Lyon: Reiterate the outperform rating of byd electronic and raise the target price to 40.6 Hong Kong dollars.

Lyon releases a research report stating that it reiterates the outperform rating for byd electronic (00285) in light of the high profit margin of the iPhone casing, slightly raising the profit forecast for byd electronic in the 2024 fiscal year by 1% to 4.36 billion yuan, while also raising its target price from HK$38.4 to HK$40.6. The bank expects a steady performance in the third quarter of the 2024 fiscal year for byd electronic, with net income expected to decline by 3% year-on-year, increasing by 64% sequentially to 1.49 billion yuan (RMB). The bank explains that the expected year-on-year decline is mainly due to the strong performance of the Energy Storage System (ESS) and Android metal casing business segments.

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