＜Research＞CMBI Slightly Raises BYD ELECTRONIC (00285.HK) TP to $45.28, Stable Growth Expected in 1H

　　CMBI released a report expecting that BYD ELECTRONIC (00285.HK) -0.900 (-2.951%) Short selling $31.07M; Ratio 17.047% will post 32% and 26% growth in its revenue and net profit in 1H24 driven by iPad share growth, stable sales of new energy vehicle parts, and new smart product businesses. The broker is optimistic about the group's performance in 1HFY24 and FY25 with its revenue growth supported by the iPad and iPhone upgrade cycles, Android premium orders, automotive orders, and AI servers.

　　CMBI predicts BYD ELECTRONIC's GPM to improve slightly to 2.5% and 2.6% in 1HFY24 and 2HFY24, while its component GPM to stand at 14.3% and 14.7% respectively. Although the broker lowered its FY24-FY26 EPS estimates for the group by 6% to reflect weaker GPM and rising operating expenses, it slightly raised the TP from $45.15 to $45.28, with a Buy rating remaining in place.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-29 16:25.)

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