中金：维持比亚迪电子 “跑赢行业” 评级 目标价 50 港元
CICC maintains BYD ELECTRONIC's "Outperform Industry" rating, with a target price of HKD 50. Due to the slower-than-expected ramp-up of some products, it has lowered the net profit attributable to the parent company for 2025/2026 by 12%/6% to RMB 4.323 billion/RMB 5.798 billion. In the first three quarters, revenue was RMB 123.3 billion, a year-on-year increase of 0.95%; net profit attributable to the parent company was RMB 3.14 billion, a year-on-year increase of 2.4%. The company is optimistic about its layout in the AI field, with AI data centers and intelligent logistics robots helping to improve efficiency
According to the Zhitong Finance APP, China International Capital Corporation (CICC) released a research report stating that due to the slower-than-expected ramp-up of certain products, it has lowered BYD Electronic's (00285) net profit attributable to the parent company for 2025/2026 by 12%/6% to RMB 4.323 billion/RMB 5.798 billion. The current stock price corresponds to a P/E of 17x/13x for 2025/2026. The firm is optimistic about the company's long-term layout in the AI field, maintaining an outperform rating and a target price of HKD 50.0. The company's revenue for the first three quarters was RMB 123.3 billion, a year-on-year increase of 0.95%; net profit attributable to the parent company was RMB 3.14 billion, a year-on-year increase of 2.4%. Revenue for the single quarter was RMB 42.68 billion, a year-on-year decrease of 2%/a quarter-on-quarter decrease of 2%; net profit attributable to the parent company was RMB 1.41 billion, a year-on-year decrease of 9%/a quarter-on-quarter increase of 27%. The performance met the firm's expectations.
The report stated that BYD Electronic's mobile phone components remained stable but slightly declined, while the per-vehicle value of new energy vehicles increased. In 3Q25, the company's revenue declined by 2% year-on-year. By business segment, the firm assesses that: the consumer electronics components business may have slightly declined year-on-year, mainly due to delays in the shipment schedule of certain new models from major clients; the Jabil assembly business remained generally stable; with the gradual increase in per-vehicle value in the four major areas of cockpit, thermal management, suspension, and intelligent driving, the new energy vehicle business continues to expand steadily; new intelligent products faced slight pressure due to adjustments in certain products.
The firm is optimistic about the company's accelerated layout in AI data centers and AI robots, continuously broadening its capability boundaries. In the AI data center field, the company announced that AI servers have been continuously shipped, and data center liquid cooling and power products have also been certified by industry-leading companies. With the ramp-up of GB300 cabinets and the increased demand for liquid cooling and power due to the next-generation cabinet power consumption, the firm expects the company's AI data center business to usher in accelerated development. In addition, in the AI robot field, the company has begun to manufacture smart logistics robots for large-scale use within the group, helping to improve warehousing and distribution efficiency
