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BYD Electronics: The second wave of growth will be driven by intelligent automobile business?
On June 6th, the lithium battery sector in Hong Kong stocks performed well, and BYD Electronics (00285.HK) rose by more than 5%. China Merchants Securities believes that new smart products should focus on overseas markets; Everbright Securities believes that the capacity utilization rate of customer A still has room for improvement.The automotive intelligent system business actively lays out new products, which is expected to build a‘secondary growth curve’in the long run.
Core view:
1.The revenue of mobile phone and PC business increased, thanks to the mass production of parts and components.
A customer's core product assembly business has a heavy volume throughout the year, and its share continues to increase, with an estimated revenue of about 30 billion yuan. Metal/glass/ceramic/plastic and other parts and components started the mass production, and its share continues to increase. As for Android, thanks to the company's full coverage of Android customers and deepening cooperation with major customers, the share of assembling machine continues to increase, and the revenue grows rapidly.
2.The new smart product business continues to invest in R&D, mainly focusing on overseas markets.
For HNB, it is expected that mass production of ODM products of overseas major customers in the second quarter of 2022 will bring rapid growth throughout the year; Other intelligent products such as drones, game hardware, sweepers, etc. continue to increase cooperation with major customers in various segments, and are expected to continue to maintain rapid growth.
3.The automotive intelligent system business is actively deployed, and it is expected to build a‘secondary growth curve’for the long run.
Benefiting from the rapid increase in sales of BYD, the parent company, the company's multimedia central control products grew rapidly. In addition, the company's automobile product line has a wide layout, including multimedia, communication, V2X, domain controller, intelligent driving domain controller, emerging display technology, and interior and exterior structural parts. Many new products are expected to be mass-produced in the second half of 2022, but it will still take time to form significant revenue and profit contribution. Benefiting from the rapid growth of sales of new energy vehicles, automotive intelligent system business is expected to build a‘secondary growth curve’for the long run.
$BYD ELECTRONIC (00285.HK)$ $BYD COMPANY (01211.HK)$
$BYD ELECTRONIC (00285.HK)$ $BYD COMPANY (01211.HK)$
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