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<Research>HTSC Elevates BYD ELECTRONIC (00285.HK) TP to $61.8 as Liquid Cooling Products May Bring New Growth Momentum in Medium to Long Term
Recommend 13 Positive 20 Negative 7 |
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BYD ELECTRONIC (00285.HK), as a platform-based high-end manufacturing enterprise, achieved rapid growth in revenue and profit from 2020 to 2024 driven by the dual engines of mobile phone business with a major North American client and auto product business from its parent company, according to Huatai Securities' research report. Looking ahead to 2H25, Huatai Securities believed that the 'North American major client's handset middle frame + parent company's auto business' will continue to be the main sources of BYD ELECTRONIC's results growth. However, the continued advancement of data center AI server assembly business and the implementation of liquid cooling products (possibly starting shipments in 2H25) may bring new momentum to the Company's medium- to long-term growth. Huatai Securities elevated its target price for BYD ELECTRONIC from the previous $40.3 to $61.8. Considering the currently attractive valuation (equivalent to a projected 2025 PE ratio of 14.7x), the broker kept rating at Buy, and maintained its 2025-2027 net profit attributable to the parent company forecasts for the Company at RMB5.03 billion/ 6.07 billion/ 6.94 billion respectively. AASTOCKS Financial News Website: www.aastocks.com |
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