BYDE(285.HK):1H23 BEAT AND PROMISING OUTLOOK; LIFT TP TO HK$41.98
BYDE(285.HK):1H23 BEAT AND PROMISING OUTLOOK; LIFT TP TO HK$41.98
We raise TP to HK$41.98 following strong 1H23 results and promising growth outlook. 1H23 revenue beat our/consensus estimates by 8%/6% on Apple share gain and strong NEV/new intelligent segment. NP growth of 139% YoY is in-line with profit alert thanks to higher GPM on better product mix and improving UTR.Looking into 2H23E, we remain positive on Android recovery, Apple share gain and improving mix to boost margin recovery. In addition, BYDE's acquisition of Jabil's mobility business in China is set to expand its smartphone business opportunity and drive share gain in Apple supply chain in the long run. We raise FY23-25E EPS by 5-9% to reflect 1H23 results and faster GPM recovery. The stock trades at 19.6x/16.0x FY23/24E P/E, which is attractive. Reiterate BUY.
繼23年上半年業績強勁且增長前景樂觀之後，我們將目標價上調至41.98港元。由於蘋果股價上漲和新能源/新智能板塊強勁，23年上半年收入比我們的/共識預期高出8％/6％。NP同比增長139％，這與盈利預警一致，這要歸功於更好的產品組合和UTR的改善，GPM有所提高。展望2H23E，我們對安卓的復甦、蘋果的股價上漲以及爲促進利潤率回升而改善組合持樂觀態度。此外，從長遠來看，比亞迪收購捷普在中國的移動業務將擴大其智能手機商機並推動蘋果供應鏈的份額增長。我們將 FY23-25E 每股收益提高了5-9％，以反映 23 年上半年的業績和更快的毛利率恢復。該股的市盈率爲23/24財年的19.6倍/16.0倍，這很有吸引力。重申買入。
1H23 earnings beat on better product mix and improving GPM. BYDE 1H23 revenue growth of 28.6% YoY is above our/consensus estimates by 8%/6% on Apple share gain and stronger NEV/new intelligent segment. By segment, assembly/component/new intelligent/automobile segment posted +36%/-26%/+30%/+90% YoY growth. 1H23 GPM improved 2.5ppts to 7.8% thanks to better product mix and improving utilization. Therefore, net profit growth of 139% was in-line with preliminary profit earning.
由於產品組合的改善和毛利率的提高，2023年上半年的收益超過預期。由於蘋果股價上漲和新能源/新智能細分市場走強，比亞迪23年上半年收入同比增長28.6％，比我們的共識預期高出8％/6％。按細分市場劃分，裝配/零部件/新智能/汽車板塊同比增長+36％/-26％/+30％/+90％。由於產品組合的改善和利用率的提高，23年上半年GPM增長了2.5個百分點至7.8％。因此，淨利潤增長139％，與初步利潤收入一致。
2H23 outlook: Android recovery, Apple share gain and improving mix to boost margin recovery. Mgmt. is positive on Android recovery driven by restocking and product launches from major Android client, and Apple share gain in iPad OEM/components. For new intelligent products, mgmt. expects high growth in 2H mainly driven by mass production of new customers' products. In addition, auto's thermal management module/high-end holder order ramp-up and rising sales mix will boost overall margin in 2H23E.
23年下半年展望：安卓系統復甦，蘋果股價上漲，市場組合改善以促進利潤率回升。Mgmt. 對主要安卓客戶的補貨和產品發佈以及蘋果在iPad OEM/Components中的份額增長推動的安卓復甦持樂觀態度。對於新的智能產品，mgmt. 預計下半年將實現高增長，這主要是由新客戶產品的批量生產推動的。此外，汽車的散熱管理模塊/高端支架訂單增加和銷售組合的增加將提高 2H23E 的總體利潤率。
Acquisition of Jabil's Mobility biz to drive LT growth. BYDE announced to buy Jabil's Mobility business (mobile electronics manufacturing) in China (Wuxi & Chengdu) for US$2.2bn (Fig 7-8), which is backed by borrowings from banks and Parentco, in our view. We believe the acquisition is set to expand BYDE's customer base and product portfolio, which will accelerate share gain in iPhone supply chain. We are positive on synergy of the acquisition, which will strength BYDE's leadership in smartphone supply chain in the long run.
收購捷普的出行業務以推動LT的增長。我們認爲，比亞德宣佈以22億美元（圖7-8）收購捷普在中國（無錫和成都）的移動出行業務（移動電子產品製造），該業務由銀行和Parentco的借款提供支持。我們認爲，此次收購將擴大BYDE的客戶羣和產品組合，這將加速iPhone供應鏈的份額增長。我們對此次收購的協同作用持樂觀態度，從長遠來看，這將鞏固BYDE在智能手機供應鏈中的領導地位。
Maintain BUY; Raise TP to HK$41.98. We lifted FY23-25 EPS by 5-9% to reflect upbeat 1H23 results, auto momentum and margin recovery. We reiterate BUY for BYDE's positive outlook on Android recovery, Apple share gain and NEV/new intelligent upside. The stock now trades at 19.6x/16.0x FY23/24E, which is attractive in our view. Our new SOTP-based TP of HK$41.98 is based on rolled-over 18.4x FY24E P/E.
維持買入；提高目標價至41.98港元。我們將 FY23-25 每股收益提高了5-9％，以反映樂觀的23年上半年業績、汽車勢頭和利潤率回升。我們重申買入比亞德對安卓復甦、蘋果股價上漲和新能源/新的智能上行空間的樂觀前景。該股目前的交易價格爲23/24財年的19.6倍/16.0倍，在我們看來，這很有吸引力。我們新的基於SOTP的目標價爲41.98港元，基於18.4倍的 FY24E 市盈率展期。
譯文內容由第三人軟體翻譯。