A securities firm has released a research report maintaining a "Buy" rating for BYD ELECTRONIC (00285), with projected revenues of RMB 187.49/206.12/234.81 billion for 2025/2026/2027 respectively, and net profits attributable to shareholders of RMB 4.95/6.24/7.84 billion respectively. The company released its 2025 interim report, achieving operating revenue of RMB 80.606 billion in the first half, up 2.58% year-on-year, with net profit attributable to shareholders of RMB 1.73 billion, up 13.97% year-on-year. Key observations include:
**Multiple Product Lines Drive Performance Beyond Expectations** The company has consolidated its leadership position in high-end product supply chains while continuously expanding cooperation with major overseas clients, promoting steady development of its consumer electronics business segment. Early deployment in AI servers has driven rapid shipment growth, opening new growth opportunities for the new intelligent products business. The new energy vehicle business segment maintains strong growth momentum, driving overall business scale to new heights. In the first half, the company achieved total operating revenue of RMB 80.606 billion, up 2.58% year-on-year, with consumer electronics (assembly business) accounting for 58.55%, consumer electronics (components) 17.06%, new intelligent products 8.94%, and new energy vehicles 15.45%, up 5.58 percentage points year-on-year. Net profit attributable to shareholders reached RMB 1.73 billion, up 13.97% year-on-year.
**Rapid Growth in Server Shipments with Multiple Liquid Cooling and Power Products Certified** Driven by global computing power upgrades and surging AI demand, the liquid cooling server market is accelerating growth. Liquid cooling technology offers advantages of efficient heat dissipation and low energy consumption, gradually replacing air cooling to become the mainstream cooling solution for green data centers. The company is actively investing in new product R&D and new client expansion, accelerating deployment in new tracks such as AI data centers and AI robotics. In the first half, the company's AI data center business achieved breakthrough growth, with large-scale AI server shipments and data center liquid cooling and power products passing certification from leading downstream clients, injecting new momentum for business growth. Additionally, the company's developed intelligent logistics robots have been deployed at scale within the group's internal manufacturing scenarios, helping improve warehousing and distribution efficiency. The new intelligent products business achieved revenue of RMB 7.209 billion in the first half.
**Automotive Intelligence Accelerates Development with High-Speed Growth in New Energy Vehicle Business** 2025 marks the inaugural year of the intelligent driving democratization era, bringing automotive technology innovation and driving new industry demand while reshaping competitive dynamics in the automotive industry. The company possesses clear first-mover technological advantages in intelligent cockpit systems, intelligent driving assistance systems, intelligent suspension systems, thermal management, controllers, and sensors, having achieved mass production and delivery of multiple products with continuously growing shipments. The company has proactively deployed a full range of intelligent suspension system products, independently developing core components and system assemblies, already beginning mass supply to mainstream vehicle models with significant shipment growth. The new energy vehicle business segment achieved revenue of RMB 12.45 billion in the first half, up approximately 60.50% year-on-year.
**Consumer Electronics Business Develops Steadily with Improved Profitability** The company continues focusing on high value-added product areas, maintaining primary supplier positions across multiple flagship models, covering core product lines including titanium metal phones, other metal phones, and foldable phones. In overseas major client business, the company's complete device assembly business share continues to rise, driving year-on-year growth in shipments and revenue. Additionally, the company continues optimizing acquired precision component businesses, improving operational efficiency through automation with enhanced profitability. For Android business, the group continues focusing on high-end products, providing customers with high-quality comprehensive services. The consumer electronics business achieved revenue of RMB 60.947 billion in the first half, including RMB 13.752 billion from components business and RMB 47.195 billion from assembly business.
**Risk Warnings:** Technology iteration risks; R&D falling short of expectations; market competition risks; overseas operation risks.