Open Source Securities: Maintains Buy Rating on BYD Electronics (00285.HK) Yearly performance may remain stable, tracking potential incremental realization.

According to the information from the Wise Finance APP, Open Source Securities released a research report stating that based on the increase in the proportion of assembly business and the delay in AI progress, the net profit forecast for BYD Electronics (00285.HK) for the years 2025-2027 has been revised down from 46/59/80 billion yuan to 43/53/67 billion yuan, with a year-on-year growth of 0%/23%/28%. The current stock price corresponds to a PE ratio of 17.3/14.2/11.0 times for the years 2025-2027. The valuation has already reflected the pessimistic expectations for the performance within the year. New products for major customers, components for servers, progress in robots, and automotive electronics are all potential growth drivers for the years 2026-2027. However, performance realization needs to be continuously monitored. The recommendation is to maintain a "buy" rating.