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Citi: BYD ELECTRONIC (00285.HK) 1Q26 Results Miss on FX Impact; 2Q Still Under Pressure
Recommend 3 Positive 6 Negative 3 |
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Citi said in a research report that BYD ELECTRONIC (00285.HK) recorded 1Q26 revenue of RMB38.2 billion, up 3.5% YoY and down 32% QoQ. The QoQ decline was steeper than the five-year average of 16%, which the broker believes was affected by iPhone seasonality and weakness in the Android business. Gross margin fell 1.1 ppts YoY to 5.2%, but rose 1.2 ppts QoQ, seemingly due to changes in product mix, including a higher contribution from the assembly business. Net profit plunged 95.5% YoY to RMB28 million. Citi said the results were below investor expectations, mainly due to foreign exchange factors, while gross profit was broadly in line with forecasts. At the 1Q26 results briefing, the companys full-year guidance was largely consistent with last years expectations. Management also mentioned that liquid cooling components are expected to enter mass production in May to June this year, while 800V high-voltage direct current (HVDC) automotive products are targeted to begin mass production in 4Q26. The broker expects the companys performance to remain under pressure in 2Q26, and anticipates the share price to stay subdued. It set a TP of HKD22.6 and maintained a Sell rating. (ss/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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