Investment Rating - The report maintains a "Buy" rating for BYD Electronics [1] Core Views - The company is experiencing short-term fluctuations in performance but is well-positioned for future growth due to multiple strategic initiatives [1][3] - The company has strengthened its strategic partnerships with leading clients in various sectors, including drones, smart furniture, and gaming hardware, which are expected to contribute to stable growth [3] - The acquisition of Jabil is anticipated to enhance operational efficiency and scale in the components business, with further improvements in profit margins and product offerings expected [8] Financial Summary - Total revenue is projected to grow from 130.4 billion RMB in 2023 to 237.4 billion RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.5% [1][10] - Net profit attributable to shareholders is expected to increase from 4.0 billion RMB in 2023 to 7.3 billion RMB in 2027, with a notable growth rate of 117.56% in 2023 [1][10] - The earnings per share (EPS) is forecasted to rise from 1.79 RMB in 2023 to 3.24 RMB in 2027, indicating a strong upward trend [1][10] - The price-to-earnings (P/E) ratio is projected to decrease from 17.57 in 2023 to 9.73 in 2027, suggesting an attractive valuation over the forecast period [1][10] Business Segments - The automotive electronics segment is expected to benefit from the parent company's push towards automotive intelligence, with increasing shipments of smart cockpit and thermal management products [8] - The consumer electronics and new intelligent products segments also show considerable growth potential, driven by strategic collaborations and product diversification [9]