daware start and the with and the with the with the with the with the with the with the with the with the with the with the with the with and the with and the was and the w 计算机 2025 年 09 月 30 日 极智嘉-W 软硬一体的 AMR 领军 报告原因: 首次覆盖 市公司 婴人 (首次评级) | 市场数据: | 2025年09月30日 | | --- | --- | | 收盘价（港币） | 29.50 | | 恒生中国企业指数 | 9555.33 | | 52 周最高/最低（港币） | 30.56/16.06 | | H 股市值（亿港币） | 394.50 | | 流通 H 股（百万股） | 1,024.15 | | 汇率（人民币/港币） | 0.9137 | 一年内股价与基准指数对比走势： 95% HSCE 资料来源: Bloomberg 相关研究 证券分析师 洪依真 A0230519060003 hongyz@swsresea ...

上 市 公 司 公 司 研 究 / 公 司 深 度 计算机 2025 年 09 月 30 日 极智嘉-W (02590) 买入（首次评级） | 市场数据： | 2025 年 09 月 30 日 | | --- | --- | | 收盘价（港币） | 29.50 | | 恒生中国企业指数 | 9555.33 | | 52 周最高/最低（港币） | 30.56/16.06 | | H 股市值（亿港币） | 394.50 | | 流通 H 股（百万股） | 1,024.15 | | 汇率（人民币/港币） | 0.9137 | 洪依真 A0230519060003 hongyz@swsresearch.com 徐平平 A0230525080002 xupp@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 王珂 A0230521120002 wangke@swsresearch.com 黄忠煌 A0230519110001 huangzh@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 联系 ...

近日， 美的集团股份有限公司 首个智能体工厂向媒体开放。 这是美的集团 位于中国中部湖北省荆州市的一家洗衣机工厂， 在该工厂中 ， 包括人形机器人在内的 各类 机器人在日常运营中 实现 常态化应用， 使其成为全球首个多场景覆盖的智能体工厂， 标志着 美的 已超越 传统数字化工厂水平，构建了真正意义上的自主工业生态 。 ▍ 美的智能化工厂内部长啥样？ 今年 8 月，这座高度集成、自主运营的工厂获得了全球认可，世界纪录认证机构（ WRCA ）授予其 " 世界 卓越的首个多场景覆盖的智能体工厂 " 称号。在 8 月 26 日的认证仪式上， WRCA 的 代表表示， 该工厂 在效率、灵活性和韧性方面树立了新的全球标准，彰显了中国在智能制造技术突破性集成和应用方面的领先地 位。这项荣誉是对这家中国家电巨头大力进军人工智能和机器人技术的认可 ， 美的 坚信，由此带来的成本 节约和效率提升最终将转化为增长，并增强其在全球制造业的竞争力。 在该工厂中， 目前包括 Miro 人形机器人 、 AMR 、玉兔 、 AI 眼镜 等智能化产品。 其中， Miro 已经可 以 流畅地运输零部件， AMR 在生产区域导航，实时避开障碍物， ...

Group 1: Financial Performance - BYD Electronics reported a revenue of RMB 80.6 billion for the first half of 2025, representing a year-on-year growth of 2.58%, with a net profit of RMB 1.73 billion, up 14% [1] - The operating cash inflow reached RMB 10 billion, significantly higher than the previous year, indicating a strong overall operational status [1] - Revenue distribution showed consumer electronics at RMB 60.9 billion, slightly down from last year; new energy vehicle business revenue at RMB 12.45 billion, up 60%, accounting for over 15% of total revenue for the first time [1] Group 2: Business Segments and Innovations - The automotive electronics segment is a major growth driver, with significant deliveries of smart cockpit, smart driving, smart suspension systems, thermal management, controllers, and sensors [1] - The company has broken technical barriers through innovation and has developed core components with complete independent intellectual property rights, allowing it to better cope with pricing pressures and maintain stable profit margins [1] - The automotive electronics business is expected to grow at a rate of 35%-40% in 2025, driven by the increasing shipment of high-value products [1] Group 3: New Business Developments - AI data centers and robotics are key development areas for the company, with significant investments in R&D for enterprise-level servers, storage servers, AI servers, liquid cooling, and power management solutions [2] - Liquid cooling products are expected to see bulk shipments to overseas clients within the year, with explosive growth anticipated next year [2] - The company has also entered the optical module business, with 800G products in mass production and 1.6T products undergoing optimization and testing [2] Group 4: Future Projections and Valuation - The target price for BYD Electronics is set at HKD 62, with expectations of slight revenue decline in major client parts business due to product cycles, while the automotive business is projected to grow faster than the parent company's sales growth [3] - Revenue forecasts for 2025-2027 are RMB 190.7 billion, RMB 211.1 billion, and RMB 227.4 billion, with growth rates of 7.6%, 10.7%, and 7.7% respectively; net profits are projected at RMB 4.71 billion, RMB 6.36 billion, and RMB 7.64 billion, with growth rates of 10.5%, 34.8%, and 20.3% [3] - The AI-related business is expected to become a new growth engine for the company [3]

Investment Rating - The report maintains a "Buy" rating for BYD Electronics with a target price of HKD 62, indicating a potential upside of 50.5% from the current price of HKD 41.18 [5][6]. Core Insights - BYD Electronics reported a revenue of RMB 80.6 billion for the first half of 2025, a year-on-year increase of 2.58%, with a net profit of RMB 1.73 billion, reflecting a growth of 14% [3][4]. - The company is actively expanding into AI data centers and robotics, which are seen as key growth areas, with significant investments in R&D for enterprise-level servers and AI solutions [4][5]. - The automotive electronics segment is expected to see a revenue growth rate of 35%-40% in 2025, driven by the delivery of high-value products such as smart cockpit and intelligent driving systems [3][4]. Financial Performance - For the fiscal year ending December 31, 2023, the actual revenue was RMB 129.96 billion, with a projected revenue of RMB 190.73 billion for 2025, representing a growth of 7.6% [7][8]. - Net profit for 2023 was RMB 4.04 billion, with forecasts of RMB 4.71 billion for 2025, indicating a growth of 10.5% [7][8]. - The company’s earnings per share (EPS) is projected to increase from RMB 1.79 in 2023 to RMB 2.09 in 2025, reflecting a growth of 10.5% [7][8]. Business Segments - Revenue distribution for the first half of 2025 shows consumer electronics at RMB 60.9 billion, a slight decline, while the new energy vehicle segment generated RMB 12.45 billion, a significant increase of 60% [3][4]. - The new intelligent products segment, including data center-related business, contributed RMB 7.2 billion, with RMB 1 billion specifically from data center operations [3][4]. Future Projections - Revenue projections for BYD Electronics from 2025 to 2027 are RMB 190.7 billion, RMB 211.1 billion, and RMB 227.4 billion, with respective growth rates of 7.6%, 10.7%, and 7.7% [5][7]. - Net profit forecasts for the same period are RMB 4.71 billion, RMB 6.36 billion, and RMB 7.64 billion, with growth rates of 10.5%, 34.8%, and 20.3% respectively [5][7].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is positioned as a leading platform in high-end manufacturing, with significant revenue growth driven by its diversified business segments, including consumer electronics, new intelligent products, and new energy vehicles [1][2][3]. - The acquisition of Jabil has strengthened the company's position in the consumer electronics sector, enhancing its market share among overseas clients [2][49]. - The company is actively entering high-growth sectors such as AIDC and robotics, which are expected to contribute to its future growth [2][54]. - The acceleration of automotive intelligence and the push for equal access to smart driving technology are propelling the company's new energy vehicle business into a high-growth phase [3][26]. Summary by Sections 1. Platform Expansion and Revenue Growth - The company has achieved a revenue of 177.3 billion RMB in 2024, representing a year-on-year growth of 36.4%, with a net profit of 4.27 billion RMB, up 5.6% [1][17]. - The revenue contributions from the three main business segments are as follows: consumer electronics (79.7%), new intelligent products (8.8%), and new energy vehicles (11.6%) [1][28]. 2. Deepening Consumer Electronics Sector - The company has over 20 years of experience in the consumer electronics field and has become a core supplier globally, with expectations for continued growth due to recovering market demand [2][34]. - The acquisition of Jabil is expected to expand the company's overseas client base and solidify its leadership in the consumer electronics market [2][49]. 3. Entry into High-Growth Sectors - The company is actively participating in the rapidly growing AIDC and robotics sectors, with a focus on AI-driven data center solutions [2][54]. - The company has launched new products in AI servers and is investing in R&D to support its growth in these areas [54][57]. 4. Growth in New Energy Vehicles - The company’s new energy vehicle segment has seen significant growth, with revenue reaching 20.51 billion RMB in 2024, a year-on-year increase of 45.5% [3][28]. - The company benefits from its relationship with BYD, which enhances its product offerings in the smart driving and intelligent cockpit systems [3][26]. 5. Financial Forecast and Valuation - The company is projected to achieve revenues of 198.21 billion RMB in 2025, 218.93 billion RMB in 2026, and 242.96 billion RMB in 2027, with corresponding net profits of 5.27 billion RMB, 6.45 billion RMB, and 7.63 billion RMB respectively [3][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 40.30 [6][4]. Core Insights - The company's revenue for Q1 2025 reached RMB 36.9 billion, a year-on-year increase of 1%, with a notable decline in mobile metal frame revenue, while automotive business revenue nearly doubled [1]. - The gross margin was reported at 6.3%, down by 0.6 percentage points, primarily due to the reduced contribution from high-margin mobile metal frame revenue [1]. - The net profit attributable to shareholders was RMB 620 million, reflecting a 2% increase year-on-year [1]. Summary by Sections Financial Performance - Revenue projections for 2025, 2026, and 2027 have been adjusted downwards by 13%, 11%, and 11% respectively, leading to expected net profits of RMB 50.3 billion, RMB 60.7 billion, and RMB 69.4 billion [4][11]. - The company anticipates revenue growth driven by North American major clients and the automotive sector, with expected profit contributions of RMB 5 billion and RMB 6 billion respectively from these segments [2]. New Growth Drivers - The new intelligent product segment, particularly the "data center + robotics" business, is expected to become a significant growth driver, with projected revenue contributions of RMB 30-50 billion from the data center business in 2025 [3]. - The robotics business is positioned to enhance the company's "intelligent ecosystem," leveraging its capabilities in robotic components and assembly [3]. Valuation Metrics - The company’s estimated PE ratio for 2025 is 13.24, which is below the industry average of 14.9, indicating potential undervaluation [14]. - The report highlights a market capitalization of HKD 71.7 billion and a closing price of HKD 31.80 as of April 28 [7][6]. Earnings Forecast - The earnings per share (EPS) is projected to increase from RMB 1.79 in 2023 to RMB 3.08 in 2027, reflecting a positive growth trajectory [5][18]. - The return on equity (ROE) is expected to stabilize around 14.67% in 2025, with a gradual increase to 16.04% by 2027 [5][18].

Core Viewpoints - BYD Electronics is a leading platform-based high-end manufacturing enterprise with a broad layout in automotive, consumer electronics, and AI computing power sectors [2][3]. Business Overview - Established in 1995, BYD Electronics was spun off from its parent company BYD Co., Ltd. in 2007 and is listed on the Hong Kong Stock Exchange. The company covers multiple fields including consumer electronics, new intelligent products, automotive electronics, and data centers. In 2023, the revenue from consumer electronics and automotive businesses reached 97.42 billion yuan and 14.096 billion yuan, accounting for 75% and 11% of total revenue, respectively, with year-on-year growth of 19% and 52% [3][17]. Consumer Electronics Business - BYD Electronics supplies components and assembly services for Apple products such as iPad, iPhone, and Apple Watch. The acquisition of Jabil's mobile manufacturing business at the end of 2023 is expected to deepen cooperation with major clients. The company also provides key components and assembly services for Android and HarmonyOS smartphones. The consumer electronics business is anticipated to continue stable growth, benefiting from the recovery of the market and innovations in the AIoT field [4][17]. Automotive Electronics Business - Backed by its parent company, BYD, the company is expanding its automotive electronics offerings, including intelligent cockpit systems, intelligent driving domain controllers, and active suspension systems. The automotive electronics business is expected to maintain an annual growth rate of approximately 40%, driven by the penetration of intelligent driving technologies into lower-priced models [5][18]. New Intelligent Products - The new intelligent product business includes home energy storage, smart home devices, gaming hardware, drones, IoT, robotics, and data centers. The company collaborates with NVIDIA in the server field and develops AMR robots based on NVIDIA platforms [6][12]. Financial Performance - The company has shown stable revenue growth since its listing, with a compound annual growth rate (CAGR) of 21% from 2007 to 2023. In 2023, the gross margin and net profit margin were 8.03% and 3.10%, respectively, with expectations for improvement as the share of high-margin automotive business increases [15][16]. Market Position - BYD Electronics has a strong market presence in the consumer electronics sector, with 2023 revenues of 97.4 billion yuan, while the automotive sector is the fastest-growing segment, with revenues of 14.1 billion yuan, reflecting a year-on-year growth of 52.18% [17][18]. Intelligent Driving Technology - The company is actively developing its intelligent driving systems, with plans to equip all models, including those priced below 100,000 yuan, with advanced driving assistance features. The "Heavenly Eye" system is a fully self-developed high-level intelligent driving assistance system that has been iterated to BAS 3.0+ [23][25][26]. Suspension Systems - BYD Electronics has developed its own active suspension system, known as the "Cloud Suspension" technology, which is expected to penetrate the mid-range vehicle market as costs decrease. The company aims to leverage its cost advantages and technological independence to enhance its competitive position in the automotive market [28][35]. Brand Strategy - BYD has multiple brands targeting different market segments, with the Dynasty and Ocean series focusing on the 50,000 to 250,000 yuan price range. The company aims to solidify its market share in the lower price segments while expanding into the high-end market with brands like Tengshi and Fangchengbao [41][44].

点击 关注我们 报告发布日期：2025年2月24日 报告名称: 《比亚迪电子：比亚迪核心供应商，数据中心+机器人业务未来可期》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 张大为 S0980524100002/ 詹浏洋 S0980524060001 / 李书颖 S0980122080309 联系人：连欣然 完整报告请扫描下方二维码 比亚迪电子是全球领先的平台型高端制造企业，成立于1995年，于2007年从控股股东比亚迪股份有限公司分拆 于港交所主板独立上市，业务涵盖消费电子、新型智能产品、汽车电子及数据中心等多个领域。公司以消费电 子零部件及组装业务起家，逐步拓展至智能家居、储能产品、汽车智能系统等高附加值领域。2023年，公司消 费电子和汽车业务营收分别达到974.2亿元和140.96亿元，分别占比75%和11%，同比增长19%和52% 。 收购捷普加深与苹果合作，有望受益AI换机浪潮 比亚迪电子为iPad/iPhone/Apple Watch等产品供应零部件和组装服务，2023年底，公司收购捷普移动制造业 务，进一步加深与大客 ...