全球汽车外饰与车身结构部件领先企业，业务布局兼具深度与广度 敏实集团深耕行业三十余年，核心业务涵盖金属饰条、塑件、铝件及新能源汽车电池盒四大产品线。作 为全球化供应商，公司的业务布局广泛，服务宝马、奔驰、特斯拉、比亚迪等70余家国内外头部车企， 海外收入占比从2021年41%提升至2025H1的65%，全球化战略推进效果显著。业务结构持续优化，电池 盒业务作为重点发展的业务，2025H1营收占比达27%，跃升为第一大收入来源;铝件产品受益于汽车轻 量化趋势，2020到2024年营收CAGR为12%，毛利率维持30%以上。同时受益于产能利用率提升和成本 管控，公司的营收和净利润均实现较快增长。 国盛证券主要观点如下： 智通财经APP获悉，国盛证券发布研报称，敏实集团(00425)作为外饰件和车身结构件领域龙头，持续拓 展新产品新客户，预计2025-2027年归母净利润分别为28.13/34.43/40.73亿元，同增21%/22%/18%，当前 对应市值PE分别为13/11/9x。考虑到电池盒等新产品处于上量阶段，海外市场加速布局，首次覆盖，给 予"买入"评级。 风险提示：行业需求不及预期风险、海外市场推进不及 ...

Group 1 - Bank of America Securities downgraded BYD Electronics (00285) rating from "Buy" to "Neutral" due to intense competition from Lens Technology (300433) in the iPhone casing and smartphone assembly business starting in the second half of this year, which may negatively impact already weak consumer electronics sales [1] - The firm expects a compound annual growth rate of 36% in BYD Electronics' automotive business revenue from 2024 to 2027, supported by rapid penetration of ADAS from the parent company BYD Company (01211), partially offsetting the negative impact [1] - The earnings forecast for BYD Electronics for 2025 to 2027 has been lowered by 1% to 11% to reflect risks in the smartphone business [1] Group 2 - Due to intensified competition leading to slower profit growth, a price-to-earnings ratio of 14 times (below historical average) is considered reasonable [1] - This month, the stock price increased by 21% due to higher market expectations for BYD Electronics' AI server liquid cooling business, with a projected P/E ratio of 13 times for 2026 deemed reasonable, aligning with the cyclical level over the past three years [1]

Core Viewpoint - Bank of America Securities downgraded BYD Electronic (00285) from "Buy" to "Neutral" due to intensified competition from Lens Technology (06613) in the iPhone casing and smartphone assembly business, which may negatively impact already weak consumer electronics sales [1] Group 1: Company Performance - The firm expects BYD Electronic's automotive business revenue to grow at a compound annual growth rate (CAGR) of 36% from 2024 to 2027, supported by the rapid penetration of ADAS from its parent company, BYD Company (01211), partially offsetting negative impacts from the smartphone sector [1] - The earnings forecast for BYD Electronic for 2025 to 2027 has been reduced by 1% to 11% to reflect risks in the smartphone business [1] Group 2: Market Valuation - Due to increased competition leading to slower profit growth, a price-to-earnings (P/E) ratio of 14 times is considered reasonable, which is below the historical average [1] - This month, the stock price rose by 21% due to higher market expectations for BYD Electronic's AI server liquid cooling business, with a projected P/E ratio of 13 times for 2026 deemed reasonable, aligning with the cyclical levels of the past three years [1]