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<Research>BofAS Raises BYD ELECTRONIC's TP to HKD45.5; Rating Kept Neutral
Recommend 24 Positive 41 Negative 21 |
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BYD ELECTRONIC (00285.HK) delivered in-line results for 1H25, with a net profit of RMB1.7 billion and a GPM of 6.9%, remaining largely stable YoY, according to BofA Securities' research report. The company's operating profit margin also improved by 0.2 ppts to 1.7% due to lower R&D expenses. While the higher average selling price of foldable iPhones will support BYD ELECTRONIC's revenue in the short term, BofA Securities reminded that market share expansion may be challenging, given that LENS (06613.HK) is also sharpening its titanium alloy casing capabilities. The broker appreciated BYD ELECTRONIC's efforts in business diversification. Considering that the company is still a new entrant in the AI server supply chain, it may need more time to make a significant contribution. BofA Securities raised its target price for BYD ELECTRONIC from HKD42 to HKD45.5. The company's rating was kept as Neutral because of its reasonable valuation. AAStocks Financial News |
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