CISI FIN issued a research report maintaining a "buy" rating on BYD ELECTRONIC (00285), projecting the company's revenue for 2025-2027 at RMB 189.5/205.8/223.3 billion respectively, with net profit attributable to shareholders at RMB 49.39/63.65/73.84 billion respectively. The company's 2025H1 revenue reached RMB 80.606 billion (YoY +2.58%), gross profit of RMB 5.543 billion (YoY +3.05%), and net profit attributable to shareholders of RMB 1.73 billion (YoY +13.97%). The net profit growth was primarily driven by growth in the new energy vehicle segment and reduced expenses.
CISI FIN's key viewpoints are as follows:
Consumer electronics business continues to drive acquisition of component production lines to optimize profitability. The company's 2025H1 consumer electronics business revenue was RMB 60.947 billion (YoY -3.7%), accounting for 75.6% of total revenue. Among this, component business revenue was RMB 13.752 billion (YoY -9.8%), and assembly revenue was RMB 47.195 billion (YoY -1.8%). During the reporting period, due to unclear global macroeconomic conditions and weak consumer confidence, the overall consumer electronics market faced downward pressure. For overseas major client business, the company's overall assembly market share continued to increase, and it continuously optimized acquired component businesses, achieving automation transformation and profit improvement. Android business continued to focus on high-end products. Looking ahead to 2025H2 and 2026, management estimates the business will benefit from innovative upgrades of high-end products and major client product iteration opportunities.
New intelligent products business sees multiple server products pass client validation, with large-scale internal application of intelligent logistics robots. The company's 2025H1 emerging intelligent products revenue was RMB 7.209 billion (YoY -4.1%), accounting for 8.94% of total revenue. During the reporting period, increased global macroeconomic uncertainty brought pressure to the company's emerging intelligent products business. The company actively deployed in incremental markets such as AI servers and robots to drive business development. For AI servers, the company's server shipments grew rapidly, with multiple liquid cooling and power products passing client certification. For robots, the company's developed intelligent logistics robots have been applied on a large scale in the group's internal manufacturing scenarios, achieving improved warehousing and delivery efficiency.
New energy vehicle business drives high growth through new product launches and market share gains. The company's 2025H1 new energy vehicle business revenue was RMB 12.45 billion (YoY +60.5%), accounting for 15.45% of total revenue. The parent company's 2025H1 new energy vehicle sales reached 2.15 million units (YoY +33.04%). During the reporting period, the company's smart cockpit product shipments continued to grow, market share of assisted driving and thermal management products further increased, and intelligent suspension systems began mass deployment in mainstream vehicle models. Based on rapid new product ramp-up and market share gains, the company's new energy vehicle business achieved strong growth. In the medium to long term, the value the company can capture per vehicle model is expected to continue increasing.
Risk warnings: Risk of major consumer electronics client shipments falling short of expectations; risk of server orders falling short of expectations; risk of parent company's new energy vehicle shipments falling short of expectations.