ndr要点：苹果/人工智能服务器/自动驾驶将加速2026年营收增长

NDRtakeaways:Apple/AI server/autotoacceleraterevenue growth in 2026 Target PriceHK$43.54Up/Downside20.8%Current PriceHK$36.04 Wehosted post-resultsNDR forBYDEinHong Kong last week, to discuss 3Q25results, 2026 guidance and industry outlook.Overall, investorswereinterestedin1) BYDE’sproduct roadmapfor major USclient,2)AI server product pipeline/timeline (esp. GB300/Robin),and3) automotive segmentoutlook and shipment.For 2026,mgmt.expectsrevenue growth with margin recovery, driven by majorUSclient’snewproductcycle(foldable phone/smart home), NEVproduct ramp-up andAI serverclient wins in multiple products (liquid cooling, power,HVDC).We are positive onBYDE asakey beneficiary of iPhoneform factor changesandgrowthopportunitiesinglobalAI servermarket.MaintainBUYwithSOTP-based TP of HK$43.54,implying 16.2x FY26E P/E. China Technology Alex NG(852) 3900 0881alexng@cmbi.com.hk Hanqing LIlihanqing@cmbi.com.hk 2026outlook:Mgmt.is positive on 2026revenue growth with improvingGPM, driven by 1) US client’s foldable phone spec upgrade (+50% YoYsales), 2) automotive expansion (+20% YoYsales) with rising penetration(smart driving, suspension) and overseas client wins, and 3) AI serverbiz(RMB5bnsales target) indomesticODM and GB200/300 components. Source: FactSet Consumer electronics (iPhone/iPad/Android):Mgmt.expects to benefitfrom spec upgrade andcontentvalue increase(RMB1,000+)forUS client’sfoldablephone in 2H26E,driving 50% YoY sales growth. ForAndroidbiz,high-endstructuredcomponentswill remain stable in FY26E. Automotive segment:Mgmt.guidedauto revenue ofRMB25bnin 2025E,andexpects 20%+YoY sales growth in 2026E,backed by higherpenetration ofsuspensionandthermal managementproducts, as well asexpansion toexternal overseas OEM inEurope and Japan. AI server ODM/component pipeline:Mgmt.targetsRMB5bn AI serversales in 2026, andexpectsto start shipment ofGB200/GB300components(liquid cooling, power, rack)with ASP of RMB1mnin1Q26E.Rubinprojectsand HGX liquidcoolingcomponenttargetto startmass production in 2H26E,and400G/800G optical modulecapacity(5kk/month) are ready by 2025. Soft2025performance butpositive 2026 guidance;Reiterate BUY.Webelieve 2025 is a transitional yearfor BYDE, and multiplebusinesseswillstart to bearfruitin 2026.Our SOTP-basedTP of HK$43.54 implies 16.2xFY26E P/E.Upcoming catalysts includeiPhoneshipment upside, AI serverproductramp-upand GPM improvement. Related reports: 3Q25 dragged by smartphonecomponents; Positive on foldable/auto/AI serversin 2026(link) 2Q25 upbeat; Multiple growthdrivers in foldable iPhone, auto andAI server (liquid cooling, power,800G/1.6G/CPO)(link) Takeaways from mgmt. visit: Appleorder win, auto rapid ramp and AIserver biz expansion(link) 1Q25 earnings flat YoY;2025positive outlook backed by auto/AIand limited tariff impact-29 Apr2025 (link) Earnings forecasts Valuation Maintain BUY with SOTP-based TP of HK$43.54 We maintain our positive view on BYDE’s outlook in FY26E,and expect improving revenuemix will continue to drive GPM recovery in FY26E. We maintain BUY andour TPisbasedon SOTP valuation to reflect BYDE’s business diversification with different growth profilesand visibility. OurSOTP-basedTP of HK$43.54implies 16.2x FY26E P/E. We assignsame set of P/Emultiples:15x P/E to its assembly EMS business,15x for iPhone casing and15x P/E forcomponent business,given Android’s business margin recovery and Apple’s businessexpansion. Weassigntarget multipleto16xfor new intelligentand18xforNEV segmentsto reflect their growth potential and higher earnings visibility. Source: Bloomberg, CMBIGMestimates Source: Bloomberg, CMBIGMestimates Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities andFutures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3) serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY :Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 1