BOCI Securities: Maintain a "Buy" rating for BYD Electronics, target price lowered to HKD 38.7

MaticHoleFiller · 2026-04-10T04:22:57+00:00

BOCI Securities released a research report on BYD Electronics (00285), lowering its 2025 revenue and gross profit margin forecasts due to weakness in the components business. The company expects 2026 revenue to remain flat. In the short term, the consumer electronics business faces challenges. The target price has been lowered to HKD 38.7, and a “Buy” rating is maintained.

MaticHoleFiller

2026-04-10 04:22:57

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BOCI Research released a research report stating that BYD Electronics (00285) expects both its revenue and gross margin in the second half of 2025 to fall short of the bank’s expectations, mainly due to weak performance in the component business (especially metal casings). The management expects that, due to a decline in demand in the smart terminal sector, some of this will be offset by the strong mass production of AI servers, resulting in revenue staying flat in 2026. Considering the short-term headwinds in consumer electronics, BOCI International has lowered its revenue forecasts for BYD Electronics for the current and next two years by 7% and 7%, respectively, and has reduced its EPS forecasts by 29% and 24%. It maintains a “Buy” rating, with the target price cut from HKD 45.5 to HKD 38.7, which corresponds to a 15x forecast P/E ratio for 2027.

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