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]

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。 智通财经APP获悉，招银国际发布研报称，比亚迪电子(00285)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。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。 ...

招银国际发布研报称，比亚迪（002594）电子(00285)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。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。 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。 ...