Lates News

Citi released a report stating that BYD Electronics' first-quarter revenue increased by 1% year-on-year to 36.88 billion yuan, but decreased by 33% quarter-on-quarter, which was worse than the seasonal decline of 18% over the past five years, possibly due to seasonal factors related to iPhone cases. The quarterly gross profit margin decreased by 0.6 percentage points year-on-year to 6.3%, but increased by 0.4 percentage points quarter-on-quarter due to product mix effects. The company's quarterly net profit increased by 2% year-on-year to 622 million yuan, only reaching the lower end of some investors' expectations as smart driving products did not bring significant contributions. Citigroup currently rates BYD Electronics as "neutral" with a target price of 36 Hong Kong dollars.