BYDE(285.HK):1H24 FIRST TAKE:STRONG REVENUE GROWTH DRAGGED BY GPM AND SELLING EXPENSES
BYDE(285.HK):1H24 FIRST TAKE:STRONG REVENUE GROWTH DRAGGED BY GPM AND SELLING EXPENSES
2H24 outlook: iPhone/iPad momentum, Jabil improving profitability, NEV product launches and lower interest costs. Looking into 2H24, weBYDE reported 1H24 revenue growth of 40% YoY, largely in-line with estimates, driven by Apple share gains, Android recovery, Jabil consolidation and strong NEV segment. Net profit growth of 0.1% YoY is below our/consensus estimate by 21%/15% YoY, mainly dragged by weaker GPM (-1ppt YoY) and higher selling expenses (+211% YoY). Mgmt. will host an analyst briefing at 9:30am HKT today (29 Aug), and we will look for details on 1) Apple's business outlook (iPad/iPhone), 2) GPM and selling expenses guidance, 3) NEV product pipeline, and 4) AI server business updates.
比亞迪報告了1H24年營業收入增長40%，基本符合預期，主要受蘋果市場份額增加，安卓恢復，捷普科技業務整合和新能源汽車領域的強勁推動。淨利潤同比增長0.1%，低於我們/共識預期21%/15% YoY，主要受到較弱的毛利率（YoY下降1個百分點）和較高的銷售費用（YoY增長211%）的拖累。管理層將在今天（8月29日）香港時間上午9:30舉行分析師說明會，我們將尋求以下細節：1）蘋果業務展望（iPad/iPhone），2）毛利率和銷售費用指引，3）新能源汽車產品管道，以及4）人工智能服務器業務更新。
1H24 strong revenue offset by lower GPM and higher selling expenses.
1H24年強勁的營收被較低的毛利率和較高的銷售費用所抵消。
BYDE's strong 1H24 revenue growth of 40% YoY is largely in-line with estimates, given strong Apple/Android OEM/components, Jabil consolidation and strong NEV demand. By segment, assembly/component/new intelligent/automobile sales posted +36%/+206%/-16%/+26% YoY growth. 1H24 GPM declined 1ppt to 6.8% and selling expenses surged 211% YoY to RMB902mn, resulting in net profit growth of 0.1% YoY, 21%/15% below our/consensus estimates. For 2Q24, revenue grew 41% YoY and net profit declined 14% YoY.
比亞迪強勁的1H24年營業收入同比增長40%，在很大程度上符合預期，得益於強勁的蘋果/安卓原始設備製造商/元件業務，捷普科技業務整合以及新能源汽車的強勁需求。按業務板塊劃分，裝配/元件/新智能/汽車銷售同比增長分別爲+36%/+206%/-16%/+26%。1H24年毛利率下降1個百分點至6.8%，銷售費用同比激增211%至9.02億元人民幣，導致淨利潤同比增長0.1%，低於我們/共識預期21%/15% YoY。至於2Q24年，營收同比增長41%，淨利潤同比下降14%。
2H24 outlook: iPhone/iPad momentum, Jabil improving profitability, NEV product launches and lower interest costs. Looking into 2H24, we
2H24年展望：iPhone/iPad勢頭，捷普科技盈利改善，新能源汽車產品發佈以及較低的利息成本。展望2H24年，我們
expect iPhone/iPad upgrade cycle, resilient Android demand, Jabil synergy, automotive pipeline and AI server contribution will drive robust revenue growth in 2H24E. In addition, we expect GPM will recover HoH into 2H24E, and interest expenses will decline to RMB154mn in 2H24E from RMB309mn in 1H24, as BYDE will switch from USD loans to RMB loans gradually in 2024.
預計iPhone/iPad升級週期，安卓需求持續，捷普科技協同效應，汽車產品管道和人工智能服務器貢獻將推動2H24年強勁的營收增長。此外，我們預計毛利率將在2H24年恢復增長，利息支出將從1H24年的3.09億元人民幣逐步降至2H24年的1.54億元人民幣，因爲比亞迪將於2024年逐步從美元貸款轉爲人民幣貸款。
Expect details on revenue/margin guidance in analyst meeting;
分析師會議上期望得到營收/毛利率指引的詳細信息；
Maintain BUY. Overall, we maintain our positive view on BYDE's business outlook in FY24/25E, despite near-term drag by expenses. During the analyst meeting today, we will look for more details on 1) iPad/iPhone business outlook and share gains, 2) guidance on GPM and selling expenses in 2H24E, 3) NEV new product launches, and 4) AI server business updates (ODM/components). Maintain BUY. Near-term catalysts include iPhone/iPad shipment and NEV/AI server products.
維持買入評級。總體而言，我們維持對比亞迪2024/25E業務展望的正面看法，儘管短期受到費用拖累。在今天的分析師會議上，我們將尋求更多關於1）iPad/iPhone業務展望和市場份額增長，2）2H24年毛利率和銷售費用的指引，3）新能源汽車產品發佈以及4）人工智能服務器業務更新（ODM/元件）。維持買入評級。短期觸發因素包括iPhone/iPad出貨量和新能源汽車/人工智能服務器產品。
譯文內容由第三人軟體翻譯。
