Citigroup: BYD Electronics (00285.HK) quarterly net profit only reached the lower limit of some market expectations, rated as "neutral"

According to the Securities Times APP, Citigroup released a research report stating that BYD Electronics (00285.HK) saw a 1% year-on-year increase in first-quarter revenue to 36.88 billion yuan, a 33% decrease quarter-on-quarter, worse than the five-year seasonal decline of 18% on a quarterly basis, possibly due to seasonal factors affecting iPhone cases. The gross profit margin for the quarter fell by 0.6 percentage points year-on-year to 6.3%, rising by 0.4 percentage points quarter-on-quarter due to product mix. The company's net profit for the quarter increased by 2% year-on-year to 622 million yuan, only reaching the lower limit of some investors' expectations as smart driving products did not bring significant contributions. The bank currently rates BYD Electronics as "neutral" with a target price of HK$36.