比亚迪电子-规模快速扩张的领先平台型制造商-220803（27页）.pdf

1、 See the last page for disclaimer Page 1 of 27 Equity Research Equity Research Report Company Report 股股票票研研究究 公公司司报报告告 证证券券研研究究报报告告 通信设备行业通信设备行业 Telecommunication Equipment Sector 比亚迪电子比亚迪电子 BYD Electronic(00285 HK)Company Report:BYD Electronic(00285 HK)Gin Yu 余劲同(86755)2397 6686 公司报告：比亚迪电子(00285 HK

2、).hk 3 August 2022 Leading Platform-Based Manufacturer With Rapid Scale Expansion,Initiate With Buy 规模快速扩张的领先平台型制造商，首予“买入”评级 We initiate coverage on BYD Electronic with a TP of HK$24.97 and an investment rating of Buy.As consumer electronics,automotive,and other intelligent product businesses are al

3、l expected to grow rapidly,we forecast EPS to be RMB0.969/RMB1.415/RMB1.731 in FY22-FY24,respectively.With reference to the valuation level of comparable companies,we give the Company a TP of HK$24.97 and an investment rating of Buy.Rapid scale expansion.For the major customer in North America,we ex

4、pect the Companys share of assembly business to continue growing with the rising production capacity.We also expect new projects from Google and Lenovo to partially ease the pressure on the Android market.Due to rapid growth of BYD new energy vehicle sales,the Companys smart vehicle system sales is

5、expected to grow rapidly,while demand for communication modules for external tier-1 customers is expected to continuously rise.The Company is also expected to transfer more unused production capacity from Android business to automotive intelligent system business given strong demand to alleviate cos

6、t pressure.Markets such as robot vacuum,gaming hardware,and drones are expected to maintain rapid growth,thus we expect that the new intelligent product business will continue to gain growth momentum.The Companys product expansion depth to major customer in North America is expected to exceed market