CMB International Cuts BYD ELECTRONIC (00285) Target Price to HK$43.54, Keeps "Buy" Rating

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11 hours ago

BYD ELECTRONIC (00285) reported third-quarter revenue in line with expectations, but net profit was impacted by weak smartphone component sales, declining revenue from new smart products, and lower gross margins. However, its new energy vehicle (NEV) business maintained steady growth.

CMB International has lowered its earnings per share (EPS) forecast for BYD ELECTRONIC by 8-14% for 2025-2027 and reduced the target price from HK$47.37 to HK$43.54, while maintaining a "Buy" rating.

Management expects flat revenue and gross margins in Q4, primarily due to weaker iPhone component demand and delays in AI server projects. However, stronger revenue growth is anticipated in 2026, driven by component upgrades, new smart home product launches, premium NEV product expansion, and AI server project shipments.

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