查看完整报告 1H25公司总营业收入同比+16.6%至人民币13.4亿元（约占我们原预测2025全年的41%），归母净利润同比 +13.3%至人民币0.98亿元（约占我们原预测2025全年的39%）；其中，2Q25营业收入同比+6.2%/环比 +2.4%至6.8亿元，归母净利润同比+12.8%/环比+2.6%至0.49亿元。 费用端整体优化，墨西哥工厂步入盈利 1H25公司毛利率同比-1.8pcts至21.8%，销售/管理/研发三费费用率同比-0.8pcts至13.2%；其中2Q25公司毛 利率同比-3.5pcts/环比+0.3pcts至21.9%，销售/管理/研发三费费用率同比-0.5pcts/环比-0.6pcts至12.9%。我 们判断，1）新项目放量+精细化管理有望持续带动公司整体费用优化；2）墨西哥工厂已实现净利润层面 转正（1H25莱昂嵘泰实现净利润1,995万元 vs. 1H24亏损1,138万元），国际贸易冲突不确定背景下，公司 或凭海外本地化生产优势，增强对博世、采埃孚等海外客户配套能力。我们看好2H25E蔚来、采埃孚等项 目上量带动公司盈利持续改善前景。 外延并购与内生发展并举，机器人第二增 ...

Core Viewpoint - Citi has lowered the target price for BYD Electronics to HKD 38.9, while also reducing profit forecasts for the current and next fiscal years due to a slowdown in high-margin metal casing demand [1] Group 1: Financial Performance - BYD Electronics' net profit for Q1 2025 is expected to grow only 2% year-on-year, primarily due to a high base effect from last year [1] - The company management anticipates a quarter-on-quarter increase in metal casing revenue in Q2, maintaining an optimistic outlook for the year driven by strong growth in the automotive sector and improved profitability from Jabil-related businesses [1] Group 2: Market Outlook - The impact of tariffs is expected to be limited due to overseas production capabilities [1] - Despite short-term weakness in metal casing demand, BYD Electronics' growth prospects for FY 2025 to FY 2027 remain solid, supported by robust automotive revenue growth and Jabil's financial performance [1] Group 3: Earnings Forecast Adjustments - Citi has revised its earnings forecasts for BYD Electronics downwards by 9% and 8% for FY 2025 and FY 2026, respectively [1]