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<Research>Citi: BYD ELECTRONIC (00285.HK) NP Misses on Weak Gross Profit Margin
Recommend 9 Positive 22 Negative 13 |
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BYD ELECTRONIC (00285.HK)'s 4Q24/ 2H24 results missed expectations, with 2H24 revenue slightly beating Citi Research's forecast by 2%, Citi Research issued a research report saying. Of which, its casing business missed forecast by 7% and the intelligent business beat prediction by 13%. Gross profit margin for 4Q24 was 5.9%, down 2.6 ppts QoQ and 0.8 ppts YoY, likely due to lower-than-expected utilization rate for iOS smartphone casing business and the impact of business mix, which led to the 2H24 gross profit margin being 1.5 ppts/ 1.2 ppts below the broker's anticipation/ market consensus each. Net profit was 11%/ 9% below Citi Research's estimation/ market consensus respectively. Therefore, the broker rated BYD ELECTRONIC at Buy, with a target price of $48. AAStocks Financial News |
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