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].

核心观点 平台型智能制造企业，广泛布局汽车、消费电子、AI算力等领域 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，进一步加深与大客户的合作。此外，公司也为安卓系、鸿蒙系手机提供金属、3D玻璃等关键零部件及整 机组装服务，预计未来消费电子业务将继续保持稳定增长。随着Apple Intelligence的落地，以及AI催化的AIoT 领域的创新，公司有望随消费电子市场回暖，迎量价齐增。 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 ...

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 ...