9 February 2026 | 8:59PM HKT Equity Research BYDE (0285.HK) Product mix upgrade continues; slow smartphone market to cap valuation; down to Neutral | | | As highlighted in Jan (report link), we cut global smartphone TAM in 2026E/27E to reflect rising memory prices. We expect global leaders (e.g. Apple) to outperform given their larger scale and end-users' stronger consumption power, while Chinese smartphone brands could face greater challenges given higher price sensitivity. We remain positive on BYDE's bus ...