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BYD ELECTRONIC Sinks 6.6% in Early Trading; 2H24 GPM & Operating Profit Miss, Says Broker
Recommend 7 Positive 9 Negative 10 |
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BYD ELECTRONIC (00285.HK) dropped by 6.6% to $43.85 in early trading. The company announced its results yesterday (24th), with revenue rising by 36% YoY to RMB177.3 billion on the back of growth in consumer electronics and new energy vehicle businesses. Its net profit also climbed by 5.5% YoY to RMB4.266 billion, with EPS standing at RMB1.89. Macquarie has issued a report indicating that BYD ELECTRONIC's 2H24 GPM fell by 1.16 ppts YoY to 7%, which was 1-1.2 ppts below the broker's and the market's expectations, possibly due to a lower residential energy storage revenue mix and the not yet optimized iPhone casing business. In addition, although the company's operating profit for the same period swelled by 2% YoY, it fell short of the broker's and the market's expectations by 26% and 16% respectively. Macquarie lowered its target price for BYD ELECTRONIC from $70.4 to $63.2. AAStocks Financial News |
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