Broker Name: CGS International
Date of Report: October 17, 2025
Excerpt from CGS International report.
Report Summary
- BYD Electronic (BYDE) is set for accelerated revenue growth, especially from deeper integration into Apple’s supply chain, including significant roles in iPhone 17, iPhone Air, and upcoming smart home products.
- Revenue forecasts for BYDE’s auto-related business have been revised down due to weaker EV sales from its parent company, but the company is expected to benefit from high-margin products and improved gross profit margins.
- BYDE’s new AI server liquid-cooling products have achieved Nvidia production certification, with robust growth expected in intelligent product segments from 2026 onward.
- Target price is lowered to HK\$51.50, reflecting slower auto-related growth, but the stock retains an “Add” rating due to strong prospects from Apple and Nvidia supply chain opportunities.
- ESG efforts are highlighted, with significant achievements in environmental sustainability, social responsibility, and governance, though ratings suggest room for improvement in governance.
- Key risks include weak demand from Apple and BYD’s EVs, while re-rating catalysts include stronger component orders from Apple and Nvidia.
Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgsi.com
