机构：国证国际 研究员：汪阳 事件：比亚迪电子发布2025 年上半年业绩，25H1 实现营业收入806.1 亿元（人民币，下同），同比增 长2.6%；母公司拥有人应占溢利17.3 亿元，同比增长14.0%。 整体来看，在全球经济环境复杂多变的背景下，公司凭借多元业务布局和核心技术优势，实现了营收与 盈利的双增长，盈利增速显著快于营收，凸显出强劲的盈利韧性。 报告摘要 消费电子需求承压。25H1 公司消费电子业务实现收入609.5 亿元(yoy-3.7%)，其中零部件收入137.5 亿 元（yoy-9.8%），组装收入472.0 亿元（yoy-1.8%）,主要受全球消费电子市场整体需求承压，智能手机 等产品出货量增长乏力（根据Canalys 的数据，全球智能手机上半年出货量仅增0.1%）影响。公司聚焦 高附加值产品领域，在钛金属手机、折叠屏手机等高端机型中保持主要供应商地位。海外大客户业务表 现亮眼，组装业务市场份额持续提升，带动出货量和收入同比增长；同时，公司通过自动化技术优化精 密零部件业务，运营效率与盈利能力均有所改善。随着端侧AI 技术普及和折叠屏手机市场拓展（根据 IDC 的数据，中国折叠屏手机上半年 ...

新能源汽车业务驱动增长，盈利韧性凸显 事件：比亚迪电子发布 2025 年上半年业绩，25H1 实现营业收入 806.1 亿元（人 民币，下同），同比增长 2.6%；母公司拥有人应占溢利 17.3 亿元，同比增长 14.0%。 整体来看，在全球经济环境复杂多变的背景下，公司凭借多元业务布局和核心技 术优势，实现了营收与盈利的双增长，盈利增速显著快于营收，凸显出强劲的盈 利韧性。 报告摘要 消费电子需求承压。25H1 公司消费电子业务实现收入 609.5 亿元(yoy-3.7%)，其 中零部件收入 137.5 亿元（yoy-9.8%），组装收入 472.0 亿元（yoy-1.8%）,主要 受全球消费电子市场整体需求承压，智能手机等产品出货量增长乏力（根据 Canalys 的数据，全球智能手机上半年出货量仅增 0.1%）影响。公司聚焦高附加 值产品领域，在钛金属手机、折叠屏手机等高端机型中保持主要供应商地位。海 外大客户业务表现亮眼，组装业务市场份额持续提升，带动出货量和收入同比增 长；同时，公司通过自动化技术优化精密零部件业务，运营效率与盈利能力均有 所改善。随着端侧 AI 技术普及和折叠屏手机市场拓展（根据 I ...

Group 1: Financial Performance - BYD reported a mid-year revenue of 371.28 billion yuan, representing a year-on-year growth of 23.3% [1] - Gross profit reached 66.87 billion yuan, an increase of 18.24% compared to the previous year [1] - Net profit attributable to shareholders was 15.51 billion yuan, up 13.79% year-on-year, with earnings per share at 1.71 yuan [1] Group 2: Automotive Business - The growth in performance was primarily driven by the expansion of the new energy vehicle (NEV) business [1] - The group achieved significant growth in overseas automotive sales, establishing a strong presence in international markets [1] - NEV sales increased by over 33.0% year-on-year in the first half of 2025, solidifying the company's leading position in the market [1] - The overall market share in the automotive sector rose by 2.2 percentage points to 13.7%, further entrenching NEVs as mainstream vehicles [1] - The company ranked second among complete vehicle export enterprises in the first half of the year, with the fastest growth rate of 1.3 times [1] Group 3: Consumer Electronics and AI Business - The company focused on high-value-added products in the consumer electronics sector, maintaining a leading position in the high-end market [2] - The group retained its status as a major supplier for flagship models, including titanium and foldable smartphones [2] - The overseas assembly business for major clients saw a continuous increase in market share, driving revenue growth [2] - The AI data center business experienced significant growth, with strong sales of AI servers and successful certification of liquid cooling and power products [2]

Group 1: Financial Performance - BYD reported a revenue of 371.281 billion yuan for the first half of 2025, representing a year-on-year growth of 23.3% [1] - Gross profit reached 66.866 billion yuan, an increase of 18.24% year-on-year [1] - Net profit attributable to shareholders was 15.511 billion yuan, up 13.79% year-on-year, with earnings per share at 1.71 yuan [1] Group 2: Automotive Business - The growth in performance was primarily driven by the expansion of the new energy vehicle (NEV) business [1] - NEV sales increased by over 33.0% year-on-year in the first half of 2025, solidifying BYD's leading position in the market [1] - The overall market share in the automotive sector grew by 2.2 percentage points to 13.7%, further establishing BYD as a market leader [1] - BYD ranked second among the top ten vehicle exporters, with the fastest growth rate, achieving a year-on-year increase of 130% [1] Group 3: Consumer Electronics and AI Business - The company focused on high-value-added products in the consumer electronics sector, maintaining a leading position in the high-end market [2] - BYD's assembly business for overseas major clients saw a continuous increase in market share, driving revenue growth [2] - The AI data center business experienced significant growth, with strong sales of AI servers and successful certification of liquid cooling and power products by industry leaders [2]