，下同)，同比-2.0%。毛利润29.46亿元，同比-20.0%，对应毛利率6.9%，同比-1.6pct。根据公 司业绩会，收入和毛利润下降主要由于产品结构变化：1)高毛利率的北美大客户新机型金属机壳业务因 交付推迟致收入同比下降；2)低毛利率组装业务收入同比上升。由于毛利润下降，净利润同比下降9.0% 至14.07亿元。 智通财经APP获悉，比亚迪电子(00285)再跌超3%，截至发稿，跌3.24%，报34.06港元，成交额5356.78 万港元。 招银国际发布研报称，比亚迪电子第三季收入符合预期，但净利润受到智能手机零件业务疲弱、新智能 产品收入下降和毛利率下跌所拖累，而新能源汽车业务则保持稳定增长。管理层预期第四季收入和毛利 率将持平，主要受iPhone零件拖累及AI服务器项目延迟，但预期受惠于零件升级、新智能家居产品推 出、新能源汽车高端产品增长以及AI服务器项目出货，2026年收入增长更强劲。 ...

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index down by 0.10%, the Shenzhen Component Index down by 0.13%, and the ChiNext Index unchanged [1][2] - Sectors such as rail transit equipment, photovoltaic, and gaming showed strong gains, while digital currency, oil and gas, and precious metals sectors experienced declines [1] Sector Analysis - According to Everbright Securities, the market is undergoing an overall adjustment, influenced by geopolitical tensions in the Middle East, which have led to a decline in the Asia-Pacific stock markets. However, the oil and gas sector saw gains despite the overall market downturn [3] - The report from CICC indicates that the global IP (Intellectual Property) and its derivative products industry is expected to enter a new growth cycle, with the global IP toy market projected to reach 525.1 billion yuan by 2024, growing at a CAGR of 8% from 2024 to 2029. The Chinese IP toy market is expected to reach 75.6 billion yuan by 2024, with a CAGR of 17.2% during the same period [4] - Galaxy Securities emphasizes that investment in the white goods sector should focus on the stability of company performance, while the black goods sector presents opportunities due to improved global competitiveness. The clean appliance sector is expected to benefit from industry consolidation, and AI and robotics technologies are anticipated to introduce attractive new smart products [5] Economic Outlook - Tianfeng Securities notes that the Federal Reserve's decision to maintain interest rates in June aligns with market expectations, but the likelihood of a rate cut in September remains low. The Fed is expected to adopt a cautious approach due to uncertainties surrounding government policies and inflation risks [6]