External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>BYDE’s share price declined 8% yesterday (28 Apr) due to flattish 1Q25 earnings dragged by weaker high-end smartphone demand and potential tariff impact on Apple assembly business.</li><li>1Q25 GPM recovered 0.4ppts QoQ to 6.3% but down 0.6ppts YoY. 1Q25 earnings reached 10%/11% of our/consensus FY25E estimates, largely in-line with 14%/11% in 1Q24/1Q23.</li><li>Looking ahead, mgmt. maintained positive guidance for 2025: 1) Apple assembly growth and better profitability of component, 2) stable Android biz, 3) strong automotive demand and 4) server/robots ramp-up in FY25-26E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYDE’s share price declined 8% yesterday (28 Apr) due to flattish 1Q25 earnings dragged by weaker high-end smartphone demand and potential tariff impact on Apple assembly business.1Q25 GPM recovered 0.4ppts QoQ to 6.3% but down 0.6ppts YoY. 1Q25 earnings reached 10%/11% of our/consensus FY25E estimates, largely in-line with 14%/11% in 1Q24/1Q23.Looking ahead, mgmt. maintained positive guidance for 2025: 1) Apple assembly growth and better profitability of component, 2) stable Android biz, 3) strong automotive demand and 4) server/robots ramp-up in FY25-26E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>BYDE’s share price slumped 10% yesterday due to market concerns on lower 4Q24 GPM (5.9%, vs 8.5%/6.8% in 3Q/2Q), in our view.</li><li>Despite a strong FY24 revenue of +34% YoY, mgmt. attributed the lower 4Q GPM to seasonality and one-off expenses from the share award scheme provision and early-stage ramp costs for iPhone casing biz.</li><li>Looking ahead in 2025, we remain constructive on BYDE’s NEV business (ADAS/cockpit/suspension/thermal), AI server ODM/component ramp, and improving operating efficiency in iPhone/iPad business, which should drive earnings growth in FY25/26E. We trim FY25/26E EPS to reflect FY24 results and slower OPM improvement. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYDE’s share price slumped 10% yesterday due to market concerns on lower 4Q24 GPM (5.9%, vs 8.5%/6.8% in 3Q/2Q), in our view.Despite a strong FY24 revenue of +34% YoY, mgmt. attributed the lower 4Q GPM to seasonality and one-off expenses from the share award scheme provision and early-stage ramp costs for iPhone casing biz.Looking ahead in 2025, we remain constructive on BYDE’s NEV business (ADAS/cockpit/suspension/thermal), AI server ODM/component ramp, and improving operating efficiency in iPhone/iPad business, which should drive earnings growth in FY25/26E. We trim FY25/26E EPS to reflect FY24 results and slower OPM improvement. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYDE (285 HK) - 4Q24 Earnings Dragged by One-Off Expenses

<ul><li>BYDE posted 2H24 revenue of RMB98.7 (+34% YoY), largely in-line, but net profit of RMB2.75bn (+9% YoY) is 9%/18% below our/consensus estimates, mainly dragged by weaker GPM at 7.0% (vs 8.2% in 2H23).</li><li>By segment, 1) CE assembly/components sales grew 21%/136% YoY on high-end Android and Apple share gains, 2) auto biz jumped 60% YoY on strong shipment and product launches, 3) new intelligent declined 15% YoY due to weak household energy storage.</li><li>Mgmt. will host an analyst briefing at 11:20am HKT today (25 Mar), and we will look for details on 1) GPM outlook given 2H24 miss, 2) Apple’s product pipeline and guidance (iPad/iPhone/smart home), 3) NEV progress and margin trend, and 4) AI server ODM/component business updates.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYDE posted 2H24 revenue of RMB98.7 (+34% YoY), largely in-line, but net profit of RMB2.75bn (+9% YoY) is 9%/18% below our/consensus estimates, mainly dragged by weaker GPM at 7.0% (vs 8.2% in 2H23).By segment, 1) CE assembly/components sales grew 21%/136% YoY on high-end Android and Apple share gains, 2) auto biz jumped 60% YoY on strong shipment and product launches, 3) new intelligent declined 15% YoY due to weak household energy storage.Mgmt. will host an analyst briefing at 11:20am HKT today (25 Mar), and we will look for details on 1) GPM outlook given 2H24 miss, 2) Apple’s product pipeline and guidance (iPad/iPhone/smart home), 3) NEV progress and margin trend, and 4) AI server ODM/component business updates.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYDE (285 HK) - 2H24 First Take: NP Miss on Weak GPM

<ul><li>BYDE will report FY24E results in March. We estimate FY24E revenue/NP growth of 36%/13% YoY and 4Q24E revenue/NP growth of 46%/49% YoY, driven by share gains in iPad/iPhone, Android recovery, Jabil consolidation, strong NEV sales backed by BYD and emerging AI server business.</li><li>Looking into FY25/26E, we revised up FY25-26E EPS estimates by 6-7% to reflect Jabil’s enhanced efficiency, iPad new order wins, China national smartphone subsidy, fast-growing high-end ADAS and NEV products (thermal, suspension system), and AI server OEM/components ramp-up.</li><li>We raise our SOTP-based TP to HK$48.66, implying 15.5x FY25E P/E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYDE will report FY24E results in March. We estimate FY24E revenue/NP growth of 36%/13% YoY and 4Q24E revenue/NP growth of 46%/49% YoY, driven by share gains in iPad/iPhone, Android recovery, Jabil consolidation, strong NEV sales backed by BYD and emerging AI server business.Looking into FY25/26E, we revised up FY25-26E EPS estimates by 6-7% to reflect Jabil’s enhanced efficiency, iPad new order wins, China national smartphone subsidy, fast-growing high-end ADAS and NEV products (thermal, suspension system), and AI server OEM/components ramp-up.We raise our SOTP-based TP to HK$48.66, implying 15.5x FY25E P/E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYDE (285 HK) - FY24E Preview: Riding on Leading Customers’ Growth Momentum

Asia-ex Japan PM

John Liu

<ul>
<li>BYD Electronics benefits from two key growth drivers in 2025: a cyclical upswing in its legacy EMS business, and sustained strong growth in auto electronics and AI data cooling devices.</li>
<li>Earnings momentum is expected to pick up in 4Q, with key segments entering an earning upcycle. Expect bottomline growth to accelerate to 45% in 2025 from 9% in 2024.</li>
<li>The 13x 2025 PE multiple does not capture BYDE's transformation from a low-end, cyclical EMS to a leading high-precision manufacturer with a more diverse and balanced set of growth drivers.</li>
</ul>


BYD Electronics benefits from two key growth drivers in 2025: a cyclical upswing in its legacy EMS business, and sustained strong growth in auto electronics and AI data cooling devices.
Earnings momentum is expected to pick up in 4Q, with key segments entering an earning upcycle. Expect bottomline growth to accelerate to 45% in 2025 from 9% in 2024.
The 13x 2025 PE multiple does not capture BYDE's transformation from a low-end, cyclical EMS to a leading high-precision manufacturer with a more diverse and balanced set of growth drivers.


BYD Electronics (285 HK): Earnings Bottoming Out in 4Q24, EV and Data Center Driving Growth in 2025

China

BYD Electronic International Co., Ltd. researches, develops, manufactures handset components such as handset casings and handset keypads and modules for handset manufacturers.  The Company also provides assembly services comprising assembly service and PCB assembly service to global handset manufacturers.

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BYD Electronics (285 HK)

BYDE (285 HK) - 1Q25 Earnings Flat YoY

BYDE’s share price declined 8% yesterday (28 Apr) due to flattish 1Q25 earnings dragged by weaker high-end smartphone demand and potential tariff...

CMB International

BYDE (285 HK) - 4Q24 Earnings Dragged by One-Off Expenses

BYDE’s share price slumped 10% yesterday due to market concerns on lower 4Q24 GPM (5.9%, vs 8.5%/6.8% in 3Q/2Q), in our view.

CMB International

BYDE (285 HK) - 2H24 First Take: NP Miss on Weak GPM

BYDE posted 2H24 revenue of RMB98.7 (+34% YoY), largely in-line, but net profit of RMB2.75bn (+9% YoY) is 9%/18% below our/consensus estimates,...

CMB International

BYDE (285 HK) - FY24E Preview: Riding on Leading Customers’ Growth Momentum

Trading at 13.9x/11.0x FY25/26E P/E, we believe the stock is attractive, compared to 42%/26% EPS growth in FY25/26E. Reiterate BUY.

CMB International